HDFC Bank personal loan 2021 comes with minimum documentation and quick approvals, making it simple for people to get money when they need it. You can get a loan of up to Rs. 25 lakhs that you can repay over a period of 12 to 60 months.
HDFC Bank Personal loans available ranging from Rs. 1 lakh to Rs. 25 lakhs.
A tenure that can be changed: Individuals can choose between 12 and 60 months for their HDFC Bank personal loan, depending on their repayment ability.
Personal loan applications from HDFC Bank require minimum documentation, making them quick and easy to complete.
Personal Loan Security: Sarv Suraksha Pro can be used to acquire a personal loan from HDFC Bank.
Accidental Death/Permanent Disablement insurance of up to Rs. 1 lakh Credit Shield Cover equal to the outstanding loan amount
Loans for Individuals Transferring the Balance: Low and improved interest rates can be obtained by shifting your existing personal loan to HDFC Bank.
The following are some of the advantages of transferring a personal loan balance:
On the existing loan amount transferred, interest rates as low as 12.50 percent are available.
There is a one-time processing cost of Rs. 1999.
Insurance HDFC Bank provides insurance. Loans for individuals: If you have a personal loan with HDFC Bank, you can get the following benefits:
For a small fee, you can get a Personal Accident Cover up to Rs. 8 lakh and a Critical Illness Cover up to Rs. 1 lakh.
At the time of disbursement, the premiums for these plans will be deducted from the loan amount.
Interest Rates on HDFC Personal Loans
The interest rate on a personal loan issued by HDFC Bank starts at 12.50 percent per annum. However, the interest rate charged on a personal loan is determined by a number of factors, including the borrower's credit score, age, occupation, repayment history, and current debt.
Criteria for Eligibility
You must be a salaried doctor, a chartered accountant, a private limited company employee, or a public sector employee from the federal, state, or local government.
You must be at least 21 years old and no older than 60 years old.
You should have a minimum of two years of work experience and stay with your present workplace for at least one year.
Your monthly income should be at least Rs. 25,000.
Documents Needed to Apply for a Loan
Proof of identity: A copy of your passport, voter ID card, driver's license, or Aadhaar card
Proof of address: A copy of your passport, voter ID card, driver's license, or Aadhaar Bank statement from the preceding three months is required (Passbook of previous 6 months)
Two most recent pay stubs/currently dated pay certificates, along with the most recent Form 16
HDFC Personal Loan EMI Calculator Features and Benefits
In less than a minute, you can determine your eligibility and EMI.
To see your payback schedule, look at the amortization table for personal loans.
You can also lookup the processing charge that must be paid in advance.
It's hassle-free and time-saving.
It assists you in calculating your EMI with 100% accuracy.
HDFC Bank Personal Loan EMI
Personal loans enable us to achieve a variety of financial and personal objectives. The majority of banks provide a variety of loans in a few hours. Furthermore, the borrower has a lot of control and freedom when it comes to repaying the loan. As a borrower, you have the freedom to determine your loan term and amount and to alter your Equated Monthly Instalments accordingly (EMIs). If you want to secure a bigger loan with a lower EMI, keep these pointers in mind.
Choose a loan with a longer repayment period:
The length of time it takes you to repay your loan is inversely related to the EMI amount.
Longer repayment terms allow you to spread out the total payable amount over a longer period of time, lowering the EMI amount.
It's crucial to remember, too, that while a longer loan term means lower EMIs, it also means a higher rate of interest.
Only choose lengthier repayment terms if you believe you won't be able to afford higher EMIs.
Choose a bigger down payment amount:
A down payment is the amount paid by a consumer when buying anything on credit.
Most banks normally offer 85 percent to 90 percent of the real price of the product taken out on loan, with the remaining 10% to 15% paid as a down payment by the consumer.
You can, however, pay a greater down payment and minimize the overall amount borrowed by doing so. Keep in mind that you only have to pay interest on the amount you borrowed in the first place.
You may have to pay a higher interest rate and EMIs if you take out a larger loan.
Paying a high down payment can help you lower your EMIs and interest rates.
Choose a lower interest rate:
One of the most important factors affecting the principle loan issued and the loan's tenure is the interest rate.
When you choose a lower interest rate, you're also choosing a shorter repayment period.
You can choose a lower tenured loan if you believe you will be able to repay the loan faster by paying off large EMIs.
You can pay off your debt faster if you take out a loan with a lower interest rate.
Balance transfer: If you have a high-interest loan, you can refinance it with a lower-interest loan. This is referred to as a balance transfer loan, and it normally has a reduced interest rate. You could also take out a second loan to supplement your high-interest loan.
When considering a loan, keep the following in mind: Borrowing from a bank with which you already have a relationship can benefit you since you may be able to negotiate the loan terms. You may be able to get cheaper interest rates on your loan amount if you have an excellent working relationship with your bank.
Conclusion:
To sum up, availing of HDFC Bank personal loan 2021 can be easier with Afinoz. You can check your personal loan EMI before applying for it with HDFC Bank personal loan EMI calculator 2021.