Things‌ ‌you‌ ‌should‌ ‌know‌ ‌about‌ ‌HDFC‌ ‌Personal‌ ‌Loan‌ ‌Interest‌ ‌Rate‌

As we all are adopting to the new normal and things are  beginning  to settle, in these times of COVID 19, HDFC Bank is one of the leading banks who  has resumed its operations and has started lending personal loan. So, if you require financial support to meet a daily basis or specific cash requirements then HDFC personal loan is here for you. HDFC Bank is famous for its low rate of interest and reaches the customer. The lucrative HDFC personal loan interest rate allows you to save much more, and also makes your loan processing a hassle-free experience. To know more about HDFC personal loan interest rate keep on reading.

Factors influencing HDFC personal Loan interest

The rate of interest offered on HDFC personal loan starts at 10.75%. So, it’s a great opportunity to avail of a personal loan from HDFC at such a low rate of interest. However, there are a few factors that may influence the offered HDFC personal loan interest rate:

• Credit score: One of the foremost factors is a credit score. As you  might  know that credit shows you past credit behavior.  Thus , it is the most important factor taken into account while loan processing. A credit score of 750 or above is considered healthy by the lender and if you have a bad credit score, then your application may get rejected.

• Your level of income: Generally, the higher income attracts a low rate of interest.  therefore an applicant with a higher income is  considered as a reliable candidate by the lenders.

• Credit repayment history: If you have a good repayment history, it will work well for you in terms of getting loan approval at a low-interest rate. The credit repayment history shows how disciplined you have been with your repayments. 

• Past defaults: Before offering a loan lender’s also look, if an applicant has any defaults in the credit profile and if he/she has then  they  may get a high rate of interest on HDFC personal Loan.

• Relationship with the bank: If you have an existing good relationship with the lender then you may get some added benefits like a low rate of interest on a personal loan.

Why you should avail HDFC personal Loan?

There are various reasons why you should acquire HDFC personal loan such as it can be used for all types of financial needs, be it a personal one or a professional. The following are some other reasons:

• Minimum Documentation: the HDFC personal loan processing has been designed by keeping in mind the convenience of the customers which enables the smaller number of documents requirements.

• Pocket-friendly Interest-rate: the HDFC personal loan interest rate starts at 10.75% per annum. It is one of the lowest interest rates offered by lenders in the market. 

• Free Insurance Cover: HDFC personal loan comes up with an add-on benefit of a personal accident cover of up to Rs. 8 lakhs along with a critical illness cover of Rs. 1 lakh without any extra charges.

• Online loan Processing: A borrower can access the various services like online loan application, loan disbursement, tracking the loan status, and others with home comfort.

Eligibility Criteria for HDFC Personal Loan

Salaried Employees

• The applicant age should be a minimum of 21 years and a maximum of 58 years.

• An applicant should have a regular income.

Self Employed Individuals

• The business should be in regular working for at least 3 years.

• Applicant age should not be less than 28 years and should not be more than 68 years, at the time of loan maturity.

• The company should be profitable after tax for at least 2 years.

The common documents required for HDFC Bank Personal Loan

• Age proof

• ID proof

• Application form

• Photograph

• Residence proof

• Income proof

• Bank statement

• Signature verification proof

• Pro-forma Invoice or Rate List

Lastly, you can also calculate your loan interest on online available easy to use interest rate calculator before applying for a loan. This can help you to get the best personal loan deal.

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Digital12345 Joined: January 19th, 2020