HDFC Bank Personal Loan for Women: Know the fees, interest rates, and charges | Mint
Source: Live Mint
Personal loans are a great choice to consider if you want to get access to immediate funds for your personal expenses. HDFC Bank offers personal loans specifically designed to empower women to assist them towards becoming financially independent. The bank provides personal loans to women with interest rates starting from 10.85%. Let us understand the loan’s features, eligibility and other important aspects in detail
Key features of HDFC Bank personal loan for women
Loan amount: The bank offers loan amounts to women starting from Rs. 50,000 to Rs. 40,00,000. This is subject to eligibility as well as your overall profile.
Flexible tenure: You can choose loan repayment tenures between 3 months to 72 months based on your eligibility and requirements.
Minimal documentation: You can enjoy a smooth personal loan application process, as HDFC bank requires minimal documentation for women applying for the loan.
Online process: HDFC Bank offers a completely personal loan online application process for women which can save you precious time providing you a great overall customer experience.
Eligibility criteria for HDFC Bank personal loan for women
Age: You need to be between 21 to 60 years of age in order to be eligible for the personal loan.
Income: If you have an existing salary account with HDFC Bank, you need to have a minimum monthly salary of Rs. 25,000. In other cases, you need to have a minimum monthly salary of Rs. 50,000.
Employment: You can apply for the personal loan if you are a self employed or salaried employee in a reputed company/ public sector/ government organisation.
Work experience: In order to be eligible, you must have a work experience of minimum 2 years and need to be working in the same organisation for at least 1 year.
Credit score: A higher credit score improves your chances of getting a personal loan under your desired terms. Typically you need to have a credit score above 750 in order to improve your eligibility chances.
In conclusion, HDFC Bank personal loan is a great way if you are an independent woman who wants funds for temporary financial assistance. However, you must also understand that personal loans generally attract higher interest rates as compared to other loans in the market irrespective of the borrower’s gender. Hence, before you decide on getting a personal loan, always evaluate your need, financial situation as well as other available options so that you can get the best deal for yourself.
(Note: Raising a loan comes with its own risks. So, due caution is advised)
