HDFC Bank! The bank known as their home loan offers and other benefits along with their home loan offers. But, the home loan offers are just a mere beginning. HDFC Bank has more to offer. With HDFC personal loan to offer to the borrowers who are unable to avail other loans, they are changing the game. HDFC instant personal loans are the swift loans provided by HDFC Bank in personal loan section to the borrowers who are in need of money on a quick basis. So, HDFC Bank instant personal loan is there to solve their issues. Let us look at how you can get an HDFC instant personal loan along with the benefits of the loan.
ELIGIBILITY OF INSTANT PERSONAL LOAN
Instant personal loans are a form of personal loan where the money is quickly processed and disbursed to the borrower. As compared to other types of loans where the eligibility benchmark is high HDFC personal loans are comparatively less. The core eligibility is same in all types of loans where the core is strict. The eligibility of the loan is as follows when it comes to HDFC bank.
The borrower must be in the age group of 21-60 years while the borrower borrows the loan. During this period of the loan, the borrower is eligible to perform the economic activity and earn for the repayment of the loan.
The borrower must have a job for at least 2 years, of which the condition is that the borrower should have employment from the current company since the past 1 year. This makes it totally clear that the candidate should have a stable job when it comes to applying for the HDFC personal loan.
The borrower should have an income ranging from at least INR 15000-25000 for the eligibility of instant personal loan.
Apart from these, the candidate must not be holding name in the defaulter list of any bank and must have a clean credit history along with a good CIBIL score anywhere which is 700+.
All, these things along with the relevant reason and the repayment source and the repayment process make a candidate eligible as a borrower for the HDFC Bank personal loan.
BENEFITS OF INSTANT PERSONAL LOAN
HDFC personal loan comes with a lot of benefits. Some of them are as follows.
LOW-INTEREST RATES
The first benefit tied with the HDFC bank personal loan is the lowest interest rate. Keeping in mind the deal to be borrower-oriented the bank dropped down the basis points of the interest rate and currently is charging 11.49% interest rate per annum on the instant personal loan. This not only makes the loan flexible but also makes it easy for the borrower to pay back the amount without a big hole in the pocket. Apart from the lowest interest rates on the HDFC bank personal loan they also have low processing fees and charges on the loan. They also try to maintain transparency by declaring all the charges upfront and no hidden charges and penalties.
QUICK PROCESSING AND DISBURSAL
The second benefit HDFC bank personal loan is tied up with is the quick processing and the disbursal of the loan to the customer in a swift manner. This is a save of time for the borrower as well as the bank. One of the peculiar features of the instant personal loan is the quick disbursal of the amount within a single working day due to the rapid processing of the loan applications by the bank.
HASSLE FREE DOCUMENTATION
The third benefit tied to the HDFC bank instant personal loan is the hassle free documentation process which makes it worth your while. This is due to the less documentation requirement in the personal loan. This makes it hassle free for the consumer as the borrower doesn’t have to rush many times to the bank.
FLEXIBILITY
One of the benefits tied to the HDFC bank personal loan is the flexibility of the loan in nature. The loan can be borrowed for any purpose such as personal loan taken for the instant medical issue or the loan taken up for some immediate purpose to be fulfilled. So, once the borrower takes up the loan he/she can fulfil the instant expense due to the flexibility of the loan in nature.
BALANCE TRANSFER
Another benefit by the HDFC bank personal loan is the service of the balance transfer. If the borrower is not satisfied with the home loan facilities and finds better online personal loan option from another bank then, the borrower can transfer the HDFC bank instant personal loan amount into the desired bank with better benefits. The balance transfer process is kept in mind keeping the consumer convenience. Thus, makes the balance transfer process for the borrower easy. For instance, if a borrower borrows an instant personal loan from HDFC bank for 10 years. If the borrower is not satisfied then, the borrower can transfer the balance of the personal loan to a better bank in his/her opinion providing better facilities by paying a flat processing fee which is pocket-friendly in nature.
UNSECURED LOANS
Lastly, HDFC Bank personal loan is an unsecured personal loan which makes it collateral free. This ensures the borrower less trouble at the time of the personal loan. He can also allocate the collateral for a different loan to raise more funds. For instance, if a borrower borrows HDFC bank personal loan then, he doesn’t have to keep any asset as collateral. Also, if he is unable to pay the loan then, the borrower can use the collateral to repay the loan back or allocate the collateral for some other use such as for another loan to raise more funds.
Well, the HDFC personal loan is the deal that can help you solve your immediate expenses in a swing of a wand. But, for those who are unable to go to the bank to avail the loan and the services Finance Buddha walks in as a loan saviour with additional benefits to offer. Go and check out on the website of Finance Buddha.