Imagine yourself to be shopping in a mall where all shops keep similar products with just the packaging and probably the pricing altering a bit. Wouldn’t you find it confusing while making a decision to buy the product from which shop?
Similar is the situation among banks selling personal loan nowadays. With the aggressive tele-callers and bank officers trying to sell personal loans at the smallest of chances, it becomes increasingly difficult for the customers. How do you make a decision when you really require a personal loan? It is wise to go by a product which is being sold by a highly reputed and well-established bank. Taking up personal loan from HDFC Bank is one such decision.
In today’s date, HDFC bank happens to be a front runner as far as personal loan is concerned.The bank’s scientific and calculated approach to lending products has made it a leader of sorts in the financial markets. If you are an existing client of HDFC bank, you might have a pre-approved personal loan against your name. Having a pre-approved loan paces up the loan documentation and disbursal process. For non-customers too, taking up a personal loan is not a nightmare at all. HDFC bank has transparent procedures and proper laid down rule which aids in faster decision making of the loan department This suggests, that in case you are able to provide proper documentation at correct times, the disbursal of loan becomes much faster than most of its competition banks.
One can opt for a personal loan staring from Rs 50000/- to Rs 15, 00,000/- as an individual depending upon your income and credit repayment history. The interest rates for HDFC bank personal loan range between 12.50% and 19.50%. The tenure of the personal loan can be chosen between 1 year and 5 years.
Other common qualifying criteria for HDFC personal loans are as below:
- Applicant age between 21 to 60 years of age
- Minimum income for loan applicant is Rs 12000/- per month
- Submission of address proof mandatory for loan applicants
- Last 3 months of bank statement required for loan application processing.
Apart from the above, the bank may ask for more documents on a case to case basis as per their requirements.
Apart from taking up a new loan, customers who are having personal loans with other banks can also transfer their existing personal loans to HDFC with a very low processing fee and attractive interest rates.
Before you opt for a personal loan from HDFC bank, it is necessary to know about details which most customers do not enquire banks about. Few such information areas are presented for you:
- HDFC bank does not allow part payment of your personal loan. In a situation the lender feels he has saved a higher amount in a particular tenor, he cannot deposit the amount to repay the personal loan partially. This would suggest that loan would be required to complete its entire tenure of paid back in full. Pre-closure of the personal loan account is only allowed after one year at HDFC bank at minimal charges.
- One can increase the loan amount to as high as Rs 2500000/- in cases where incomes of both the applicants are clubbed together. Of course, this is subject to bank’s rules and other discretionary powers.
- A lender can get a preferential rate and lower processing fee if he has a salary account with HDFC bank. Additionally, payment of EMI becomes easier since you can provide a standing instruction from your existing salary account with HDFC Bank.
- HDFC bank does not ask for collateral or a security in order to process your personal loan request. One needs to be aware in case any imposter fraudulently seeks such details while claiming to process your loan application.
- Payment of personal loan takes place by means of EMI or Equated Monthly Instalments. As the term suggests, each month a fixed amount of money is debited from your pre-stated bank account towards repayment of the personal loan towards HDFC Bank. A lender may provide HDFC Bank with PDC or Post Dated Cheques so that the same can be presented each month by the bank to collect the payments. A Standing Instruction (SI) or ECS (Electronic Clearing System) is much in vogue practice followed wherein debit towards payment of the loan can be raised by HDFC bank on fixed dates from bank of your preference.
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