What Are The Pros And Cons Of a HDFC Personal Loan?

Wanting a personal loan to meet your requirements but confused? Personal loans can be used to meet a wide range of critical needs! They can be used to plan a dream vacation, home renovation, or wedding for you and your family. You no longer have to put off things on your bucket list. HDFC personal loan are up to Rs. 40,00,000 with minimal documentation and quick approval. Existing HDFC Bank customers will also receive pre-approved offers in less than 10 seconds, allowing for quick loan approval. You may also transfer your current high-interest Personal Loan to HDFC Bank. Here are some of the pros and cons of HDFC personal loans. 

Advantages of an HDFC Personal Loan 

  • The procedure is straightforward. You can apply for a Personal Loan from HDFC Bank online, at an HDFC ATM, via the HDFC Loan App, or in person at the bank. 
  • The least amount of documentation is required for this procedure. 
  • Existing HDFC Bank customers can get a pre-approved loan in as less as 10 seconds, and non-HDFC Bank customers can get one in 4 hours. 
  • A Personal Loan does not necessitate any form of security or collateral. 
  • You can choose your repayment period based on your repayment capacity. 
  • HDFC Bank provides highly competitive interest rates, low processing fees, and straightforward EMIs that are easy to calculate using the HDFC Personal Loan EMI calculator.

Disadvantages of a HDFC Personal Loans

  • As personal loans come with very high interest charges, their timely repayment is very crucial. If you will not pay your EMIs on time, you have to pay heavy fines and other charges. Default payments also reduce your credit score. Therefore, it is necessary to take a personal loan with all the planning. You need to take a personal loan only for the amount you actually require and also calculate your EMIs on a prior basis to avoid default payments. 
  • Personal loans come along with many penalties and charges. There are high processing fees of personal loans as they are unsecured and easy to avail. Most of the lenders also charge heavy prepayment charges and foreclosure fees if you pay the loan before the completion of the loan tenure.
  • Personal loans demand higher payments rather than credit cards. Also, they require the whole amount to be paid on time unlike credit cards. 

HDFC Personal loan Rates of Interest 

  • The interest rates on HDFC Personal Loans range from 10.5 percent to 21%. 
  • Loan processing fees are 2.50 percent of the loan amount, with a maximum of 25000 INR. 
  • Prepayment penalties range from 2% to 4% of the outstanding loan amount.

The Bottom Line 

Overall, HDFC personal loans are a good deal to track. What you need is a considerable CIBIL score, the minimum eligibility criteria and a set of required documentation. The higher your CIBIL score, the best HDFC personal loan interest rate will be offered to you. The loan processing time for non-HDFC customers is approximately 4 hours after all documents are verified. However, the loan processing time for HDFC customers is as little as 4 seconds because they are provided with pre-approved offers. Furthermore, the interest rates on HDFC personal loans are flexible and reasonable, with a flexible repayment term.

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Suza Anjleena

Lifestyleslabs provides an innovative platform for technology-related solutions, entrepreneurship ideas, webinars, and experts' views on health, fashion, sports, and technology trends.

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