In his fast-moving world, money is a constant need. Companies have come up with new inventions and have tempted people to make them a necessity. To achieve these artificial necessities, a person can often go to a bank to borrow a sum of money for purchasing an item. This borrowing process is called a loan. A loan is a plan that allows lenders to give a sum of money to borrowers, for a given amount of time. After that, the borrowers return the money with some interest amount. A borrower can lend online from certain unions, online lenders and banks. There are different types of loans available in financial institutions. All of these loans serve different purposes and have individual benefits. Among these, Personal loans are the most flexible.
A personal loan is the type of loan that is issued for multiple reasons since it can be used for many reasons. These reasons could be paying for education facilities, planning a wedding, buying any electronics or even for medical emergencies. Personal loans fall under the Unsecured type of loans. Unsecured loans are loans where the borrower does not have to provide the lender with any collateral. Collateral is the item that is deposited for a sense of security. It can be shares or even gold articles owned by the borrower. Personal loans have both flexible tenure and rate of interest. If you are looking for a great deal on personal loans, check out HDFC Bank. HDFC personal loan interest rate is so reasonable that anyone can afford it. Here we will learn about the interest rate on personal loans in detail, along with the features and eligibility criteria of HDFC bank personal loans.
Personal loan features – HDFC
Before we learn about HDFC personal loan interest rate let us check the features they provide on this loan type.
Quick process
A personal loan is the type of loan that is the fastest in both approval and application. You can apply for an online personal loan. All you have to do is visit the bank’s official website. Then fill in the required details. Once that process is over, approval is not that soon after. The bank can approve your application faster if you have already been associated with the bank in the past. You can get your approved loan amount within 24 hrs.
Multiple uses
A personal loan is the only kind of loan that can be used for multiple reasons. You can issue a personal loan for reasons like planning a wedding, renovating or furnishing your dream house, buying your car, repaying a debt or even for medical emergencies. It is one of the most important features that is considered while issuing a personal loan.
Flexible tenure
A flexible tenure is also one of the most important to keep in mind while borrowing a personal loan. The bank gives you a tenure that is comfortable for you to repay the loan amount. A bank usually provides you with a tenure of a maximum of 12 months or 60 months (5 years) making it the most favourable loan scheme.
Minimal documentation
Nowadays people apply for personal loans mainly through online websites. This makes the process paperless. The bank also does not ask for much documentation. It only asks you for your identity, address and income proof.
Lack of collateral
As explained above a personal loan is an unsecured type of loan which does not require collateral. It depends on your credit or CIBIL score instead, which should be 750 or above. The lack of collateral gives you the relief of not losing important items that you own.
Also Read: Home Loan Tax Benefits
Personal loan eligibility – HDFC
Let us now take a look at the criteria that make you eligible for you to apply for a personal loan.
- You should be an Indian citizen.
- The borrower should be of the age of between 21 to 60 years
- You can be an employee of any sector whether that is private or public. It also includes individuals from local, central and state bodies.
- You need to have experience of at least 2 years with your current employer
- You need to have a monthly income of Rs.25000.
HDFC interest rates details
Now that we know the features and eligibility of personal loans let us understand the details regarding HDFC bank personal loan interest rate given in personal loans.
HDFC bank is one of the most known banks offering the best deals on personal loans. The bank offers up to 40 lakhs loan amount for a personal loan. It gives you flexible tenure as well as a rate of interest. It offers a rate of interest starting from 10.25% to 21.00%.
A personal loan is the best kind of loan to take if you need urgent funds. Its adjustable tenure, affordable rate of interest and big loan amount grant makes it the most favoured loan. HDFC bank is one of the top banks in providing personal loans. If you are looking into getting a personal loan, definitely look at HDFC bank as a great option.
