A loan is generally needed for living a better life and meeting immediate requirements such as education, health, home purchases etc. Hence, if you are considering an HDFC Bank personal loan here’s a comprehensive guide:
What is an HDFC bank Xpress personal loan?
This is an unsecured loan. That is why you are not required to pledge any assets as collateral. Further, approval and clearance for this loan is based on your creditworthiness and income. HDFC Bank offers Xpress personal loans. This segment provides for loans up to ₹40 lakhs with flexible repayment options.
Benefits of an HDFC bank Xpress personal loan
- No Collateral: Provides for financing without pledging any assets.
- Quick access: Funds are seamlessly given, pre-approved loans are released in 10 seconds.
- Flexible usage: The loan can be used for various purposes like education, medical etc.
- Budget friendly EMIs: Benefit from fixed, clearly defined monthly installments.
- Online convenience: This is a complete digital process.
Interest rates associated with the HDFC Bank Xpress personal loan
Interest rates under the HDFC Bank Xpress personal loan segment range from 10.85% to 24.00% (fixed rate). Processing fees can be up to ₹6,500 + GST. Further, stamp duty is charged as per applicable state laws. For complete details on an individual basis consider reaching out to the customer service team of the bank.
Eligibility criteria for an HDFC Bank Xpress personal Loan
- Age: 21 to 60 years
- Employment: Employees of private limited companies or public sector undertakings.
- Work Experience: Minimum 2 years total, with at least 1 year in the current organization.
- Income: Minimum monthly net income of ₹25,000
- Credit score: Generally, a score above 720 is preferred, higher the better.
Documents required to apply for HDFC Bank Xpress personal loan
- Identity and address proof.
- Bank statement (last 3 months) or passbook (last 6 months).
- Salary slips (last two) or salary certificate with Form 16
Note: Please reach out to the concerned customer support team for more details.
How can you apply for an HDFC Bank Xpress personal Loan?
- Visit the HDFC Bank Xpress Personal Loan portal.
2. Select your occupation.
3. Verify yourself using your mobile number and DOB/PAN.
4. Provide personal details.
7. Complete Aadhaar-based KYC.
What if you miss a personal loan EMI?
Missing an EMI on HDFC Bank Xpress Personal loan leads to payment return charges, delayed installment fees, and a potential negative impact on your credit score. That is why it is important to manage EMI repayment effectively.
Therefore, this information should help you make an informed decision. Remember to review all terms and conditions carefully before applying. Further, raising a loan comes with its own set of risks that is why due care and diligence is always necessary before applying.
(Note: Raising a loan comes with its own risks. So, due caution is advised)
