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Authors: Super User
If you are getting
married, or contemplating a vacation or facing a medical emergency, then you can avail personal loan to sail through these contingencies
The rate of interest in case of personal loan is generally on the higher side since it jumps as high as 24%, but you can get it for a lower
rate also if your credit worthiness is high
The repayment is allowed in the time period that ranges between one year and five years
Some banks, including HDFC Bank, offer insurance cover, insurances cover along with the loan
While disbursing the loan amount, they deduct the premium so as to cover you for any accident, illness risk whatsoever
use a HDFC Bank personal loan for a variety of purposes, that include home renovation, travel, wedding expenses or a medical emergency or to
The interest rates on personal loans range between 10.99% and 16%, says the bank website
You can take a loan upto Rs 40 lakh and the equated monthly instalments (EMIs) start at Rs 2,174 lakh
As the process is quick, the loan disbursal can be done in four hours, says HDFC Bank on its official website
FirstAnother personal loan benefits include personal accident cover and personal loan security
For a premium, one can even get a personal accident cover of up to Rs 8 lakhs, and critical illness cover of up to Rs
The premium for these policies will be deducted from the loan amount at disbursal
The loan repayment schedule can be fixed for anywhere between 12 months and 60 months
The personal loan doesn't require any collateral against the loan
One can raise as much as Rs 20 lakh for any requirement whatsoever
In order to circumvent the possibility of missing the EMIs, the bank also offers you the option to give permission to the bank to
auto-deduct the EMIs via ECS (electronic clearing service), PDC or auto debit.Loan Processing Charges / Origination Charges
(Non-Refundable)Upto 2.25% per annum of loan amount plus GSTPrepayment Charges5% per annum of principal outstanding plus GSTAdditional
Interest on late payment24% per annumRepayment Mode Swap Charges? 500/- per transaction plus GSTAmortisation Schedule Charges? 200/- per
schedule plus GSTStatement of Account Charges? 200/- per schedule plus GSTPrepayment/Foreclosure Statement Charges? 100/- per schedule plus
GSTDuplicate No Objection Certificate/ No Due Certificate? 500/- per NOC plus GST/? 200/- per NDC plus GSTDuplicate Prepayment/Foreclosure
Statement Charges? 200/- per schedule plus GSTLoan Cancellation Charges? 3000/- plus GST^EMI Bounce Charges? 400/- per bounce plus GSTLegal
The rate of interest that is charged by the bank ranges between 15.5% and 24%
The bank even gives you the scope of transferring the existing loan from some other bank to Axis Bank
However, one can transfer the loan at higher rates only can be transferred to Axis Bank.Loan Processing Charges1.50% to 2.00% + GST as
applicableCheque Bounce ChargesRs
500 per cheque bounce + GST as applicableCheque/ Instrument Swap chargesRs.500 per instance + GST as applicablePrepayment/ Forclosure
50/- per instance per set+ GST as applicableStamp Duty ChargesAs per State Stamp ActIssuance Charges for Photocopy of Loan Agreement/
DocumentsRs 250 per instance + GST as applicableHowever, one must make sure that the personal loan is taken only in the extreme emergency
since the rates of interest are high and the penalty for delay in payments are also high
