Loans

How To Get a Personal Loan in 5 Easy Steps?

Personal loans require no collateral or security, making them accessible with minimal documentation.

Synopsis:

  • Identify your loan needs and amount before applying, whether for debt consolidation, major purchases, or emergencies.

  • Check your eligibility using online tools like the HDFC Bank Personal Loan Eligibility Calculator.

  • Calculate your monthly repayments using an EMI tool, adjusting for interest rates and tenure.

  • Apply for the loan through various channels: NetBanking, HDFC’s website, ATM, or in-branch. 

  • Submit necessary documents such as income, address, and ID proof for loan processing.

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Overview

Whether you are planning to consolidate debt, finance a major purchase, or cover unexpected expenses, a personal loan can be a valuable financial tool. A Personal Loan has flexible repayment terms, and usually, no security or collateral is required.

However, navigating the process of opting for a Personal Loan can seem daunting if you are unfamiliar with it. Thankfully, securing a personal loan doesn't have to be complicated. Here is a five-step guide on how to get a Personal Loan. From the documents required to how to apply for a Personal Loan, we have all the angles covered.

Step guide to obtain a Personal Loan

Step 1: Determine your requirement

Figure out why you need a Personal Loan and how much you need. For example, you may need a loan to fund your wedding or to renovate your home. And you may need just ₹1 lakh or ₹10 lakh.

Step 2: Check loan eligibility

Once you know how much you need, you should check eligibility. You can visit the HDFC Bank Personal Loan Eligibility Calculator online to find out how much you can borrow as a Personal Loan. HDFC Bank offers loans up to ₹40 lakh.

Read more about how to calculate your Personal Loan EMI and how to lower it.

Step 3: Calculate monthly instalments 

Use an online EMI tool to calculate your approximate loan repayments every month. You can modify the interest rate and tenure to match your monthly income, like on the HDFC Bank Personal Loan EMI calculator. HDFC Bank offers pocket-friendly EMIs on all its Personal Loans starting at ₹1878 per lakh (T&C).

Step 4: Approach the bank

You can apply for a Personal Loan with HDFC Bank in various ways: Via NetBanking, online on the HDFC Bank website, at an ATM or by visiting a branch.

Step 5: Submit documents

Next, find out what documents are required for a Personal Loan. Usually, you will need income proof (bank statements, salary slips, or IT returns), address proof, and ID proof. Hand over copies of your Personal Loan documents at the bank.

Wait for funds to be remitted to your account. HDFC Bank disburses funds for pre-approved loans to customers in 10 seconds and for non-HDFC Bank customers in 4 hours.

That’s how to get a Personal Loan in 5 easy steps! Now, Jio Shaan Se and make your dreams come true!

Looking to apply for a Personal Loan?  Click here to get started.

* Terms & conditions apply. Personal Loan disbursal at the sole discretion of HDFC Bank Ltd.

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A Credit Card is a financial instrument or facility provided by banks. It comes with a predetermined credit limit. You can utilise this credit limit to make cashless offline and online payments for products and services using your Credit Cards.

A Credit Card is a financial instrument or facility provided by banks. It comes with a predetermined credit limit. You can utilise this credit limit to make cashless offline and online payments for products and services using your Credit Cards.

A Credit Card is a financial instrument or facility provided by banks. It comes with a predetermined credit limit. You can utilise this credit limit to make cashless offline and online payments for products and services using your Credit Cards.

A Credit Card is a financial instrument or facility provided by banks. It comes with a predetermined credit limit. You can utilise this credit limit to make cashless offline and online payments for products and services using your Credit Cards.

A Credit Card is a financial instrument or facility provided by banks. It comes with a predetermined credit limit. You can utilise this credit limit to make cashless offline and online payments for products and services using your Credit Cards.

A Credit Card is a financial instrument or facility provided by banks. It comes with a predetermined credit limit. You can utilise this credit limit to make cashless offline and online payments for products and services using your Credit Cards.

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