Talking about modern-day banking majors such as HDFC Bank, none of the above fears are justified. HDFC offers a pre-approved Personal Loan for their customers in which they disburse instantly, in under 10 seconds according to them.
Not only their customers, but customers from other banks who wish to borrow a personal loan from HDFC could get it as soon as 4 hours. This makes HDFC Personal Loan perhaps the fastest and the most trustworthy lender, during unexpected expenditures and emergencies.
Not only that, EMIs could be as low Rs 2187, which is much pocket-friendly. An EMI this low helps you stay stress-free as you go through the repayment process, without ever having to regret taking a loan.
You can check your eligibility for the loan online in under a minute using an eligibility calculator. After the eligibility is established, a pre-approved HDFC customer gets a loan in 10 seconds, and customers from other banks get the same in 4 hours. Within a day of document verification, the amount is credited into your account.
There are also insurance policies that you could benefit from like the personal accident cover, which comes with a nominal premium. This could be up to 8 lakhs for accident cover or up to 1 lakh for critical illness. Applicable charges are deducted from the loan amount. HDFC also gives you a personalized package for your needs tailored for your requirements, which means that you could assess your needs and make sure you have the right package substituting any mismanaged money.
Not just this, HDFC also offers its services to the borrowers anywhere, anytime. So, if you have any questions about the loan, you could contact someone from the team, and you would be helped until you are satisfied.
The eligibility requirement for the Personal Loan is minimal and serves as a catalyst. The borrower could be an employee of the private sector or the public sector (central, state, or local). He/ She could be from 21 to 60 years of age who is employed for at least 2 years, and serving for 1year in the current job. He/ She should have at least Rs 15000 as their net income (or Rs 20000 if they are in a metro city). The documents required to Apply for a Personal Loan are the regular documents needed. An identity proof, an address proof, bank statement of last 3 months and the latest salary slip. However, a customer of HDFC who has already registered KYC with the bank need not submit any documents; he can avail the loan without them. The sooner the documents are submitted, the sooner is the disbursement made.
The low salary requirement makes it easier for those who are starting in their careers to make stronger financial decisions for themselves. It empowers them by allowing them to stand for themselves and realise their dreams.
The rack Personal Loan Interest Rate is 15.5% to 21.5% p.a, and a loan processing charge can go up to 2.5%. A minimum processing charge of Rs 1999 and maximum of Rs 25000 for the salaried borrowers is levied.
HDFC Pre-Approved Personal Loan is easily one of the best available personal loans in India with all these benefits and hassle-free procedures. It makes it even more drool-worthy for the fact that it has been doing business for so long. The bank knows how to attract customers.
Things to know before applying:
When it comes down to finalizing a personal loan, always look at the benefits both during and after the disbursal of the loan.
It so happens that sometimes when the procedure is hassle-free, the interest rates are sky high and sometimes, it’s the other way round. Manyatimes, interest rates are attractive, but there are hidden charges which you come across only while applying for the loan. A good loan provider is transparent in its transactions. With HDFC Bank, there are no hidden expenses, whatsoever.
Make sure you choose the right loan for your needs. The people at the bank would be more than happy to clear all your doubts; queries are looked into and clarified before you apply for the loan. Research helps when you are planning to take a loan, and so does asking questions. Feel free to ask questions.
Remember it’s huge money that you are borrowing, it’s important that you get into the nitty-gritty before making the final call because it’s always easy to make a hasty decision and always hard to make a wise one. Don’t be impulsive.
Take your time and make sure you have tailored your loan package as per your need.