HDFC Bank Personal Loans - Benefits of HDFC Bank Personal Loans

HDFC Bank, also known as Housing Development Finance Corporation, was established in 1994 and was the first private bank to be authorized by RBI. HDFC is recognized today as one of the most reputable banking institutions in the country and is renowned for its customer-centric services and policies.

HDFC Bank Personal Loan

HDFC Bank provides personal loans to its customers for different financial needs at very affordable rates of interest, along with many other benefits like a hassle-free documentation process, feasible repayment options, top-up loan facilities, and instant loan approvals. mymoneykarma gives you all the information you would want on HDFC Bank personal loans.

Benefits of HDFC Bank Personal Loans

HDFC Bank personal loans come with customer-centric benefits and features. Here are a few highlights of HDFC Bank personal loans.

• Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 40 lakhs. The loan amount depends on the applicant's credit score, credit history, repayment capability, and yearly income.
• Long loan tenures ranging from a minimum of 12 months and a maximum period of 5 years.
• Attractive interest rates ranging between 10.99% - 20.00%.
• Complimentary personal accident insurance cover worth Rs 8 lakhs and a critical illness insurance cover worth Rs 1 lakh.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Pre-approved loan if the applicant is an existing customer of HDFC Bank.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Simplified loan application and approval process with minimal documentation.
• Dedicated 24/7 customer service desk for query resolution.
  

Types of HDFC Bank Personal Loans

HDFC Bank offers the following types of personal loans.
Travel Loans

These personal loans from HDFC can be used for planning holidays to exotic locations in India and abroad.

Eligibility Criteria

• Minimum income of Rs 15,000 per month in non-metro cities.
• Minimum income of Rs 20,000 per month in metro cities
• Sound repayment capability
• Competetive credit score
• Minimum age of 21 years
• Maximum age of 60 years
• Minimum work experience of 2 years with a minimum of 1 year at the current organization.
• Must belong to the salaried class of public and private company employees, government sector employees, employees of public sector undertakings, government and other public bodies.     
  

Wedding Loans

These personal loans from HDFC can be used to cover the costs of a wedding in the family or of the applicant.

Eligibility Criteria

• Minimum income of Rs 15,000 per month in non-metro cities.
• Minimum income of Rs 20,000 per month in metro cities
• Sound repayment capability
• Competetive credit score
• Minimum age of 21 years
• Maximum age of 60 years
• Minimum work experience of 2 years with a minimum of 1 year at the current organization.
• Must belong to the salaried class of public and private company employees, government sector employees, employees of public sector undertakings, government and other public bodies.     
  

Home Renovation Loans

These personal loans from HDFC can be used much like a home loan, to cover the costs to upgrade or renovate the applicant’s house.

Eligibility Criteria

• Minimum income of Rs 15,000 per month in non-metro cities.
• Minimum income of Rs 20,000 per month in metro cities
• Sound repayment capability
• Competetive credit score
• Minimum age of 21 years
• Maximum age of 60 years
• Minimum work experience of 2 years with a minimum of 1 year at the current organization.
• Must belong to the salaried class of public and private company employees, government sector employees, employees of public sector undertakings, government and other public bodies.  

HDFC Home Loan - Features & Benefits of HDFC Home Loans

HDFC Home Loan Interest Rate at 6.80%

HDFC offers Home Loan interest rate of 6.80% for loan amounts up to 30 lakhs for Women Applicants. The offer has been in effect since 11th January, 2021.

This special Housing Loan Scheme is for a limited period only, and can be availed if the loan is disbursed on or before 31st March, 2021. HDFC decides eligibility for the offer based on parameters such as credit scores, segments, details of other loans, etc., and is applicable only for applicants with the credit score of 730 and above.

The offer can be availed on Home Loans including Home Improvement, Home Extension, and even Refinancing/ Balance Transfer from other lenders.

However, as the offer is applicable only for loans under the ‘Adjustable Rate Home Loan Scheme’, it is subject to change at the time of disbursement. The rates are linked to HDFC's BenchMark Rate. Hence, they are variable throughout the loan period as well.

Features & Benefits of HDFC Home Loans

For Salaried Individuals:

HDFC Home Loans are offered for-

• Purchase of a bungalow, a flat, a row house from private developers in approved projects.
• Purchase of properties from the Development Authorities such as MHADA, DDA, etc.
• Purchase of properties in a Co-operative Housing Society/Apartment Owners' Association/Development Authorities settlements/privately built up homes.
• Construction on a freehold/leasehold plot or on a plot allotted by a Development Authority.
• You can get expert legal and technical counseling to help you take the right decision in buying a new home.
• You can avail the service of HDFC Home Loans throughout India with Integrated branch network.
• For those employed in the Indian Army, special arrangement with AGIF for Home Loans has been made.
  

For Self-employed Individuals:

HDFC Home Loans are offered for -

• Purchase of a bungalow, a flat, a row house from private developers in approved projects.
• Construction on a freehold/leasehold plot or on a plot allotted by a Development Authority.
• Purchase of properties from the Development Authorities such as MHADA, DDA, etc.
• Purchase of properties in a Co-operative Housing Society/Apartment Owners' Association/Development Authorities settlements/privately built up homes.
• Doorstep assistance and Innovative schemes on your Home Loan.
• You can get expert legal and technical counseling to help you in buying a home.
• You are offered attractive interest rates to make your Home Loan affordable.
• Integrated branch network for availing and servicing the home loan anywhere in India.
•  

HDFC Loan Against Property - Features of HDFC Loan against property

HDFC gives you 60% of the value of your property when you take a Loan against Property. You can use this loan for weddings, for home renovation, for investing in a business, for meeting emergencies, and so on. What sets HDFC LAPs apart is that these come with attractive rates of interest.

Features of HDFC Loan against property

• Get high loan amounts- Most banks and NBFCs have a limit as to how much they want to give you. Well, so does this bank, but at least it gives you more money as a loan. It also offers longer repayment periods and attractive interest rates. You can expect 60% to 65% of the property’s value as loan.
• Use the loan for anything: You can use both residential and commercial properties to get this type of loan, and can use the funds for any personal and business requirements.
• Easy repayment: As you have seen, you get a competitive rate of interest here, which means you can repay even more easily. You can also choose the Dropline Overdraft Facility.
• Transparent processing: All charges shall be told to you from the very beginning. Thus, there shall be no hidden charges.
• Fast and efficient service: HDFC is known for its doorstep service.
• Benefits galore for the self-employed: There is a specially-designed program just for the self-employed.
• Ease of debt consolidation: HDFC’s LAP gives you a change to get its renowned debt consolidation tool.
  

HDFC Bank Loan Against Property Schemes

HDFC offers four different types of Loans, as listed below:

• LAP (Term Loan)
• Dropline Overdraft (DOD)
• Loan for Purchase of Commercial Property (LCP)
• Loan Against Rent Receivables (LARR)
  

Dropline Overdraft

DOD Product is a unique overdraft limit based facility where the limit is downsized monthly. You can utilize the limit as per your requirement, and the interest rate is charged only on the used amount.

The limit drop amount calculation is done as shown below

Drop amount = Limit or Loan amount / Loan Tenure

Flexibility of repayment: No EMI

Loan for Purchase of Commercial Property

This loan scheme is useful when you are purchasing a commercial property, and it needs proper approval documents for commercial usage by the relevant civic authorities. LCP is restricted only to properties like shops and office premises.

Loan Against Rent Receivables

This scheme is offered only to approved borrowers who have a stable and assured income source in the form of rent from a credible lessee like big organizations and MNCs.

How to Apply for HDFC Bank Loan Against Property

Online Application:

You can visit the HDFC Bank website and apply for the loan that best suits your requirements by  filling in the application form.

Then, a bank representative will call back to guide you through the application process.

Offline Application:

To apply for HDFC Loan Against Property, you can visit the nearest HDFC Bank branch to do so.

HDFC Ltd. also offers a Missed Call facility to its borrowers. You can call +91-9289200017 anytime and then wait for the bank executive to call back and follow up on your request.

HDFC Home Loan - HDFC Home Loan Interest Rate at 6.80%

 

HDFC offers Home Loan interest rate of 6.80% for loan amounts up to 30 lakhs for Women Applicants. The offer has been in effect since 11th January, 2021.

This special Housing Loan Scheme is for a limited period only, and can be availed if the loan is disbursed on or before 31st March, 2021. HDFC decides eligibility for the offer based on parameters such as credit scores, segments, details of other loans, etc., and is applicable only for applicants with the credit score of 730 and above.

The offer can be availed on Home Loans including Home Improvement, Home Extension, and even Refinancing/ Balance Transfer from other lenders.

However, as the offer is applicable only for loans under the ‘Adjustable Rate Home Loan Scheme’, it is subject to change at the time of disbursement. The rates are linked to HDFC's BenchMark Rate. Hence, they are variable throughout the loan period as well.

How To Pay Your Rent With A HDFC Bank Credit Card

One of the biggest expenses for a lot of people is that of rent. It is something you need to spend a lot on, month after month. At least, it is a sizable part of your income. You can’t ignore it. It is like a debt that needs to be paid each month. You may try to skip paying it, and at times the landowner may even deign to let it rest. But the next month, you’ll have to pay it anyway along with the missed rent payments! In other words, there is no way out of this mess.

Now, that is not the problem. The problem is far bigger. What happens if you run out of money before paying that rent? Don’t want to get into a problem with your landlord, but unless you pay it, you may have problems anyway. It happens, especially to working bachelors and other unmarried individuals. Sometimes, salaries are late in coming. Sometimes, they are just not enough. Sometimes, they don’t get salaries! It happens. So what can be the solution to this issue, and it is actually a pretty big problem plaguing a significant part of the population. After all, you cannot get instant loans, can you?

This is one of those times when a credit card is super handy. A credit card is useful because it gives you instant loans. Therefore it is very useful. In that regard, HDFC Bank can help you out a lot. HDFC Bank, in partnership with RedGiraffe, provides you with the novel and new facility RentPay. This is a facility or platform that you can use to get loans or credit instantly to pay your rent. It is specifically for paying rent, and not for anything else. You can use this facility to pay rent each month, just as you need!

Perhaps the best part of the deal is that, like all loans, if you pay before the due date you will not need to pay interest. So, your loans become free, at 0% interest! Sounds like a great relief, right? That is because it is so!
About RentPay

RentPay is a facility given to you by HDFC Bank and RedGiraffe in partnership. This is to enable you to pay your rent whenever you like, by giving you instant credit or loan. RedGiraffe is a Fintech start-up from the UK, and that is the entity that gives you the actual service.
How can rent be paid using credit cards?

Sounds confusing, right? Paying rent by credit card. Till now you may have paid rent by your debit card, or using other electronic means like GooglePay. You may even pay by cash. You are used to all these, and maybe the idea of paying with a credit card may sound foreign to you. But don’t worry. There are many benefits of paying through this means. For instance, credit cards are much more secure than debit cards. Now, the question is how to pay with a credit card.

If you are a HDFC Bank customer, you need to register for RentPay at the website of RedGiraffe. Fill in the details like your name, address, and that of your landlord. After this process is done, RedGiraffe gives you a unique ID (or RG-ID). With this ID, register with the HDFC bank.

This is a one-time registration. After this is done, you can credit your monthly rent payments directly to your landlord’s bank account every month. Of course, the credit can be done at a predetermined date as well, so you do not need to keep much track of the process. For this service, you’ll be charged a very nominal fee.
What are the benefits of paying rent by credit card?

There are many benefits. First of all, credit cards are more secure than a debit card. In case of credit card loss, your money is not lost and you do not need to pay the bank anything. Secondly, your rent is automatically deducted, and thus there is no chance of missing out on payments. Thirdly, you get 45 to 60 days of interest-free credit. If you pay by that time, you’ll need to pay no interest.

HDFC Bank - HDFC Bank Two Wheeler Loan - mymoneykarma

Features of HDFC Bank Two Wheeler Loan

HDFC two-wheeler loans come with a wide range of lucrative features that are listed below:

• The interest rate of the loan is 2% less, and the processing fees are 50% less for HDFC account holders.
• The bank has an online facility where the applicant can check the loan eligibility and status of application anytime.
• The time limit for repayment option ranges from 12 to 48 months. The repayment options are very flexible and can be availed even at the time of purchase.
• The EMIs of the loan can be paid through auto debit payments or post-dated cheques.
• Interest rates are very reasonable.
• Around 3000 branches across India provides this facility.
• Payment process of the loan is streamlined without any hiccups.
• The documentation procedure is simple and can be availed through a doorstep service.
• For some specific two-wheeler models, lucrative loans are provided to HDFC account holders
• All the loan charges are mentioned in writing along with the loan quotation.

Eligibility Criteria

The applicant of HDFC two wheeler loan has to be –

• Minimum 21 years old during the application, and should be less than 65 years when the tenure ends.
• Either a salaried or self-employed professional.
• Salaried individuals with a minimum yearly income of Rs. 84,000, and self-employed individuals with an annual salary of at least Rs. 72,000.
• Working for more than a year before applying for the loan.
• Have a landline phone either at their office, or at home.
• The applicant must reside for at least a year at the given address before applying.

LInk Your Aadhaar with SBI Bank Account to Avail LPG Subsidy - mymoneykarma

How to Link Aadhaar with SBI Bank Account
To receive their subsidies, the eligible individuals need to link their Aadhar Card with SBI Bank Account. There are two ways in which the Aadhar Card can be linked to the bank account; through online mode and offline mode
Online mode of linking SBI Bank Account with Aadhar Card for LPG Subsidy

You can follow these steps to link Aadhaar Card with your SBI Bank Account to avail the LPG Subsidy

• Login to the SBI Bank internet banking webpage
• Navigate to Service Requests
• You'll be redirected to the services provided by SBI
• Click on the link which says Linking SBI Bank Account with Aadhar Card
• Enter the Account Number that you wish to link with your bank account
• Provide your mobile number and email ID and click on Submit
• Your Aadhar Card will be linked to your SBI Bank Account

Offline Linking of Aadhaar with SBI Bank Account

If you do not have access to the internet, then you can choose to link Aadhaar Card to your SBI Bank Account through offline mode by following these steps

• Visit your nearest SBI Bank Branch
• Fill the 'Stay Connected' Form
• Submit the form
• A copy of Aadhar will also be needed along with the form
• The bank will require the original Aadhar Card to link your bank account with your Aadhaar Number
• If individuals wish to open a new account with SBI, then you can link the SBI bank account with Aadhar and by providing the Aadhar details while opening the account