How to Get an HDFC Personal Loan Interest Rate of Your Choice?

HDFC Personal Loan

HDFC Personal Loan Interest Rate commences from 10.50% per annum. And as you know a low rate of interest means less EMI for you to pay to the lender. So to get that interest, you need to take care of a few things. Read this page and know the process of getting lower HDFC Personal Loan Interest Rate.

Before Applying for an HDFC Personal Loan, Do Check the Following

Applicants should check the following before proceeding with the application form –

Eligibility Criteria 

If you’re new, you might know that there’s an eligibility criterion that you need to meet in order to borrow money from HDFC Bank. You can check this out on the official website of HDFC Bank or visit the branch office and get to know more about it.

The basic criteria are as follow –

  • Age – 21 – 60 years
  • Minimum Income – INR 25,000 per month
  • Minimum Work Experience – 2 years

Let’s see how the basic criteria can help you get a low HDFC Personal Loan Interest Rate.

A younger applicant is more likely to get approval for the loan due to his/her life expectancy and job opportunities which he/she will explore in the coming year. This ensures a regular flow of income. 

On the other hand, an elderly applicant says 50 year old is near his/her retirement age. And there is not much job security. If the applicant loses his/her job at that age, it might be difficult to find a new one.  

Your income lets the bank know your repayment capability. So, if you earn more than the bank’s required limit, the low interest rate will be considered for your application due to high eligibility for a loan amount. 

HDFC Bank also wants to know your total work experience. Using this data, the bank analyzes your job stability. Because one can repay the loan when he/she has a stable source of income.

Have You Checked the Credit Score?

When you get a credit card or borrow a loan, a credit score starts building, this shows how you manage the repayment of your credits. A score of 750 is an ideal one. To check your credit score visit the Transunion CIBIL website that provides you the first credit score for free. And if it is less than the required score, don’t apply for the loan.

Because it might not help you get a low HDFC Personal Loan Interest Rate. Try to improve your score and see if you have made it to the ideal score or not. And if you have, apply for the loan. This way, your credibility will increase and you can get preferred for a low HDFC Personal Loan Interest Rate.

What if You Can’t Get Low HDFC Personal Loan Interest Rate?

In such a case, use the EMI calculator of HDFC Bank and reduce your interest payout. To use this too, follow the below steps –

  • Visit the HDFC Bank official website
  • Go to the loan section and select ‘Personal Loan’
  • Enter the loan amount, interest rate and tenure inside the calculator
  • Click on the ‘Calculate’ button
  • See the total interest payout

If the interest is not according to your budget, alter the loan details to see which tenure offers you the lowest HDFC Personal Loan Interest. Check out the example below to know how.

Ravi is going to apply for an HDFC Personal Loan of INR 6 Lakh and the interest rate is 15.25% per annum. So, he uses the calculator and find the below total interest –

  • For two years INR 99,919
  • For three years INR 1,51,418
  • For four years INR 2,05,180
  • For five years INR 2,61,169

So, Ravi chooses the tenure of three years where the interest payout is affordable.

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