The HDFC personal loan is an unsecured product, which means you don’t have to put up any collateral to get the money. All you need is a steady source of income and an excellent track record of repayment. For salaried workers, the interest rate on an HDFC Personal Loan ranges from 10.50% p.a. to 21.00% p.a. You can utilize the borrowed funds to cover medical costs, house renovations, weddings, schooling, and other needs. In this post, we’ll look at the advantages of taking out an HDFC Personal Loan.
List of Advantages
HDFC Personal Loan has a number of advantages, that are as follows:
Instant Loan Disbursals
Yes, if the loan has been pre-approved by the bank, you can acquire the loan amount in a matter of seconds. It is required that you have an existing relationship with HDFC Bank, such as Keeping track of a salary or a savings account or using a credit card, etc. The bank will offer you a pre-approved loan amount based on the information you provide. This is also more convenient for you because no documents are required. All you have to do now is agree to the loan amount.
Higher Loan Amount Approvals
An HDFC Personal Loan can be used to borrow up to INR 40 lakh, which is a large amount when compared to other banks or NBFCs. However, in order to obtain the same, you must ensure the following:
High Income – If your income exceeds the minimum and your savings exceed your monthly costs, you will be considered for a large loan. And why is it the case? Because the bank expects you’ll be able to repay the amount borrowed.
Previous Records – If you have borrowed a large sum of money in the past, such as a home loan or a loan against property, and paid it back without default, your chances of borrowing the loan amount from HDFC Bank are good.
Add a Co-borrower – Borrowing a loan with a co-borrower who has a strong income and a good credit history can help you get a larger loan amount. This is because it ensures that if you default on your loan, the co-borrower will cover the cost.
Flexible EMI Schedules
The HDFC Personal Loan EMI Calculator is an online tool that can help you figure out how much you’ll have to pay back on your loan. And this can assist you in a variety of ways. First, you might choose a term with a lower EMI amount that you can comfortably pay with your monthly salary. Second, depending on the payback period you choose, the total amount of interest payable may be lower. Third, you can use the HDFC Personal Loan EMI Calculator to plan for prepayment of the loan amount and save on interest payments.
Every borrower is given up to five years to repay the amount borrowed. Furthermore, there are no restrictions on the repayment time. The HDFC Personal Loan EMI Calculator allows you to choose your payback period. The lower the repayment time, the lower the overall interest payable. Furthermore, the longer payback time means a lower HDFC Personal Loan EMI. So, check the repayment plan online and make a calculated selection. You have the option of paying the EMI in one of the following ways:
Auto Debit Feature- The EMI payment will be automatically taken from your bank account if you use the standing instruction service. All you have to do is keep enough money in your account to ensure that the EMI is received on time by the bank.
Post-dated cheques – on the due date, write a cheque in the amount of the EMI in favor of ‘HDFC Bank.’ The bank will charge INR 450 + GST on the first return, INR 500 + GST on the second, and INR 550 on the third and subsequent bounces.