Financial Crises can occur anytime and a personal loan can be an aid for this crisis. Therefore, you must get a personal loan if you are going through a financial crisis due to any reason. There are many banks that lend personal loans but you must take a look at the HDFC Bank Personal Loan because it offers you an attractive rate of interest. Here, you must go through the features and benefits of the HDFC Bank Personal Loan and see how it can be helpful in your hard times.
Features and Benefits of HDFC Personal Loan
Here are the privilege of the personal loan from HDFC
Resolve your Financial Crisis
Whatever your requirements, HDFC Bank can tailor a Personal Loan to meet them. Existing HDFC Bank account holders may take advantage of exclusive deals, interest rates, and levies. Customers who are taking out their first loan can also take advantage of a variety of perks.
Hassle-Free Loan Balance Transfer
Switch your current Personal Loan to HDFC Bank. Take advantage of cheaper EMIs and SAVE on interest payments. On the existing loan transfer, interest rates as low as 11.39 percent are available. There is a one-time processing cost of Rs. 1999. One of the approved channel partners to acquire you a personal loan from HDFC bank at a cheaper interest rate than the current market rate is to transfer your loan amount. Get a free service to manage your debt until it is paid off.
Check Eligibility and Get the Loan Quickly
In only 60 seconds, you may check your Personal Loan eligibility online or at select branches. The loan will be disbursed in one working day after all of your documents have been submitted.
Insurance Coverage
Personal Accident Cover: For a small fee, you may get Personal Accident and Critical Illness coverage worth up to Rs. 1 lakh. At the time of disbursement, the premiums for these plans will be deducted from the loan amount. Taxes, surcharges, and fees will be added to the total.
Things Remember Before Applying for an HDFC Personal Loan
- The loan is repaid in equal monthly installments (EMIs). The loan will be repaid with post-dated checks. You may also pay the EMI using ECS or a standing instruction to debit your HDFC Bank account. Using the EMI calculator, determine how much you must pay each month. Alternatively, whenever there is a question about the loan interest rate or duration.
- Prepayment is not authorized until all 12 EMIs have been paid. HDFC Personal Loan Interest rate will be charged in all EMIs. Prepayment penalties apply if you pay off the loan within 3-24 months – 4% of the principal outstanding, 25-36 months – 3% of the principal outstanding, and >36 months – 2% of the principal outstanding. If you default or use SWAP, you will be subject to extra costs (if any) (i.e. change the repayment mode).
- Post Dated Cheques (PDCs)/Security Cheques submitted towards loan repayment that have not been encashed will be defaced and held by the Bank if you choose to modify the manner of repayment of a Personal loan from HDFC Bank. If you want your old Post Dated Cheques (PDCs)/ Security Cheques returned, you must make a request at the Retail Loan Service Center, PhoneBanking, or email at HDFC within 45 days of applying for a change in repayment instructions.
- A Guarantor who pledges to pay your loan if you default on a loan commitment should be mentioned in your loan application and make sure the signature is correct and the guarantor’s credit score is high.
- Once you’ve completed the HDFC Bank personal loan, return all of the documents and obtain a NOC from the banker, asking him to notify CIBIL in order to maintain your credit score.