Personal loans are one of the most popular financial vehicles due to the multiple benefits they provide. They will not only help you cope with any financial difficulties, but they will also ensure that your funds are not put under unnecessary strain. Because they are unsecured and can be used for whatever you want, HDFC Personal Loan are more flexible than secured loans. It is not necessary to inform the lender of the money’s ultimate destination. An HDFC Personal Loan typically has a 60-month payback period and interest rates that start at 10.5 percent. Because of the greater integration of technology in the financial services sector, you may now apply for a Personal Loan on the internet and have funds in your account in as little as three days.
HDFC Personal Loan Eligibility Criteria
HDFC Bank has lenient HDFC personal loan eligibility criteria when it comes to processing HDFC personal loan applications.
- The borrower must be a salaried individual working for the federal, state, or municipal government, or a paid employee of a private or public-sector organization, such as a doctor, accountant, engineer, or lawyer.
- You must be over the age of 21 but under the age of 60 at the time of application.
- You must have at least two years of work experience and one year of experience in your current position.
- To be eligible, you must have a monthly net income of at least Rs25,000 per month. If you live in Delhi, Mumbai, Pune, Ahmedabad, Kolkata, Chennai, Bengaluru, Hyderabad, or Cochin, your monthly salary should be at least 20,000.
- Two years of income tax returns, Form 16, six months of salary account banking statement, KYC documents, pay certificates, and salary slips are required.
How can you figure out your EMI for an HDFC personal loan?
- The most important factor for a borrower to understand is the EMI he or she is ready to pay based on his or her repayment capacity. Because personal loans are unsecured, they have high-interest rates, and if the borrower does not pay his EMIs on time, he may find himself in a state of excessive debt.
- The EMIs of the borrower can be calculated instantly using an online Personal loan EMI calculator. Enter the amount of money you want to borrow, the lender’s monthly interest rate, and the payback period you’re prepared to sign. The HDFC personal loan EMI calculator will calculate your monthly payments based on the information you provide. You can adjust the payback period and loan amount to find the best EMI for you.
The Bottom Line
You can get the maximum loan amount offered by HDFC Personal loan if you have a minimum salary of Rs.25000. You can also have the best possible HDFC personal loan interest rate if you have a strong CIBIL score of higher than 700. You can check the maximum EMI you can get by using the HDFC personal loan EMI calculator by entering your desired loan amount, your repayment period, and the rate of interest offered by HDFC personal loan. In this way, you can check the interest rate, your EMI, and the maximum loan amount you can avail according to your eligibility criteria.
Read Also: BEST WAY TO APPLY PERSONAL LOAN IN DELHI
