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A personal loan does not require any collateral or security and can be obtained with minimal documentation. Just like most loans, however, they must be repaid in monthly installments.
You can use it to fund any expense including education, a wedding, a trip, home renovation, medical expenses, and even to buy a gadget. You can even use the money to help out with the day-to-day expenses in case of a cash flow crunch.
HDFC Bank offers a Personal Loan to pre-approved customers in just 10 seconds. For others, it usually takes about 4 hours. As an already existing customer, you can apply via NetBanking on the HDFC Bank website, through an ATM or Loan Assist App. Otherwise; you can drop by the nearest branch to get the process started.
You can get a re-payment tenure that suits your needs. And then you have to make the payments in equated monthly installments or EMI. This installment amount is calculated using the loan amount, the payment tenure, and the interest rate.
There are several ways in which a Personal Loan can be used:
1. Get a personal loan in a quick time
2. Apply online for a Personal Loan
3. Personal Loan Security
4. Personal Loan for your every need
5. Get 24X7 assistance anywhere
Applying for a Personal Loan is quick and easy. And it takes just 5 steps:
After all this, you just have to wait for the loan funds to be remitted to your account. HDFC Bank usually disburses loans within 10 seconds if you are a pre-approved customer, while non-HDFC Bank customers can get the loan in 4 hours.
There are several factors that go into choosing which Personal Loan works for you. Time, urgency, and capacity to repay are important factors you need to consider.
If you are not sure about a Personal Loan, then HDFC Bank offers several other options that you can use to generate funds for your needs. The Bank offers loans against the following:
A Personal Loan has flexible repayment terms and usually no security or collateral is required.
Here is a five-step guide on how to get a Personal Loan. From documents required to how to apply for a Personal Loan, we have all the angles covered:
Step 1: Determine your requirement
Figure out why you need a Personal Loan and how much you need. For example, you may need a loan to fund your wedding or to renovate your home. And you may need just Rs. 1 lac or Rs. 10 lac.
Step 2: Check loan eligibility
Once you know how much you need, you should check whether you are eligible. You can visit the HDFC Bank Personal Loan Eligibility Calculator online, to find out how much you can borrow as Personal Loan. HDFC Bank offers loans up to Rs. 40 lac.
Step 3: Calculate monthly instalments
Use an online EMI tool to calculate your approximate loan repayments every month. You can modify the interest rate and tenure to match your monthly income, like on HDFC Bank Personal Loan EMI calculator. HDFC Bank offers pocket friendly EMIs on all its Personal Loan starting at Rs. 2149 per lac * (T&C).
Step 4: Approach the bank
You can apply for a Personal Loan with HDFC Bank in a variety of ways: Via NetBanking, online on the HDFC Bank website, at an ATM or by visiting a branch.
Step 5: Submit documents
Next find out what documents are required for a Personal Loan. Usually, you will need income proof (bank statements, salary slips or IT returns), address proof and ID proof. Hand over copies of your Personal Loan documents at the bank.
Wait for funds to be remitted to your account. HDFC Bank disburses funds for pre-approved loans to customers in 10 seconds*, and for non-HDFC Bank customers in 4 hours*.
FundsTiger can arrange loans from almost all the banks. You can apply for an attractive offer with the best possible rate of interest and terms for Personal Loan, Business Loan, Home Loan, and Car Refinance Loan.