HDFC is one of the most popular private banks of India. It is the fifth largest bank in India by an asset. It provides its customer with one of the best deal in form of personal loan. It does not need any co- applicant or a guarantor.
The Personal Loan is provided to both salaried professionals as well as self-employed. The loan amount ranges minimum from ₹50,000 and exceeds up to ₹25 lakh, the maximum limit for self- employed is 15 lakh. The tenure of repayment of a personal loan is 12- 60 months. The reason to get a personal loan can be anything, to meet the personal needs or buying a horse or an expensive appliance.
The processing fee ranges from 0.25% to 1.5% with applicable service tax. The foreclosure charges are accepted after 12 EMI’s for salaried while 6 EMI’s for self- employed. The pre payments vary by years, for 2nd year 4%, 3rd year 3% and after 3 rd year 2% charges are charged to the borrower. It has one of the best competitive rate of interest that ranges from 11.49% to 20%.
The eligibility criteria to determine your chances:
Age- The minimum age required is 21 years while the maximum age limit is 60. The maximum age at the time of loan maturity is 65 years.
Category of Work- The applicant should be a salaried individual or a self- employed.
Monthly Income- The minimum net monthly income should not be less than INR 15,000. It determines your loan amount as well as the EMI.
Job Stability- The work experience of the salaried individual should not be less than 12 months, of which not less than 1 month of the current employee. For the Self-employed, the minimum of 5 year in current business or profession. Working with well reputed company further enhances your chance to get a personal loan easily.
Cibil Score- Your past credit history, repayments of previous loan and credit card history are all very important in determining your credit score. It directly affects your eligibility to get a personal loan.
Documents- To get instant Personal loan approval following documents are needed to be kept handy-
- An application with recent colour passport size photographs.
- Photo ID Proof- Passport, PAN Card, Driving Card, Voter ID Card.
- Residential Proof- Leave and License / Registered Rent Agreement/Utility bills (up to 3 months), Passport and Business Address proof (in the case of self- employed).
- Income Proof – For salaried- Salary Slip and Current dated Salary certificate with Form-16
- – For self- employed– Bank Statement and ITR/ FORM-16 Office.
HDFC has a wide- spread network of branches in the country. It provides it’s customer with the best quality service both online as well as offline. They are one of the best quality service provider in the country. It gives a HDFC Personal loan with minimal documentation and has complete transparency. It has special offers for women as well as corporate professionals.