HDFC Personal Loans have been designed by HDFC Bank to suit personal requirements of individuals like marriage,holiday, education,purchase of any expensive commodity or any such anticipated or unanticipated monetary involvement.
HDFC Bank,India, announced the arrival of the new generation, technology driven commercial banks in India. HDFC Bank in India was set up in August 1994 with the approval of Reserve Bank of India. The bank was promoted by Housing Development Finance Corporation Limited, a premier housing finance company of India (set up in 1977).
HDFC Personal Loans provide the following benefits:
- Loans up to Rupees one million for any purpose.
- Flexible Repayment Options ranging from 12 to 48 months.
- Repayment through Easy Monthly Installments (EMIs).
- Low Rate of Interest
- Hassle free loans - No guarantor/security/collateral required
- Speedy loan approval
- Service at the customer's doorstep
Further, there are additional privileges for HDFC Bank account holders like:
- Special rates of interest.
- For existing Auto Loan customers with a clear repayment of 12 months or more from even
any of the approved financiers of HDFC Bank, a hassle free personal loan without income documentation can be obtained.
- For existing HDFC Bank Personal Loan customer with a clear repayment of 12 months
or more, personal loan can be enhanced.
HDFC Personal Loans can be availed by the following groups of professionals:
- Salaried Individuals
- Self Employed Individuals
- Self Employed Individuals in private companies and partnership firms in manufacturing,trading or services
Each of the above groups of professionals encounter a specific set of criteria for sanction of loan. They are also required to present a specific set of document.
The fees and interest charges are liable to variation from one individual to another according to parameters like:
- Financial Status of the personal seeking loan
- His/her years of service left (in case of salaried individuals)
- Position of business (in case of self employed individuals)
- Valuation of Collateral Security provided by the loan seeker
However, all the conditions mentioned above are subjected to the sole discretion of the concerned authorities of HDFC Bank and are liable to vary from one person to another.
HDFC Personal Loans have risen in popularity over the years due to the less stringent criteria for approval.
