Financial crunch is an uncalled and unforeseen event that may arise anytime. The realization of a financial crisis happens when one needs to meet either some undeniable expenses like medical emergencies, weddings, education abroad, debt consolidation or to fulfill one’s luxuries in life like long-dreamt of a trip and to buy gadgets and expensive items. In such situations, a personal loan is the most sought after option to fund expenses. In today’s time, many banks/NBFCs offer a personal loan at competitive interest rates, but HDFC Bank personal loan is preferred by most of the borrowers.
The nature of the personal loan is unsecured, thus no compulsion of collateral associated with the loan. However, factors that matter for HDFC Bank to grant a personal loan are age, income, occupation, and credit score. Borrowers must be aged between 21 to 60 years of age. Further, he or she should be a salaried individual with a fixed source of income up to Rs. 20,000 for people living in metropolitans and salary up to Rs. 15,000 for residents of other cities. The applicants must have a total work experience of up to 2 years with a minimum of one year at the current organization. A minimum credit score of above 650 is also required to opt for a personal loan.
HDFC Bank offers personal loan at an interest rate of 10.75% with a variety of benefits as listed below:
Easily Accessible: HDFC Bank offers multiple platforms to its customers to apply for a personal loan; these include applying online through the Bank’s website, applying through NetBanking, through an ATM, or by visiting the nearest HDFC Bank branch. Customers can choose the medium to opt for a loan that suits them best. Thus, multiple options to apply for an HDFC personal loan, make it accessible for the customers.
Hassle-Free Application Process: HDFC Bank allows easy personal loan application. The process is hassle-free because it involves minimum documentation and limited formalities. The borrower is expected to submit only basic documents like ID proof, Income proof, and address proof. Thus, the process becomes easy and time-saving.
Quick Disbursal: HDFC personal loan provides quick loan disbursal facility. Loans are instantly disbursed, especially if you are an HDFC Bank customer. The customers are granted pre-approved loans in just 10 seconds. For other customers, the maximum time taken is 4 hours. In addition to that, loan amounts from HDFC Bank are granted in just one working day after the submission of the documents. Thus, the process is fast and allows quick funds to the customers.
Easy Repayment Options: HDFC Bank provides easy repayment options to pay off its personal loan. The Bank provides special personal loan offers for its women customers, such as lower personal loan interest rates. The process is transparent. Thus there are no hidden charges, and nominal processing fees are charged. In addition, customers are allowed to choose the tenor to repay the loan amount as per their convenience to manage their expenses. However, the minimum limit of the tenor is 12 months that ranges up to 60 months. Thus the payment terms are flexible and dynamic, which the customers choose for him instead of the Bank. The Bank also allows the balance transfer facility on HDFC Bank personal loan that allows you to lower your EMI burden.
Insured Personal Loans: Unlike other Banks, HDFC Bank can provide customers the facility to secure their loans. The Bank provides personal loan security with Sarv Suraksha Pro. This insurance on HDFC Bank Personal loan provides shield cover, which equals the outstanding loan amount, Rs. 1 lakh cover in case of accidental death, and up to Rs. 8 Lakhs cover in case of immediate hospitalization. This provides extra security to the borrower and his family members, in case of misfortunes.
Loan Assistance: HDFC Bank provides 24*7 loan assistance to HDFC Personal loan customers. Customers can reach the Bank through its technical services like SMS, Click2chat, WebChat, and Phone Banking. This solves customers’ queries related to loan processing fees, interest charges, and other issues on time. This assures the customers of Banks’ services and commitment.
Therefore, as per the above-mentioned points opting for HDFC Bank personal loan is a wise thing to do. It is the ideal way to support one’s expenses as per one’s choice. A personal loan bridges the gap between one’s aspirations and his or her financial capacity. Also, when it comes to loan borrowing, choosing a reliable and transparent lender is an important thing to look forward to. The points mentioned above make it clear that borrowing a personal loan from HDFC Bank is a thoughtful decision due to the Bank’s transparency, swiftness, and adherence to customer service. Thus, if you wish to borrow a personal loan, HDFC Bank is the right place for you to invest your trust in times of financial crisis.