HDFC Personal Loan Online – Check Loan Eligibility and Interest Rates

Looking for HDFC personal loan online? If you need funds instantly, personal loans may be the right way to go, and you should always borrow from legitimate lenders. Founded in 1994, HDFC is one of India’s leading private sector banks. With operations in more than 2,587 cities, the bank has over 4,281 branches and a customer base of approximately 4 crores! To provide customers easy access to cash, HDFC has placed over 12,000 ATM machines. The most striking aspect is that 55% of the bank’s branches are situated in rural and semi-urban areas. That means even people from remote locations can access their personal loans and other products.

A brief description of HDFC personal loan online schemes

If you are looking for an instant personal loan, you should try the HDFC personal loan online. It is one of the most popular products offered by the bank and it is also famous for the low interest rates and minimal documentation process. In most cases, personal loans are cheaper than credit cards. Therefore, if you are looking for funds for some short-term needs, it would be wise to go for a personal loan as opposed to credit cards. HDFC personal loans are also customizable, which means you can specify your individual requirements and get suitable loan offers. Here at Loan Sumo, we aim at helping you find the best online cash loans.

Another great aspect of the HDFC personal loan online scheme is that you can use the borrowed money anyhow you like. As you may know, business loans or home loans are designed for a specific use. However, with a personal loan, you have the freedom to choose what you want to do with the money. You can take out such a loan for any emergency or personal project. Sudden medical costs, rent, and utility bill payment, urgent vehicle repair, debt consolidation, vacation, home improvement and so on are some of the examples.

Features and benefits you can enjoy by getting an HDFC personal loan online

HDFC personal loans are suitable for a range of purposes, and they are accessible to both salaried and self-employed individuals. Obtaining such a loan is also fairly easy. If you have a spotless credit history and decent credit scores, you are sure to receive some great personal loan offers with affordable interest rates and flexible repayment terms. Having poor credit scores may make it a little challenging to find the best rates. However, you can always explore your options in bad credit personal loans. Make sure to check eligibility & interest rates online before applying. Let us discuss some of the features and benefits of HDFC personal loans that will help you make a decision.

Features:

  • Since most of these loans are unsecured, you do not need to provide any security deposit or collateral to obtain the HDFC personal loan online.
  • Both salaried and self-employed individuals can borrow anywhere from Rs. 50,000 to Rs. 40 lakhs depending on their income and repayment capability.
  • The tenure for the loan can range between 1 and 5 years.
  • No need to visit the bank to apply for HDFC personal loan online. You can simply do it by filling up the quick application form here at Loan Sumo.

Benefits:

  • HDFC personal loan applications require minimal documentation and the approval rate if fairly high.
  • If you meet the eligibility requirements, you are likely to receive the money within a few days of submitting your application.
  • With the personal loan, you can also get a Personal Accident coverage of up to Rs. 8 lakhs. In exchange, you would need to pay a small premium that the bank will subtract from the loan amount when disbursing the sum.
  • You may get Critical Illness coverage of up to Rs. 1 lakh in exchange for a minimal premium, which will get subtracted from the loan amount.
  • Existing users of the bank may receive special features such as pre-approved loans, low interest rates, and instant loan approval. Some borrowers have even had their applications approved in 10 seconds!
  • The bank also provides excellent perks to first-time borrowers. Aside from affordable interest rates, you can also get little to no processing charges, flexible loan terms and tenure and small pre-payment fees.

Rates and charges associated with HDFC personal loans

If you have decided to take out an HDFC personal loan online, you should figure out the overall cost of the loan to determine whether it will fit your budget. You need to consider various factors such as the tenure, interest rates, and other charges. The rates and charges may depend on several factors such as your credit history, credit scores, current income, and repayment capability. As mentioned above, having good credit ratings is always good for your prospects. If you do not know your credit scores, you can use the free CIBIL score checker. Here’s a brief overview of the HDFC personal loan interest rates and charges.

For salaried

For self-employed

Loan amount Rs. 50,000 – Rs. 50 lakhs Rs. 50,000 – Rs. 50 lakhs
Tenure Up to 5 years Up to 5 years
Interest rate 10.99% onwards 10.99% onwards
Processing fee 2.5% or minimum Rs. 1000 or maximum Rs. 25,000 2.5% or minimum Rs. 1000
Pre-payment charges 2% – 4% of the prepaid amount Based on specific customer profile
Foreclosure charges 2% – 4% of the outstanding principal Based on specific customer profile