How HDFC Personal Loan is a Smart Loan in India?

HDFC provides the best loan services in India to all the customers. You can apply for a personal loan from HDFC Bank to meet your financial requirements. Without even providing any type of collateral to the bank, you can avail a maximum of INR 25 lakh. The interest rate of the HDFC personal loan is suitable for the user's need for money. Read the given article and know in detail about the HDFC Bank personal loan and its features.

Attractive rate of interest on your HDFC personal loan!

The bank charges an interest rate on your loan amount from 10.75% per annum. And, it can be low or high depending on your repayment history and income. Your monthly income should be INR 25,000 to get the HDFC personal loan. The age of the applicant must be 21-60 years to apply for the loan from HDFC Bank. Your interest rate will be low or made low if your credit history is free from dues and default. The risk-free credit status of the applicant made him eligible for the loan and a lower interest rate. 

Calculate interest and EMI using HDFC personal loan calculator

You can take the help of an HDFC loan calculator to compute the equated monthly installments. And, to use the device you need to visit the official website of the HDFC bank. It works in a formula of [P x R x (1+R)^N]/[(1+R)^N-1], where P is your loan, R is the interest and N is duration. For example, if you borrow INR 5 lakh at an interest of 11.15% for 36 months then the estimated EMI would be INR 16,405. 

EMI of the HDFC personal loan can be paid through HDFC or any other bank account using ECS, PDCs or auto-debit payment methods. Timely payments build your credit history and make you creditworthy for future loan products.

Apply for the HDFC Bank personal loan 

Go to your nearest HDFC Bank branch or apply for the loan using the HDFC net banking services. To get a loan from the bank first fill up a loan application form and submit it to the bank. And with the loan application form, you must submit the self-attested copy of your income proof, id proof, and address details. After going through the documentation you are needed to pay a processing fee of 0.5%-2.50% of the loan amount. The fee can range from INR 2,999-25,000. 

After the payment of the loan processing fee, the amount will be disbursed to your account within a few hours. You can use the amount for a different type of financial needs such as marriage expenses. As you know there are several functions in an Indian wedding and it can’t be fit in your income. Also, for an unexpected medical emergency, you can apply for HDFC personal loan as it instantly approved and disbursed to your account. You can prepay or foreclose the loan early by paying a prepayment fee along with the outstanding amount and computed interest. So you can see that HDFC personal loans are the perfect solution for your financial needs.