Essential elements about HDFC pre-approved loan you must know before applying

If you have also received the message from HDFC Bank stating ‘Congratulations!’ you’re eligible for a pre-approved loan for Rs. Amount’ then you must go through this article. To understand it comprehensively, let’s delve into the post below!

What is HDFC Pre-Approved Personal Loan?

HDFC Bank selects its certain account holders and offers pre-approved Personal Loans. In simple terms, if you have got the message stated in the first Para, it signifies that you can avail Pre-Approved Personal Loan from HDFC in 10 seconds.

You will not need to wait for approval from the bank and also will not have to give any documents because the bank offers this product only to certain users after evaluating their profile and whose documents are already available to the bank.

Eligibility of HDFC Pre-Approval Loan

Typically, once you’re a long-term HDFC Bank user with an honest credit history, the bank feels secure to lend you and consequently they provide you with the pre-approved loan facility. Therefore, to be eligible for an HDFC Pre-Approved Personal Loan you must be an existing HDFC Bank customer and most significantly you must hold an appealing credit history.

If you’re an existing HDFC customer and willing to figure out whether you are eligible for this product or not – you can simply log in via your Net Banking credentials on the HDFC Bank portal and check for it.

Features of HDFC Pre-Approved Loan

Before you submit your loan application for a pre-approved loan from HDFC Bank, you must perceive the significant features that the bank extends to its users on it:

• Instant Approval

With HDFC Bank Pre-Approved Personal Loan, an existing customer will receive the funds directly into his/her HDFC Bank within a matter of minutes. In case, you are a Non-HDFC customer and have received the pre-approved offer from HDFC on Personal Loan, it will take around 4 hours to credit the funds into your active bank account.

• Flexibility 

HDFC Bank Pre-Approved Personal Loan comes with a versatile tenure starting from 12 months to 60 months. The tenor is often opted by the borrower in accordance with his/her needs and affordability. While you choose your repayment tenure, be aware since your EMI directly depends on your rate of interest and loan tenure.

• Affordable Interest Rates

As the bank itself is approaching you for providing you with the loan, the interest rate would be offered only which is affordable and appealing to you. But since the loan is entirely unsecured, it is vital to hide the danger involved to lenders and thus, this loan is often a little costlier than other traditional sorts of loans.

• Zero Documentation

Since this loan is pre-approved and you’ve possessed an existing account with the HDFC bank, they have already got your details. So, no documentation is needed and if you are a Non-HDFC customer, the documentation process is minimal and completely paperless, so you can be stress less for that too.

• Online and Paperless

The application process is entirely online and you can apply for this simply by means of the HDFC Bank official portal & its partners’ portal. Documentation is almost nothing although it is limited to nominal but involves no paperwork.

• Multipurpose

Funds borrowed through pre-approved loans from HDFC can be taken into use for any personal purpose. From financing your home renovation to paying medical bills, an HDFC Bank pre-approved Personal Loan can roll in the hay all.

Application process of HDFC Pre-Approved Personal Loan

HDFC Pre-Approved Personal Loan can be applied across a few simple steps which involve fundamental form filling and OTP authentication and it does not take longer than 2 to 3 minutes and you get the funds into your linked bank account instantly or directly say within a matter of 10 seconds.

The Bottom Stroke

Once you have obtained a virtuous credit history & a transparent diary of your finances, you attract most of the lenders to lend you and as a consequence, they provide you with pre-approved loan offers.

Coming to the HDFC Pre-Approved Loan, it’s an excellent product as discussed above in its features segment. A Pre-Approved Personal Loan from HDFC in 10 seconds makes it an amazing and appealing product. Additionally, HDFC Personal Loan rate of interest on its pre-approved products are quite attractive.

The loan can be used for any personal purpose ranging from wedding and vacation to medical expenses and miscellaneous bill payments. A pre-approved Personal Loan from HDFC needs no documentation and takes nominal amount of time to approve. Typically, the pre-approved facility is provided to the prevailing customers of HDFC as they have already got the diary of these customers with them. Nevertheless, you must carry out study throughout all the imperative elements.

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