Get An HDFC Personal Loan For Your Next Trip

Travel can be expensive and not everyone has a lump sum of money to go on a trip. In that case, HDFC Personal Loan helps them afford a vacation in equated monthly installments. You can apply for this online without going to any of the bank branches. So, open your laptop and visit the HDFC official website to apply for this loan. Get HDFC Personal Loan easily, so you afford the vacation under your income. Know more about this loan product of HDFC Bank on the page below.

Wide Range of Loan Amount to Meet Your Vacation Expenses

Summer vacations are relaxing, but it is expensive as well. There are flight bookings, hotels, restaurants, purchases, etc. You can borrow up to INR 40 Lakh from HDFC Bank, and such an amount is available to you if you’re capable of affording its EMI. Because the EMI and income ratio will determine your loan limit.

A minimum income to be eligible for an HDFC Personal Loan is INR 25,000 per month for a salaried applicant. And as you apply for a higher amount, ensure your income is enough to cover the EMI of such a loan.

HDFC Personal Loan Interest Rate Affordable in Your Budget

HDFC loan interest rate begins from 10.25% per annum, it is one of the lowest rates for personal loans. So, if you are considering some other lender, do consider this factor to make the right decision. Because a good personal loan is the one where the interest rate is less.

How do I get the HDFC Personal Loan Interest Rate? Your loan rate will be based on your repayment capacity which is computed through the following –

Income of the Applicant

Your income plays an important role in knowing your repayment capabilities. Because the money you save from your salary each month will come into use to pay off the loan amount. So, if your income can afford an EMI payment of the amount you need, the HDFC Bank will lend you the same at an attractive rate. Whereas, if the adjustment of EMI payment isn’t good enough in your income, there is a chance of non-payment, so to protect itself, the bank will charge a higher rate of interest.

Credit Score

A three-digit number can help HDFC Bank decide on your loan interest rate. How? It is the credit score that will show how you have managed the loan and credit card payments in the past. A score of 300 is the lowest and shows you haven’t paid your loan EMIs timely and there has been a penalty and other charges on your previous loan. Well, you need to up the score to 700 or above to have a low HDFC Personal Loan Interest Rate. You can do so by settling your debt with your existing lender. By doing so, you will see the score will improve gradually. Once the payment is complete, the score will be corrected as well.

So, do check your credit score before applying for a personal loan with HDFC Bank. Because if you applied with a poor score, the interest rate will be high and you can’t enjoy the summer vacations as you have expected.

Payment Option for HDFC Personal Loan

You can pay your loan EMIs via cheque or Electronic Clearing System (ECS) service of the bank. In ECS, your EMI will be automatically debited from your linked account. So you don’t need to keep a tab on the due date of the EMI. Just make sure your account balance is maintained during the tenure. Because in case of the EMI bounce, you need to pay a penalty fee over the due amount. Penalty interest is 2%, and this will be over and above the best HDFC Personal Loan Interest Rate applicable on the loan balance.

So, apply for a personal loan and pack your bags to go on a vacation.