HDFC Bank has been known for years for its simplicity and hassle-free operation. The process of loan application is very easy as compared to any other bank. It would not take more than five minutes to complete the loan application procedure.
Steps For HDFC Bank Personal Loans
- Before you apply for a loan, you must be aware of the loan amount. HDFC Bank lets its customers apply for a personal loan in the range of one lakh to forty lakhs.
- You can also use the personal loan calculator to calculate the EMI and check the online personal loan eligibility criteria on the bank’s website. The eligibility criteria can help you have a clear picture of the amount of loan that you can get from the bank. The online EMI calculator is also super easy to use, and it needs minimal inputs to show you the result. HDFC bank offers equated monthly instalments for a personal loan for as low as 2187 INR per month.
- HDFC has made it very easy and convenient for its customers to apply for personal loans. They can visit the nearest HDFC Bank branch, apply for an online personal loan through their net banking profile, or even the customers can choose to apply for loans from their nearest HDFC Bank ATM.
- HDFC Bank asks for basic documents in order to move ahead with the loan application. You need to submit documents supporting your ID proof, residence proof, and proof of employment. You can submit IT returns, pay slips, and bank statements as proofs of income.
Once you are done with the above-mentioned steps, you need to wait for the approval from the bank. Once approved, the bank will transfer the amount to your account. If you are applying for a pre-approved loan, then HDFC takes less than ten seconds to disburse the loan. Moreover, if you are a non-HDFC customer, then the bank will take a minimum of four hours to process the loan.
Why should one choose HDFC Bank?
Here are some of the positive aspects of availing a personal loan from HDFC bank:
- Exclusive interest rates for women
- Reasonably priced products and services
- Flexible rate of interest
- Competitive interest rates as compared to other banks
- Faster processing and disbursement
- Specialized offers for selected customers with good credit history
- Efficient and timely support from customer care executives
- Insurance cover on a higher amount of loans
- Personal loan balance transfers
- Real-time tracking facility to track updates
- Instant approval
- The easier and hassle-free documentation process
- Transparent procedures
- Flexible terms of repayment
- No hidden charges
- Very low processing charges
Interest Rates and Processing Fees of HDFC Bank Personal Loan
The current prevailing interest rates of HDFC bank personal loan is in the range of 11.25% to 20%. This is fixed at a very competitive slab as compared to other banks. HDFC charges a minimal amount for processing of the loan. It is in general within 2.5% of the total loan amount, with the minimum amount being 1999 INR and the maximum amount is 25000 INR. If you want to opt for a pre-closure of the personal loan availed, then you need to pay 4%, 3%, and 2% if your repayment schedule is in the range of 13 – 24 months, 25 – 36 months, and more than 36 months respectively.
Conclusion
Paperless Personal Loans and HDFC Bank Personal Loans offer a seamless, efficient way to access funds without the hassle of traditional paperwork. By embracing digital processes, these loans provide quick approvals, minimal documentation, and flexible repayment options, making them an ideal choice for those seeking convenience and speed. Whether you’re applying for a personal loan through HDFC Bank or opting for a paperless option, you can enjoy a streamlined, secure experience that meets your financial needs with ease
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