Why Is HDB Financial Services Personal Loan a Customer’s Favourite?

personal loan

HDB Financial Services is one of the leading non-banking finance companies (NBFCs) busy providing a bundle of joy to people through its customized products and services. Among its offerings, a personal loan is a customer’s favourite owing to the ease at which it gets disbursed into the account.

With doorstep service, speedy processing and hassle-free documentation, HDB Financial Services Personal Loan is truly playing its role as a dream enabler to perfection.

HDB Personal Loan Interest Rate

Based on the loan amount, tenure, and the credit history of an individual, HDB sets the interest rate on a personal loan. The interest rate here can thus be customized to suit the very needs of the customers.

So if you feel for your pocket, do negotiate with the lender to ease the rates, which would not only reduce the amount of monthly installment but also curtail the amount of interest that you would otherwise end up paying over the loan tenure.

he biggest point on which you can negotiate better is a high CIBIL Score that comes with a disciplined repayment of loan EMIs or credit card dues.

What About Processing Fee & Other Charges?

Yes, the finance company does charge processing fee and a few others on its personal loan offers. The processing fee can be 3% of the loan amount. On the other hand, when you prepay the loan, a charge at 2%-4% of the outstanding principal amount will be deducted. However, prepayment is not allowed within 6 months from the loan disbursement date.

Who Are Eligible to Apply for HDB Personal Loan?

Salaried individuals, self-employed individuals, self-employed professionals, self-employed (partnership firms and private companies) can apply and receive a customized HDB Financial personal loan. But the key here is to meet the eligibility criteria set by the lender to get a loan. The criteria can differ according to the classification of the customers as shown in the first line of the this paragraph.

Eligibility Criteria for Salaried

The salaried section includes doctors, chartered accountants, government sector employees including public sector undertakings, as well as employees of select public and private limited companies. Check out below the eligibility criteria they need to meet to gain an approval for a personal loan.

  • The minimum age required to apply for a loan is 21 years
  • Salaried must not be above 60 years at the time of loan maturity. However, for government employees, it’s been 65 years.
  • Must have worked for a minimum of 1 year with a credit of salary for at least a month in the existing organization
  • The minimum net monthly income required is 20,000 and 15,000 for people residing in metro and non-metro locations, respectively

Eligibility Criteria for Self-employed (Individuals)

These individuals include proprietors, as well as the directors and partners of manufacturing, trading and services business. The eligibility criteria are shown below.

  • The applicant’s minimum age should be 22 years
  • They must not be above 65 years at the time of loan maturity
  • You should have been in the business for a minimum of 4 years with at least 2 years in the same business
  • The minimum annual income should be ₹1,00,000 and ₹75,000 for metro and non-metro locations, respectively

Eligibility Criteria for Self-employed (Professionals)

Self-employed professionals consist of self-employed doctors, architects, chartered accountants and company secretaries. These professionals must meet the following eligibility criteria to get the approval for a personal loan.

  • The minimum age at the time of application should be 22 years
  • The maximum age permitted at loan maturity is 65 years
  • A minimum of 4 years with at least 2 years in the same line of business is required
  • While a professional residing in metro locations must have an annual income of at least ₹1,00,000, those staying in non-metro locations would need to earn a minimum of ₹75,000.

Eligibility Criteria for Self-employed (Private Companies and Partnership Firms)

  • The minimum age at the time of submitting an application should be at least 22 years
  • The age, however, should not be more than 65 years at the end of the proposed loan tenure
  • A minimum of 4 years with at least 2 years in the same line of business is required
  • The business must be in profit zone for the past 2 years
  • The minimum annual income required for metro and non-metro locations is ₹1,00,000 and ₹75,000, respectively.

Vikas Das is one of those expert writers in finance who has enlightened the readers about various banking and investment products like personal loan, home loan, car loan, mutual fund, fixed deposit and others.

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