Well, we all have financial problems. But is there one solution for all? Yes, HDFC Personal Loan meets any of your financial needs. All you need to do is check the loan offer online. If you are eligible for the loan and the offered amount meets your requirements, apply for the loan. You can apply from your smartphone or laptop. Just fill in an online application form, upload a few documents and submit your application form. Once the bank gets your loan request, they’ll verify the same and let you know about it later. You will receive an SMS or email from the bank regarding the loan application. Keep reading this page for more details on the HDFC Personal Loan product.
What is the HDFC Bank Limit for a Personal Loan?
HDFC will lend you up to INR 40 Lakh personal loan. This is the maximum amount the bank can offer you under this product. So, if you need to meet this limit, apply for a loan. What makes it unique?
Well, HDFC Personal Loan is unique from other loans as it doesn’t need your collateral. The security of the loan repayment is based on the applicant’s income. So, the higher your income, the more will be your loan limit.
To qualify for an HDFC Personal Loan, you need a minimum salary of INR 25,000 per month. If you meet this requirement, your application will be accepted by the HDFC Bank. So, take care of that while applying for the loan. Because if your income is less than this requirement, the loan won’t be approved.
Lower Rate of Interest is Charged on Your Borrowed Amount
If you have borrowed a loan earlier, you should know that the bank charges an interest rate. HDFC Bank’s rate of interest for a personal loan starts from 10.25% per annum. If you compare it with other bank offers, you will see that it is one of the lowest rates available on a personal loan. So, HDFC Bank is the right lender for borrowing a lump sum amount.
How is the HDFC Personal Loan Interest Rate computed? The interest rate of a person’s loan will be based on the following factors –
Repayment Capacity –
This will be computed using the credit score and current income of the borrower. If your credit score is 750 or more, it means there hasn’t been a record of late or non-payment. What is a credit score? This is a three-digit number as you can see and the lowest is 300. A high score depicts that you have a good repayment history. When someone has a poor record of repayment, the interest rate will be high. So, check your credit score before you proceed with the HDFC Personal Loan application.
Let’s discuss the other factor which will ensure the bank of your repayment capacity, income. A high income makes you eligible for a higher amount. But if you aren’t able to get a high loan, apply for the same jointly. Because when you apply for a loan jointly, the risk attached to the loan will reduce and you can get the desired amount to meet your need. Who can be my co-borrower? Choose your co-borrower wisely, as if the co-borrower doesn’t pay the loan, it will impact both your and his/her repayment record.
Grab yourself a low HDFC Personal Loan Interest Rate and repay the amount without any hassle. The repayment of this HDFC Loan is allowed in equated monthly installments. So, by paying small portions of your borrowed amount plus the applicable interest, you can pay off the loan within 12 to 60 months. Choose your tenure wisely with the help of an EMI calculator for an easy payout.