Loans sound like an obligation and risky. But with HDFC personal loan, you won’t face such things. Firstly, it is an unsecured loan, so no collateral will be needed. And the loan can be given up to INR 40 Lakh, covering all your financial needs instantly. And if you’re planning a wedding, this will be the best source to cover the expenses as it could be difficult to manage such with your savings and income. With its equated monthly installment payment option, you can easily afford a lump sum amount. Let’s check more about the HDFC personal loan in this article.
What are the Features of HDFC Personal Loan?
The bank offers the following features regarding its personal loan –
If you have a pre-approved loan,it will be disbursed to your account in just 10 seconds. This benefit is available for HDFC Bank customers only. But not every customer of HDFC Bank can have this advantage. Those who have impressed the bank with their repayment capabilities can get the pre-approved loan offer. Otherwise, HDFC Personal Loan disbursement will take four working days.
With the digital service of HDFC Bank, you don’t need to visit any branch office. Fill in an online application form and upload a few KYC and income proof. If you’re eligible for the loan, you will receive a notification about the same via email or SMS. So, the hassle has been reduced.
You have 12 to 60 months for the repayment of the borrowed amount. And the bank gives you benefits like part prepayment or foreclosure to reduce the interest burden. With these payment facilities, you can easily cover the cost of your wedding under your income. Use the online calculator of HDFC Bank in this regard. Using it, you can see the EMI and interest payout. So, you can choose a suitable tenure for the loan repayment by taking insights from the calculator.
How is My HDFC Personal Loan Decided?
Your loan limit is based on the below factors –
Your Age at the Time of Loan Application
The minimum age required to borrow an HDFC personal loan is 21 years. At that age, one can have a stable job and earn a regular income. So, to ensure default-free payments, the bank has set the minimum age of 21 years for getting a loan. The maximum age for borrowing this loan is 60 years. Well, it is because after that age most people retire and don’t earn regularly, which is important to ensure spotless loan repayments. So, the age at which you apply will greatly determine the loan amount you get from HDFC Bank.
Income of the Applicant
Your income helps the bank know how much you can repay. To verify your income details, the bank asks for bank statements and salary slips. With these documents, HDFC Bank knows how much you save from your monthly income as it will be used to repay the loan amount. So, if the amount you save from the income is less, the loan limit won’t be much higher for you.
A minimum income of INR 25,000 is required to get HDFC Personal Loan. So, if you have that, you make a preliminary qualification for the loan. But the eventual qualification will depend on the EMIs applicable to the loan amount you apply for. HDFC Bank ensures you have something left after paying the loan EMIs to make up for the sudden rise in expenses we all face at some point.
Credit Score of the Borrower
Your previous payment history may impact your HDFC Personal Loan application. So, ensure the same is spotless. Check your CIBIL score online and remove any errors from your credit report if they are leading to a reduced score. A good repayment history makes you eligible and trustworthy for a loan.
So, if you meet the above criteria of HDFC Bank, apply for a personal loan at the best HDFC Personal Loan Interest Rate and meet your wedding expenses.