You can get HDFC Bank personal loan at an interest rate of 10.25% per annum onwards. So, if you want a low rate of interest on your loan, add HDFC personal loan to your list. For a low rate of interest, you need to ensure the lender that you’re capable of repaying the loan. And how do you prove that? Use your income and previous repayment record. Because these things play an important role in deciding the HDFC personal loan interest rate. Due to the unavailability of collateral, your income and repayment record remains the proof by which HDFC Bank can gauge whether you can repay the loan on time. And the payments will be regular if your income is higher than the required limit which is INR 25,000 for salaried account holders and INR 50,000 for non-HDFC salary account holders. Read this page below and learn how to get the lowest HDFC personal loan interest rate.
Ways to get Lowest HDFC Personal Loan Interest Rate
Read the below tips carefully to see how you can get a lower rate of interest on your loan amount.
Borrow HDFC Personal Loan Jointly
When you have a co-borrower, the risk attached to the borrowed amount will reduce. This is because in case you default, the co-borrower will continue repaying the loan. So, there are higher chances of the loan getting paid off till the end of the tenure. Who can be your co-borrower? Your spouse or parents can be your co-borrowers as long as they have a regular source of income.
Check Your Credit Score
If you check your credit score and it is more than 750, you can use it to negotiate the HDFC personal loan interest rate. How? Based on the grounds of your previously paid loans or credit card bills, you can ensure HDFC Bank that you’re a reliable borrower and can pay the loan without any instances of late payment. If the bank agrees, HDFC personal loan rates can be reduced.
What if I Won’t be Able to Get the Lowest HDFC Personal Loan Interest Rate?
In that case, you can take help from the HDFC Personal Loan EMI calculator. This tool helps you manage repayment in a way by which you can afford the interest without any trouble. Let’s see the below example to understand it better.
Kavya wants HDFC personal loan for her home renovation. She checks her eligibility for the loan and sees that she can borrow up to INR 10 Lakh. But she’s not happy with the HDFC personal loan interest rate which in her case is 13.15% per annum. So, she decides to manage a higher rate by using the HDFC Personal Loan Calculator. Using the calculator, she gets the following results –
- Interest for three years tenure – 2,15,585
- Total interest for four years tenure – 2,91,296
- Exact interest for five years tenure – 3,69,796
You can even use the HDFC Personal Loan Calculator to plan your repayment in the best manner.
Do I Get Lowest HDFC Personal Loan Interest Rate if the Loan is Pre-approved?
Yes, it can be the case as the bank has offered you the loan based on your activity. To check your pre-approved loan offer, you can use the HDFC mobile banking app or visit the official website. See the loan offer and interest rate. And if you’re satisfied with it, confirm the loan. And within 10 seconds, the money will be disbursed to your account.
So, do incorporate the above tips while applying for an HDFC personal loan.