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How Can HDFC Personal Loan be Pre-approved?

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HDFC Personal Loan allows us to meet lump sum financial requirements. And when it is pre-approved, the amount will come within 10 seconds. The bank gives the advantage of a 10-second disbursal which usually takes four working days. Well, this comes in handy when there is a medical emergency. In such cases, people require instant money and a pre-approved HDFC Personal Loan ticks all the boxes. But when can an HDFC Personal Loan be pre-approved? Let’s find that out in the article below.

If you’re an Existing Bank Customer

Yes, if you’re in a relationship with HDFC Bank, it can help you get a pre-approved loan offer. How does it work? Well, based on your repayment records, savings, etc. the bank checks your eligibility for an HDFC Personal Loan and offers you the same from time to time. And when you’re in need of a lump sum money, simply check your pre-approved offer online. Or SMS DCEMI <Space> <Last four digits of your Debit Card> to 5676712.

Is the HDFC Personal Loan Application Easy?

Yes, you can say that. And if you’re a pre-approved applicant, you can get the loan without much documentation. Why is it so? Because the bank already has all the details in its system that are required for the verification. And those things were done by them that is why there is an HDFC Personal Loan offer. So, there is no point in asking for documents. This saves more of your time and helps you get HDFC Personal Loan in just a few minutes. So, don’t worry about collecting the documents when your HDFC Personal Loan is pre-approved. 

Do I Have to Use the HDFC Personal Loan EMI Calculator?

Yes, even if your HDFC Personal Loan is pre-approved, it is wise to use this calculator. Because it gives you the foresight of your repayment. This tool helps you in the long run and lets you know how to manage the budget when an EMI starts. 

There is a graphical representation of your principal or interest payment displayed on the screen to let you know the percentage of interest on your HDFC Personal Loan. You can reduce such a percentage by changing your tenure. Just slide the tenure option upward or downward to get the desired repayment schedule. 

You can get an amortization schedule from HDFC Bank by paying INR 200. With this, you’ll know the total payable amount for each month with categorized principal and interest amounts. Using such information, you can plan prepayment of your HDFC Personal Loan.

When does the HDFC Personal Loan Repayment Commence?

Your EMI will begin debiting from your account one month after the disbursement of the loan amount. You can choose from the various payment methods. Those who use more of the UPI payments can use their UPI-enabled app and pay EMIs from the same.

And if you’re looking for a hassle-free payment option, choose standing instruction or an electronic clearing service that allows you to automatic EMI payments. In this, the bank will debit the EMI amount each month on the predefined date from your bank account. Ensure your bank minimum balance is maintained, so the EMI won’t bounce. Because for each missed payment, a penalty of 2% applies to the due amount.

If you’re having trouble with these new payment systems, opt for the post-dated cheque – the old method of loan repayment. Just sign a few cheques in favor of HDFC Bank keeping the EMI due dates. This way, your EMI will be managed automatically. And you have to pay INR 450+GST on the first cheque bounce, INR 500+GST on the second and INR 550+GST on the third such instance onwards. 

So, this is the story of the HDFC pre-approved personal loan. Even though it helps you in numerous ways, taking it without needs and at a higher HDFC Personal loan interest rate will not serve your purpose. Follow the saving principles and ensure the loan does not become a burden for you. Hope this information helps you!

About Post Author

john natish

Hi! I am John natish. I am a content writer and SEO expert. I love to write and share my content with my audience.
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john natishhttp://bficoin.io
Hi! I am John natish. I am a content writer and SEO expert. I love to write and share my content with my audience.

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