How to Apply for a Personal Loan from HDFC? In this article, we’ll cover the eligibility requirements, interest rates, and repayment tenures of this loan. We’ll also explain how to use the online application process. If you’re new to personal loans, read our tips to apply for personal loans online. We hope you find our information helpful. If not, please let us know!
Personal Loan from HDFC Bank
If you want to take a personal loan from HDFC Bank, then you must know the eligibility criteria and other details required for evaluating your eligibility. To be eligible for a personal loan, you should have a monthly income of at least Rs.15,000 and no outstanding credit card balances. Applicants with a good credit score are preferred, as they are viewed as responsible and have the capacity to pay the EMIs on time.
You can apply for an HDFC Bank Personal Loan online by entering your name, date of birth, mobile number, and reference number. It is necessary to have a good credit score in order to avail of a high loan amount at a competitive interest rate. Moreover, a high credit score indicates good credit behavior and financial management skills. Therefore, lenders are more comfortable offering higher credit-worthy applicants higher loan amounts.
Interest Rates
There are two types of interest rates for HDFC Bank personal Loan Agency. The first type is fixed, in which the amount of interest paid on the loan remains the same for the entire tenure. The other type is floating, which changes with the base lending rate of the bank. If you are looking for a loan without security or a guarantor, then an HDFC personal loan could be the best option. Personal loans from HDFC banks are not only available for salaried people but are also provided without any collateral.
HDFC Bank also looks at your debt-to-income ratio. Having higher debts means you’re borrowing more than you can afford and lowering your income will help you qualify for lower interest rates. In addition, a good credit score will help you qualify for lower interest rates. So if you have a steady income and manage your account with HDFC Bank well, your loan application will be approved faster and with a lower interest rate.
Eligibility Criteria
A high credit score is an essential requirement for qualifying for an HDFC Bank personal loan. Applicants with a good credit score are more likely to be approve for a large loan amount at a competitive interest rate. High credit scores demonstrate good financial management skills and healthy credit behaviour. Lenders are more comfortable lending to applicants with high scores. To meet the eligibility criteria, applicants must have a steady monthly income and be employed for at least one month.
Income is also a significant factor in getting a personal loan from HDFC Bank. Applicants must earn at least Rs. 2 lakh a year and have been employed for a year with their current employer. In addition, applicants must have a positive credit history. Finally, the applicant must have a good credit history and a steady job history. HDFCBANK personal loan eligibility criteria are listed below:
Repayment Tenure
The EMI amount you pay each month depends on the repayment tenure of your HDFC Bank personal loan. For example, if you have decided to pay back the loan in 60 months, you will have to pay less each month than if you took out a 12month loan. This is because the longer the repayment tenure, the lower the EMI amount will be. HDFC Bank’s personal loan repayment schedules break down the EMI amount into two parts: interest and principal. This makes it easier for you to calculate how much interest you will pay overall.
Most loans take two weeks to process. For preapproved account holders, it can take less than a day. Borrowers with less than perfect credit may want to consider getting a top-up loan. This type of loan will generally have the same interest rate as their original personal loan. There are also fees associated with an HDFC personal loan, including processing fees and other charges. However, borrowers must remember that this loan will typically take between 13 to 24 months to repay.
