Dreams inspire us to work harder so that we can achieve them. Some people dream of going to a long vacation to US while others wish to renovate their home sweet home. Some want to throw the best marriage party for their daughter’s marriage while others wish to see their child enrolled in a top foreign university. All our wishes are connected to finance.
There are times when a family member requires a surgery and one has to arrange quick funds for the same. Whatever maybe the situation but the ultimate solution is one- a personal loan. There are many lenders in the market who are willing to give you a personal loan but you must decide the best one for you. HDFC bank offers a Personal loan to salaried employees at an affordable rate of interest. The repayment tenure for the same goes up to five years. Today, I will be telling you about HDFC personal interest rate so that you have a clear idea regarding the interest rate which will be offered to you.
HDFC Personal Loan Interest Rate
HDFC bank offers a personal loan to a salaried employee at an interest rate of 15.75-20% depending on the eligibility and loan amount. The applicant is given flexible repayment options depending on his/her profile. The interest for the loan is calculated on a monthly reducing balance method. You can take a personal loan up to Rs. 15 Lakhs so as to meet your personal requirements. The applicant is also required to pay a processing fee up to 2.5% of the sanctioned loan amount. The minimum and maximum amount that can charged is Rs. 1,000 and Rs. 25,000 respectively.
A thing which should be brought to your attention is that prepayment of loan is not allowed before the loan borrower completes 12 EMIs. so you can only pre-pay your loan after you complete twelve monthly installments. In case, you want to prepay the amount between 13 to 24 months, then you will have to pay a prepayment fee of 4% of the principal amount which is outstanding. If you wish to pre-pay your loan between the tenure of 25 to 36 months, then the charge will be of 3% of the principal amount outstanding.For any kind of prepayment which is above 36 months, the charge is two percent of the principal which is outstanding.
HDFC Personal Loan Eligibility
In order to successfully avail a loan from the bank, the applicant has to meet the eligibility norms. It will be based on the loan requirement of the applicant, the income he earns each month and the profession he is part of.
- The applicant needs to be a salaried individual who falls under the category of employee of public sector undertakings , Chartered Accountant, an employee of private limited companies or Doctor.
- The applicant should be between the age group of 21 to 60 years. This clearly means he/she has to attain a minimum age of 21 so as to secure a loan from the bank.
- Work experience of at least two years is mandatory
- He/she should be employed with the present company for a minimum of one year
- The minimum net income should be at least Rs. 12,000.
- For people living in cities like Mumbai, Delhi, Bengaluru, Cochin, Pune, Kolkata, Hyderabad, Chennai and Ahmedabad the net monthly income needs to be at least Rs. 15,000.
Documents Checklist
The list of important documents for a HDFC personal loan has been given below. Do have a look at them-
- Identity Proof- photocopies of Voter ID Card/Driving License/Passport
- Residence Proof- photocopies of Telephone Bill/Ration Card/Passport/Rental Agreement/Electricity Bill
- Income Proof- Latest salary slip along with a salary certificate which is current dated with latest Form 16
- Bank Statement of the previous three months or passbook statement of six months is needed
It is very important for you to get the best HDFC Personal loan interest rate in order to have a smooth and tension free loan journey. So check out if you are able to match the eligibility criteria given above. If yes, then approach the bank today itself for the best deal.
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