Personal loans are among the most common debt instruments because of the numerous advantages they offer. They not only assist you in dealing with any financial crunch, but they also guarantee that your funds are not put under needless strain. HDFC Personal Loan are more flexible than secured loans since they are unsecured and can be used for whatever you choose. There is no requirement to tell the lender about the money’s final destination. The typical payback period for a Personal Loan is 60 months, with interest rates starting at 10.75 percent. Because of the increased integration of technology in the financial services sector, you may easily apply for a Personal Loan through internet channels and have funds in your account within 3 days.
HDFC personal loan eligibility criteria for a personal loan
When it comes to processing HDFC Personal Loan applications, HDFC Bank has liberal HDFC personal loan eligibility criteria.
- The borrower must be a paid employee of a private or public-sector organization, such as a doctor, Accountants on Site, engineer, or lawyer, or a salaried individual working for the federal, state, or municipal government.
- At the time of application, you must be over the age of 21 but under the age of 60.
- You must have at least two years of work experience and have worked in your present position for at least one year.
- You must have a monthly net income of at least Rs15,000 to qualify. Your monthly salary should be at least 20,000 if you live in Delhi, Mumbai, Pune, Ahmedabad, Kolkata, Chennai, Bengaluru, Hyderabad, or Cochin.
- You must submit documents such as two years of income tax returns, Form 16, six months of salary account banking statement, KYC documents, and a basic pay certificate or salary slips.
So, the following are the main HDFC personal loan eligibility conditions that must be met in order for the application to be approved
Charges against the HDFC Personal Loan
The following are the different charges applied against the HDFC Personal Loan:
- Charges for Processing Up to 2.50 percent of the total loan amount is available.
- The interest rate starts at 10.75 percent and rises to 21.30 percent per annum.
- Charges for early/partial repayment throughout the loan period Between the ages of 13 and 24, 4% of the outstanding principal amount. 3 percent of the outstanding principal amount for a term duration of 25-36 months. After 36 months, 2% of the outstanding principal amount is due.
- There are no NOC fees.
- Late payment penalties of 2% per month on the EMI (Equated Monthly Instalments) with a minimum of Rs 200.
- Charges of 550 dollars per cheque bounce
- Amortization Schedule Charges of 200 Amortization Schedule Charges of 500
- Stamp duty and registration fees are chargeable by municipal governments.
- HDFC Personal Loans allow you to effectively manage your personal finances while also providing you with a number of extra perks.
Boost your chances of receiving an HDFC Personal Loan
You’ll need a solid CIBIL score to boost your chances of receiving an HDFC Personal Loan in the immediate or long term and getting fair interest rates. A person’s creditworthiness, or capacity to repay debts, determines their CIBIL score. A CIBIL credit score of 750 or more is a good inconsideration.
Customers of HDFC Bank may get their CIBIL score using NetBanking.If you are not a customer of HDFC Bank, you must get your credit report from CIBIL directly. To have access to the report, you may have to pay a fee.
Examine the report thoroughly for any inaccuracies, such as not applied for a pending loan or a closed loan reported as pending. If necessary, file a dispute with CIBIL to correct the inaccuracies, as they may damage your rating and result in a worse score.