When there is a matter of personal loan, you don’t want to compromise it on a lender’s selection. While picking up a lender, its advisable to check its reputation and terms & conditions in detail. In this context, we can say HDFC is a persistent preference among people.
The HDFC (Housing Development Finance Corporation) group was established in August 1994. Currently, the HDFC Bank having 4,805 branches and 12,260 ATMs in total of 2,657 cities and towns in India. The bank’s headquarters is in Mumbai, Maharashtra and also have a presence in Bahrain, Dubai & Hong Kong. In 2016, the HDFC bank got the award by NABARD for best performing branch in the microfinance among all the private sector banks in India.
What is HDFC Bank Personal Loan?
HDFC Personal Loan is available to meet your necessity and fund requirements. The interest rate starts 11.25% onwards and the lowest EMI on every 1 lakh is around Rs 2187.
What is the Eligibility for HDFC Bank Personal Loan?
- You should be a salaried person in a reputed company
- You are a self-employed person
- Your age is in between 21 years to 65 years
- If you are working for the last 2 years and continued with the current organization for at least a year
- If you are living in a metropolitan city, then your monthly salary must the minimum of Rs. 20,000
- If you have borrowed the loan previously too then your CIBIL Score must be at least 700 points.
Top 5 Benefits of Applying for HDFC Bank Personal Loan online
Since, it’s easy to apply for HDFC Personal Loan online, you will also know the golden side of applying for the personal loan here:
Quick Loan Approval Process
As per the official announcement of HDFC Bank, you will get your personal loan amount within 10 minutes if you are an existing HDFC customer, else it may take up to 4 hours to credit the amount in your account
Loan Repayment
As the HDFC have quick and hassle – free loan approval process, it’s easier to pay your EMIs without any trouble too. You can directly link your account to pay the fixed EMI for your chosen tenure at the time of applying loan.
Low Interest rate
As compared to credit cards and other loan option, the HDFC personal loan has the lowest interest rate in market comparatively to the other banks like- icici bank personal loan, sbi personal loan.
Easy Documentation & Verification Process
If you are an existing customer of HDFC bank and have completed your KYC (Know Your Customer), you might not need to submit your documents again. In other cases, if you are going to become one of the new customers of HDFC bank, you might require the nominal documents to complete the loan approval process such as – ID Card, Residential Proof, Income Proof and all.
Nothing to mortgage
You will be shocked to know that you don’t need to mortgage your home for taking HDFC personal loan.
How to apply for an HDFC Bank Personal Loan Online?
In case, if you apply through the Afinoz website, you will win an assured cashback upto Rs 5000.
To apply for the HDFC Personal Loan, please follow the steps given below: –
- Go to the HDFC Personal Loan official page by clicking here
- Fill the asked details correctly, such as Name, contact & personal details
- Check the terms given in the below fold of the personal loan application
- Fill the CAPTCHA code properly to prove that you are a human
- Now click on submit button
That’s it! Your work is completed. Now the HDFC Loan department will contact you and complete the further process to approve your loan.
How to use HDFC EMI Calculator?
The abbreviations of EMI are Equated Monthly Installment. EMI is a fixed amount paid by the borrower to the lender each month to clear the dues amount till it completed. It includes both the principal amount and the interest amount.
HDFC EMI Calculator works on the below formula:-
EMI = P.r.{(1+r)n / ((1+r)n – 1)}
Whereas,
P = Principal loan amount
r = Rate of interest per month (i.e. r = Rate of Annual Interest/ 12 x 100)
n = Duration of loan in months
Let’s understand this formula with an example to easily calculate your HDFC Bank Personal Loan EMI
You are borrowing Rs. 5,00,000 as a personal loan at the interest of 12% for 5 years or 60 months.
Then your monthly EMI would be:
Given,
Rate of Interest (r) = 12% = 12/ 12*100 = 0.01
Principal Loan Amount (P) = Rs. 5,00,000
Duration of Personal Loan (n) = 60 months
EMI = P.r. {(1+r)n / ((1+r)n – 1)}
EMI = 500000 × 0.01 {(1+0.01)60 / ((1+0.01)60 – 1)}
EMI = 5000 {(1.01)60 / ((1.01)60 -1)}
EMI = 5000 (1.8166 / 0.8166)
EMI = 5000 * 2.224
EMI = 11,123.54
In the above example, we have shown to calculate the EMI for the HDFC personal loan of Rs 5 lakhs for the tenure of 60 months. In this case, at the interest rate of 12%, we will have to pay Rs. 11,123.54 each month till the loan get cleared. Likewise, you can also use this HDFC EMI Calculator to calculate the EMI as per your expected loan data. And this EMI formula is not limited with HDFC Bank, but also applied on calculating EMI for personal loan of any banks. In a word, this is a universal EMI Calculation formula.
To skip this lengthy calculation, you can easily navigate to the ready to use HDFC EMI calculator product. Here, you need to provide the loan amount, tenure of the loan, and the rate of interest only. That’s all and you will get the expected EMI in the jumps.
However, still if you are facing any issue, you can ask us in the comment section below or can contact to the HDFC Personal Loan Approval Department on their 24×7 toll free number. They will guide you properly towards approving your personal loan amount. You can find the customer care number on their official site or even you can visit your nearest HDFC Branch to clear your queries.
