A Personal loan is a quick financial fix at times of emergencies. It is a great boon for all those who are looking for immediate financial assistance be it for any reason-medical expenses, wedding, foreign travel, or studying abroad. Among all the financial institutions and NBFCs, HDFC bank is one of the best financial institutions known for offering a host of benefits on its loans including flexible tenures and competitive personal loan interest rates. These unmatched benefits from HDFC Bank make the products among the best personal loans in India.
The eligibility criteria of HDFC Bank Personal Loan: Nationality: Must be a citizen of India
Age – Minimum age is 21 years, and the maximum is 60 years
Credit Score: You should have a good credit score, 700 or above
Monthly Income requirement: Rs 15,000 per month
Work Experience
Salaried Employed at the current company for at least 6/12 months
Self-Employed
Benefits of applying for HDFC Bank Personal loan
Hassle-free loan processing: You can apply for HDFC Bank Personal loan online either through HDFC bank’s platform, they have even made a collaboration with many NBFCs, and FinTech to offer loan to their customers. The application process is quick, and the documentation is minimal.
Instant Disbursal: HDFC bank made its processing so simple that a loan will get approved in 10 seconds. Others who are new to HDFC bank will get a loan in a maximum of 4 hours. Quick processing time is the main USP of HDFC Bank Personal Loan.
Free to make use of the funds:
It is also an added advantage of HDFC bank Personal loan. This form of financing is multi-purpose in nature and could be used for any reason like a wedding, a holiday, a gadget business, home renovation, or any kind of medical emergencies.
Collateral free-loan
The HDFC bank personal loans are unsecured, so there is no need to give any collateral against the loan amount.
Simple documentation:
The processing time and paperwork required for a Personal loan are much less as compared to another form of financing. You can get a loan with the following documents: ID proof, address proof, and income proof. If you are pre-approved for a Personal Loan, you may not even need to submit any documents.
Pocket-friendly repayment options:
You can pay off your Loan in easy instalments or EMIs. The payment terms are usually flexible, and you can choose a tenure that allows you to optimize your monthly outgo according to your needs. HDFC Bank offers tenures of 12 to 60 months.
Personal loan interest rates:
The HDFC bank's personal loan interest rates start as low as 10.99%. It is the best in the market as compared other forms of loans.
Personalized loan offers:
For the convenience of borrowers and after understanding their financial requirements, HDFC gives personalized HDFC Bank Personal loan offers and the best deals at the best rate of interest. You can also be called a pre-approved loan offer.
Conclusion
HDFC Bank has collaborated exclusively with IndiaLends, an online marketplace which offers best HDFC personal loan interest rates suited for your needs. If you are seeking a Personal Loan with HDFC Bank, you can simply fill up an online loan application form after checking your HDFC Bank Personal Loan Eligibility. Moreover, you can use an online Personal Loan EMI calculator available at our website to calculate your affordability.