Is your son or daughter interested in education abroad? If yes, you must have saved a fortune for their educational purposes. If not, HDFC Personal Loan will help you in this. The bank doesn’t demand any kind of collateral for the loan disbursal. So, you don’t need to worry about the loan application if you don’t have any valuables or property to pledge. Till the time your child completes his/her studies, the loan will be paid off in equal installments. A maximum tenure of five years is available to the borrower. And the interest begins from 10.25% per annum. Keep reading this article and get to know more about the HDFC Personal Loan.
How Much Amount Can HDFC Bank Lend You?
You can borrow up to INR 40 Lakh from HDFC Bank, and the loan limit will be based on your repayment capacity. So, if you can afford EMI of an INR 40 Lakh loan, the same will be granted to you.
To borrow an HDFC Personal Loan, you need a minimum monthly income of INR 25,000. If you meet the income requirement, the loan application will go very smoothly. Otherwise, the bank might deny your application and intimate you via SMS or email.
What Makes Abroad Education Expensive?
Well, it is the cost of living, flight, admission, books, etc. which makes studying abroad expensive. And one can afford the same if he/she has done savings or investments. But if not, take HDFC Personal Loan to help your kids pursue their overseas studies.
The existing customers of the bank can apply for the loan online and get the money in just 10 seconds. Whereas, new customers will get the amount within four working days post the submission of the required documents.
From When Do I Start HDFC Personal Loan Repayment
You can begin repayment on the date mentioned in your loan documents. For a hassle-free repayment, choose ECS. This is an online repayment service by which the EMI will be reduced from your bank account automatically. So, don’t keep a record of your due dates as the ECS takes care of the same. Just notify HDFC Bank for the same. Upon getting such a request, the bank will start the ECS to your linked account.
Now, you just need to ensure that the minimum balance is maintained in the account. Because if the balance is less than the EMI amount, the payment will bounce and so will lead to a penalty. You’ll get a notification about it on your registered mobile or email.
Is There Any Tool that Can Help You?
Yes, there is an HDFC personal loan EMI calculator. Using this, you can find your repayment schedule. With that data, choose a tenure wherein your EMI and interest payout is less. Let’s see an example below and understand how the repayment spans.
Kamaya is a worker in the steel industry and earns a monthly income of INR 45,000. As her child completes 10+2, she needs a lump sum amount for his education. She chose HDFC Personal Loan from the available alternatives. But before proceeding with the application, she uses the EMI calculator.
She inserted details like INR 5 Lakh loan amount, 13.00% per annum interest rate and 4 years tenure. And the calculator generates an EMI of INR 13,414.
And such an hdfc personal loan emi calculator is affordable for her, so she proceeds with the online application and gets the loan amount.
How Can I Get the HDFC Personal Loan?
To apply for the loan, visit the official website of HDFC Bank or its nearest branch office. Go for the loan amount that will help your kids in their studies while also ensuring the repayment is free of any hassles. It’s all about striking a balance between aspirations and financial freedom.