9 Reasons Why You Should Choose HDFC Personal Loan for a Moderate Amount

The HDFC bank is one of the reputed private sector banks in India. It provides several kinds of financing to individuals, firms, businesspersons, and others. One of the sought-after products of this financial institution is a personal loan, which is unsecured. An HDFC personal loan can be used for any expense. Many use the loan to pay for medical emergencies, home renovation, debt consolidation, travel, wedding, and other purposes. No guarantor is needed. If you are looking for the collateral-free loan of a moderate amount, then HDFC is a great choice.

Know why you should choose HFDC personal loans for a moderate amount requirement.

1.       Borrow As Less As Rs. 50,000:-

There are several financial companies that offer Rs. 1 lakh as minimum borrowing amount, but HDFC offers you unsecured loan as less as Rs. 50,000. You can borrow up to Rs. 40 lakhs. Thus, a low amount can be borrowed, if you require just a few thousands or lakhs of rupees.

2.       Reasonable Eligibility Criteria:-

If you are salaried, then you must be of at least 21 years old to avail the loan. For self-employed maximum age till loan maturity is 65 years, while the same is 60 years for salaried. To get loan approval, you only need 2 years of work experience, minimum, out of which at least one year of employment must be with the current employer. Minimum monthly income needed is only Rs. 15,000. For metro cities the minimum monthly net income requirement is Rs. 20,000.

3.       Flexible Tenure:-

The tenure of the personal loan by HDFC Bank will depend on the loan amount, repayment capacity of the applicant, and other factors. The tenure ranges between 1 year and 5 years. Lower the amount, you can choose a shorter tenure if you think you can repay faster. You can be assured to get the best tenure as per your repayment capability.

4.       Affordable Fees and Charges:-

For salaried persons, no full or part prepayment is allowed until 12 EMIs are paid. Part payment is accepted up to 25 percent of the principal outstanding. And this is allowed only once in a financial year and twice in the entire loan period. In case of late payment of EMI, you will be charged 2 percent per month on principal overdue/EMI, subject to the minimum penalty of Rs. 200.

Pre-closure charges are 4 percent of principal outstanding if the loan is closed between 13 to 24 months, the charge is 3 percent and 2 percent of the principal outstanding, if the loan is closed between 15 and 36 months, less than 36 months, respectively.

5.       Suitable Interest Rates:-

The HDFC bank personal loan interest rate starts at as low as 15.00% to 20.99% p.a. (for salaried individuals). The interest is calculated on the monthly balance reducing basis. If you borrow a moderate amount, you can expect to get a rate of interest that suit your pockets. Your relationship with the bank may play a role in lowering the rates, if your profile is eligible for personal loans.

6.       Accident and Critical Illness Cover:-

If you have taken HDFC personal loan, you can also opt for a personal accident cover of up to Rupees 8 lakhs. You will have to pay minimal premium, which will be deducted from the actual loan at the time of disbursal. There is an option for critical illness cover as well. This cover can be up to Rs. 1 lakh, at a very low rate of premium, again deducted from the actual loan amount, at time of disbursal.

There is a personal loan security provided by the bank. It is named as Sarv Suraksha Pro. This comprises of a credit shield, which is equal to the remaining amount of loan, with cover for accidental hospitalization of up to Rs. 8 lakh and permanent disablement or accidental death cover of up to Rs. 1 lakh.

7.       HDFC Diva Personal Loan for Women:-

The bank has a select personal loan scheme for the monetary needs of females. This loan is called the Diva Loan. The product is designed to help women with funds up to Rs. 3 lakhs. The borrower can earn Diva privilege when she purchases goods and services at select stores. One can get a pre-approved offer under this scheme. Thus, if you are a woman, then you can borrow a moderate amount under the Diva Loan scheme.

8.       Personal Loan in 10 Seconds:-

If you are looking for a moderate loan amount in a jiffy, then consider HDFC bank offer of personal loan in 10 seconds. Women can benefit the most, as the starting rate for them is 11.49% and up to 19.50%. This paperless loan schemes can be available from official website of HDFC. It takes only 10 seconds for loan disbursal. The process is transparent and only 2.50% of the loan amount is charged as processing fee.

Under this scheme, you can borrow up to Rs. 40 lakhs. Zero prepayment charges are the benefit if the loan amount is more than Rs. 10 lakhs. However, to avail this loan, you must have a monthly net salary of more than Rs. 75,000.

9.       Complete Customer Support:-

HDFC bank does not discriminate between borrowers. Even if you need a low loan amount, you will receive a dedicated customer service as like the borrowers who wish to take a high loan amount. You will be thoroughly satisfied by the instant help service of this financial institution. You can reach the bank online, on toll free number, or visit the nearest branch for support.

By considering the above-mentioned details and facilities of an HDFC personal loan, you may have understood that your requirement for a moderate or a high loan amount can be satisfied easily by the bank.