HDFC Bank lends you personal loans up to INR 40 Lakh and you can get this if you have a regular income and are aged 21 years and more. So if you meet these criteria of HDFC Bank, you could borrow a lump sum amount at an attractive rate of 10.25% per annum only. So if you are in financial trouble like debt payment, medical bills, college admission, etc. then apply for HDFC Personal Loan. For more information on this product of HDFC Bank continue reading the page below.
What is the Amount You Will Get from the HDFC Bank?
The bank can provide you with a maximum of INR 40 Lakh loan. With such an amount you can easily meet your financial needs. But to get this much personal loan from the HDFC Bank you need to have an income that can afford the EMIs. As you know the repayment of the personal loan is done in equated monthly installments. This reduces the burden on the borrower. So ensure the EMI and NMI ratio is maintained. Otherwise, your loan request might get rejected or the interest would be high. In both these scenarios, you will face difficulty.
So what you can do to get the desired loan amount is applied for it jointly. By doing so you reduce the risk of non-payment. In the case of two borrowers, there is a security that the other will pay off the remaining amount if the primary isn’t able to do the same due to job loss or any other valid reason.
But you should know that in case of non-payment both the borrowers will face consequences. So not only your credit record will be affected negatively but your co-borrower as well. This is why co-borrow a loan with a person on whom you can rely with the repayment.
What Will be the HDFC Personal Loan Interest Rate for My Loan?
Many factors help the lender decide on the applicable rate of interest. Some of them are as follows –
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The capacity of your repayment gives an idea about how your repayment is going to be. So based on that the bank charges the interest rate. The rate will be high if you barely meet the criteria and get the loan approved. This is because the bank is at the risk and to compensate for that they increase the interest. Whereas, a highly eligible applicant has negotiation power. With this, you can reduce the rate and come to a middle road regarding the rate of interest. The bank agrees to do this as they have checked your record and haven’t found any non-payment or late payments. Such an applicant is valuable to the lender and will agree to his/her conditions sometime.
If you have any credit card bills or EMI going, it helps the bank know whether you can manage a new loan payment amid this. In case the borrower’s income is sufficient to afford a new EMI, the bank will check other factors such as credit record and the remaining tenure of your existing loan. Because if the tenure is not much left and the existing loan is about to complete, a lower interest rate can be provided to you.
A good score is appreciated and can help you in the loan application process. So if you are going to get an HDFC Personal Loan, do check your score online beforehand. By doing so you will have an idea of your credit status and know when to use it to get the desired rate. With a lower HDFC Personal Loan Interest Rate, you get the benefit of easy payment and can easily meet your financial requirements without the worry of later payment.