Why Is HDFC Personal Loan the Mass Favourite?

Why Is HDFC Personal Loan the Mass Favourite?

HDFC Bank ranks among the top lending institutions in the business of offering personal loans to meet diverse needs.

From enabling a luxurious trip to an exotic location to provide invaluable support in times of emergency, HDFC Personal Loan serves it all with ease. The impressive loan amount at attractive interest rates make it the crowd favourite. Since you can apply for HDFC Personal Loan easily going online, your needs can be met instantly. So, if you want to know more about the loan, the post is here to let you do so.

How Much Loan Can HDFC Bank Disburse?

HDFC Bank can disburse as much as â‚š40 lakhs based on meeting the eligibility criteria. The bank charges interest at the rate of 15.50%-21.50% per annum. Since it offers a maximum of 5 years for repayment, you find it easy to service the debt. The repayment is spread into Equated Monthly Installments (EMIs) over the period you choose to pay off the debt.

How Can You Grab Lower Interest Rates on HDFC Personal Loan?

The bank keeps a close look at your income, the workplace you are at and even the credit history you have had before deciding on the interest rate it can apply on your loan.

Greater the income, more would be the repayment capability and easier it would be for you to convince the bank to ease interest rates on your loan. The organization and credit history also play their respective parts when HDFC Bank looks to decide the interest rate.

If you are working in a top organization, the job stability can be deemed greatly and can so easily result in lower rates. If you have had an experience of loan or credit card repayments, the bank would see to it how efficient you have been servicing the debt. The bank would check your credit score and credit report to find out the same. If you have displayed a strong repayment track, you can convince the bank to lower the interest rates.

How Would HDFC Personal Loan Interest Rates Impact the Repayment?

The interest rate, to a great extent, decide the repayment patterns. Greater the interest rate more the money would go through installments and vice-versa. So, you should request HDFC Bank to provide you with a loan at the lowest limit i.e.

15.50% per annum. This would ensure maximum savings of interest which would be more with a greater rate. The effect of interest rate can be best seen in the HDFC Personal Loan EMI Calculator, which is all but available online. You can thus access the calculator online and compute the estimated repayment particulars. The calculator would help you calculate the EMI as well as the interest outgo over the loan period. However, the calculator would want you to add details of loan amount and tenure, in addition to the interest rate, to draw the repayment

HDFC Personal Loan Apply Online As easy as you like, HDFC Personal Loan can be applied conveniently on the website of the private lender. Just go to its personal loan page, add personal and professional details before submitting the application. The bank would check the details thoroughly before approving the same.

The application must also be supported with relevant KYC documents to authenticate your identity, income and residence. You can even visit the nearest bank branch with necessary documents to apply for HDFC Personal Loan.