Personal loans are the best alternative to cater unforeseen expenses of men. In the personal loan criteria nothing is defined regarding its usage. All other loans are to be used for the purposes mentioned against them. Moreover the customers have to convince the bank authorities on the utilization of the loan purchased. This is the reason why people prefer to avail personal loans when compared other types of loans. Thus, the HDFC personal loans can be used for paying medical bills, educational expenses, home renovation and various such other purposes. These loans are popular for their quick processing and timely delivery.[large]
Availability of HDFC personal loan
The age limit for availing HDFC personal loans is 21 to 60 years. For the easy processing of the loan application they must furnish the necessary documents along with the application. The minimum monthly income prescribed for the availability of HDFC personal loans is Rs.10, 000. In the case of self employed persons, the minimum age limit required to qualify for the same is 25 years. They are eligible to apply for these loans up to 65 years of age. They must have completed a minimum of 4 to 7 years in their respective venture to consider them for HDFC personal loans. For such applicants, the minimum net profit to be achieved for purchasing these loans is Rs.100000 in a year.
Features of HDFC personal loans
HDFC personal loans are specially designed to accommodate all the personal needs of customers. Their general features are as follows.
- Loan amount – Customers are eligible to get up to Rs.15, 00000 as personal loan.
- Loan repayment – The repayment tenure of HDFC personal loans varies between 12 to 60 months depending upon the amount taken.
- Rate of interest – The interest rates of HDFC personal loans are very much competitive as per the industry standards.
- Easy loans – These personal loans are absolutely hassle less in nature. Their quick processing is very much customer friendly.
- Collateral free loans – For the availability of HDFC personal loans, the borrowers need not pledge any asset as collateral. Neither security nor guarantor is also required for this.
- Additional benefits – The terms and conditions of these personal loans are further liberalized for HDFC bank account holders.
- Income source documents – Even though the income source documents are essential for personal loans, the existing HDFC loan holders with faultless repayments are exempted from this.
For meeting emergency financial requirements HDFC personal loans are the ideal option. These are easy loans with liberal terms and conditions. The customers having HDFC bank account can enjoy further concessions in the personal loan purchase. It is desirable for loan borrowers to repay the installments properly. Such customers can apply for fresh personal loan before completing the repayments of the existing one. Certain HDFC personal loans also offer accident coverage to loan holders. This is an additional feature which has made them popular throughout.