Fulfill all your wishes with HDFC Personal Loan

Do you wish to visit Dubai and enjoy a memorable vacation? If you have any of these wishes but have to neglect them due to the shortage of required funds, then I have a news which can bring the glow back to your face. HDFC personal loan has been specially designed to meet all your personal needs. HDFC bank, one of the well known private sector banks is always ready to give wings to the dreams of its customers. You can secure finance from the bank for your personal requirements up to Rs. 15 lakhs for a tenure of five years. Check out all the important information about the product offered by HDFC here-

Eligibility criteria:

In order to successfully avail a loan from the bank, the applicant has to meet the eligibility norms. It will be based on the loan requirement of the applicant, the income he earns each month and the profession he is part of.

The applicant needs to be a salaried individual who falls under the category of employee of public sector undertakings , Chartered Accountant, an employee of private limited companies or Doctor.

The applicant should be between the age group of 21 to 60 years. This clearly means he/she has to attain a minimum age of 21 so as to secure a loan from the bank.
Work experience of at least two years is mandatory
He/she should be employed with the present company for a minimum of one year
The minimum net income should be at least Rs. 12,000.
For people living in cities like Mumbai, Delhi, Bengaluru, Cochin, Pune, Kolkata, Hyderabad, Chennai and Ahmedabad the net monthly income needs to be at least Rs. 15,000.

Documents required for a HDFC Personal loan:

After meeting the eligibility norms, the applicant has to ensure that he completes the documentation work imposed by HDFC bank. Check the documents required here-

Identity Proof- photocopies of Voter ID Card/Driving License/Passport
Residence Proof- photocopies of Telephone Bill/Ration Card/Passport/Rental Agreement/Electricity Bill
Income Proof- Latest salary slip along with a salary certificate which is current dated with latest Form 16
Bank Statement of the previous three months or passbook statement of six months is needed

Interest rate:
The bank offers a personal loan to salaried employees at an interest rate between 15.75-20% for a period ranging up to 60 months i.e. 5 years. You are given flexible repayment options depending upon your profile. The interest for your loan is calculated on a monthly reducing balance method.

Processing fees:
The bank charges a processing fee up to 2.5% of the loan amount you secure from it. It can be a minimum of Rs. 1,000 and the maximum amount can go up to Rs. 25,000 for any salaried individual.

In case you want to pre-pay your loan, I have to tell that prepayment of loan is not allowed before you complete 12 EMIs. Suppose you want to prepay the amount between 13 to 24 months, then the charge imposed on is going to be 4% of the principal amount which is outstanding. In case, you feel like prepaying between 25 to 36 months, the prepayment charge is 3 percent of the principal amount outstanding. The charge for any kind of prepayment above 36 months is two percent of the principal which is outstanding.

HDFC Personal Loan EMI Calculator:
One of the most important things you have to keep in mind, while taking a loan, is the amount of monthly EMIs you will have to pay. Availing the loan, without thinking twice about the installments can prove to be detrimental for you. You will end up disturbing your budget if you don’t pay heed to it. Calculating the EMI can turn out to be very confusing and complex. But you need not worry when HDFC Personal loan EMI calculator has been developed to give you instant details about your EMI. You have to do nothing but just enter your desired loan amount, interest rate plus the tenure. This will provide you with information relating to your monthly EMI, total interest you will have to pay and the total amount you will submit to the bank. Let’s take the help of an example to throw more emphasis on the same-

Suppose Sushmita Gupta, a teacher wants to secure a personal loan for her daughter’s marriage. She approaches HDFC and avails a loan of Rs. 3 Lakhs at an interest rate of 15.80% for a tenure of five years. This is where the tool is going to exhibit its magic. Within seconds, the monthly EMI has been calculated. Sushmita will have to deposit an installment of Rs. 7,264 and the total interest payable is going to be Rs. 135,814. This means she will have to pay a total amount of Rs. 4,35,814 to the bank for taking a loan of Rs. 3 Lakhs within five years.

Why wait and neglect your dreams? Go and avail best interest rates from HDFC and fulfill all your dreams.