Why is HDFC Personal Loan So Popular?
September 22, 2018

Popularity comes with reachability. Be it anything related to product features or branding, HDFC Bank has gained a lot of attention. The customer service has also helped the bank to become one of the best choices for a personal loan.

A person who is a customer or account holder of the bank knows that HDFC personal loan is instantly available. There are few steps before your loan application gets the approval. But, the service is really quick and helps people at the time of financial emergency.

Those who match the criteria, which is clear at the very beginning, have had a great experience. You can also get a personal loan for yourself if you need money for any legitimate purpose. You can take this loan if you want funds for travel or wedding or medical expenses or any other need.

HDFC Personal Loan Calculator

Before you even plan to take a loan amount, you can check your EMIs for HDFC personal loan. You can assume a loan amount and interest rate for a tenure. The effective EMI would be helpful in deciding you are comfortable in paying the amount or not.

If the amount is very less than you can pay, you can increase the loan amount. If it is more than your repayment capacity, you can reduce it. According to that you can change either loan amount (increase or decrease) and tenure. Since interest rate is under the control of the lender.

For example, a personal loan for ₹5 lakhs and has chosen the repayment period of 5 years, HDFC bank offered him at 10.99% interest rate. Now, the monthly installment, total interest outgo, and total amount for the loan amount he has taken are as follows:

EMI: ₹10,869

Total Interest Outgo-₹1,52,123

Total Amount-₹6,52,123

What is the eligibility criteria based on which HDFC Personal Loan is given?

The moment you think of getting a personal loan, you should check the eligibility for it. The criteria can get HDFC personal loan is given below:

  • Your minimum age should be 21 years
  • Your maximum age should be 60 years
  • An individual must have 2 years of working experience wherein having 1 year of experience with the current employer is important
  • The applicant must have a Net Monthly Income of ₹12,000/-. However, the Net Monthly Income should be ₹15,000/- if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin

Documents required to apply for HDFC personal loan

The list of documents required by HDFC Bank for approving or even accepting your personal loan is given below:

  • Identity Proof – Voter ID Card/Aadhaar Card/Driving License/PAN Card/Copy of Passport
  • Address Proof- Copy of Ration Card/Telephone or Electricity Bill/Rental Agreement/Passport
  • Last 3 months bank statements
  • Last 6 months bank passbook
  • Latest salary slip/current dated salary certificate with the latest Form 16

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