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Tuesday, 3 January 2017

Keep the Hassles Away with HDFC Personal Loan Interest Rates

Are you thinking to avail a personal loan from HDFC bank? If yes, wait a minute because what's coming next will surely take your breath right away. So, you have already decided to buy a loan, but hang on did you think about the interest rates for the same? If not, this article is for you. There is no denying of the fact that when it comes to buying a loan, many times people don't pay attention to interest rates.

They just want the funds, without thinking how much will it actually cost them in the long-run. At times, people just go for a brand, without even realizing that they also need to repay the same. So, let's just come to the point straight, describing why it is important for you to know about HDFC personal loan interest rates.


When you avail a loan, while considering others such as loan amount, tenure, fee, it is also important for you to keep an eye on the interest rates. Yes, the moment you understand its importance, it will take you to a La La Land, where every personal need of yours can easily be fulfilled.

You have a personal need to be fulfilled, and you have the loan sanctioned, well what else you need? But isn't it amazing, if you have a personal need to be fulfilled, and you have a sanctioned at lowest interest rates? Howz that? Sounds more exciting to you? Well, of course, it is!  

If you are going to buy a loan from HDFC, at present the bank is offering you the loan at an interest rate ranging between 15.75%-20% per annum. The maximum loan amount offered by the lender is Rs.15 Lakhs up to a maximum tenure of 5 years (60 months).

So, what is the point we are trying to prove here, you must be thinking right? Let's just make it more understandable for you so that you can have more clarity on the same.

Just imagine, Nikita Jain, a Senior Sales Manager is looking to avail a personal loan to spend her holidays in Maldives. She applied for the same in HDFC and just because of her eligibility matches with the bank's set criteria, she got the loan of Rs.10 Lakh. For her, the HDFC personal loan interest rate is 15.5% p.a. for 5 years.

Now, what's gonna be more interesting here is to know the amount of EMIs that she is going to pay. Are you excited to know the same? Well, let's reveal the suspense now.

The amount of EMIs that Nikita needs to pay each month to the bank is Rs.24,053. This is the amount required from her side to repay the same within the stipulated period. But, the situation could have been different, if negotiated with the bank to avail the same loan amount at lower interest rates. What if she could have availed the loan say at an interest rate of 11.49% per annum for the rest of tenure?  

Well, let me tell you folks, the scenario will be completely different. What,  don't you believe so? Well, be ready then to know something that will make your eyes wide open. Now, if we look at another scenario where the interest rates are lower, Nikita needs to pay the EMI of Rs.21,988, which is obviously lower than the earlier one. Thus, it is crucial to know the interest rates as it is undoubtedly the most crucial aspect of your HDFC personal loan interest rates journey.

1 comment:

  1. A 10 lakh personal loan can be a significant amount, it's important to borrow responsibly and only for genuine needs. It's not free money, and one should have a clear plan for how they will use the funds and how they'll repay the loan without straining their finances.

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