State Bank of India (SBI) is one of the leading financial institutions in India and one of the best banks in India offering various kinds of loans. This bank offers various loan types such as personal loans, merchant cash advances, business cash advances, commercial cash advances, education loans, home equity loans, and so on. The personal loan features an attractive rate of interest and a term period ranging from one month to five years. The HDFC Personal Loan has been designed keeping in mind various requirements. HDFC has tailor-made plans for the various needs of borrowers.
HDFC Personal Loan Interest Rate
HDFC is not the only bank offering personal loan interest rates. There are several other banks offering the best loan deals. Therefore, applicants can compare the quotes and choose the best one. If the borrower possesses a good credit score, the interest rates offered by the bank will be lower than the other lenders.
Personal Loan Details
|8.95% p.a. onwards|
Up to Rs.30 lakh
Up to 7 years
0% – 3% of the loan amount + GST
HDFC offers the best personal loan interest rates after comparing various loan options. If you do not possess a good credit score and are interested in availing of a loan, the best option is to go for a secured personal loan. You need to offer some valuable assets as collateral and the amount can be used to pay off the loan amount. The security is returned when the repayment period is complete.
Eligibility Criteria Of Personal Loan
Applicants who don’t fulfill the basic criteria of the HDFC pension loan but still qualify for the scheme must pay a minimal interest rate.
- The interest rate offered is based on the individual’s repayment capacity and credit history.
- The details regarding the qualification of the applicant must be mentioned along with the bank interest rate.
- Applicants who are self-employed retired, or fall in any of the above categories are qualified for these loans.
- Applicants eligible for the scheme can visit the website of HDFC to apply for a personal loan at low-interest rates.
- They need to provide the details including the name of the borrower, bank account number, and social security number.
- The application is also processed if the details submitted are matching with the requirements of the bank.
- The details submitted will help borrowers reduce the cost of the loan.
- Online application forms are available at HDFC’s official website.
- The borrowers need to fill the application form with the correct details and submit it by the due date.
- If the application form is received by the lender before the due date, the borrower gets the approval and the bank to reduce the interest rate.
Generic documents required for a personal loan
HDFC is a prominent lender in India, one of the biggest lenders in India. The bank provides various kinds of the loan including personal loan details, HDFC personal loan details, and other details. Here are some tips for applicants on how to get quick approval for HDFC personal loan.
- Applicants should be able to present convincing income proof, including salary and tax returns. There is a basic income test that helps the bank to assess the applicant’s credibility.
- Applicants who hold an active account in a checking bank for at least six months are eligible for the application form.
- The bank also requires you to show the balance in your checking account and your eligibility to obtain the facility.
- Applicants who have not made any deposits in their name within the last six months are also eligible for personal loans.
How to apply for a personal loan online?
- All applicants can apply for the HDFC bank personal loans online. There are two options for application online the online application and the offline application. Both are equally easy to follow.
- The bank details will be sent to the applicants via email as soon as the application is placed online.
- In the case of the online application, the applicant needs to give information about his current nay bank details, current bank statements, and other details.
- The details required include personal name, postal address, level of income, salary net monthly income, pension loan amount, and employment history.
- The bank takes three days to verify the details provided by the applicants.
- After the verification is done, the applicants can access the personal loan details.
- The applicant can either choose the cash option or opt for the credit option from the loan website.
For a better deal, it is advisable to go for an unsecured personal loan. This loan comes with higher personal loan interest rates because the risk of repossession is not there. The amount can be repaid easily but the interest rates are higher. It is advisable to disburse the money carefully within the given time period because it can affect your credit score in the future.
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