Being the best loan provider HDFC Bank personal loan is preferred when individual wishes to expand the business, do home renovation, or is in dire need of child’s education. HDFC Personal Loan is considered as the best help individuals get multiple benefits and at an attractive interest rate. The professional loans offered to Doctors the loan amount maximum to Rs. 75 lakhs. The loan amount is based on the applicant’s credit history.
Features and benefits of HDFC Loans for doctors
If you are applying for HDFC Doctor’s Loan, you need to follow these essential points mentioned:
¨ HDFC Doctor’s Loan is offered for the minimum loan amount up to Rs. 50 lakhs in some locations.
¨ The loan for a doctor is based on the credit history of the applicant.
¨ The professionals may get pocket-friendly EMI repayment options for the loan.
¨ The repayment tenure period is offered in easy instalments which start from 12 months up to 60 months as per the repayment choice.
¨ The user can enjoy a minimal and simple documentation process including quick disbursal of the loan amount.
¨ The BT reduces the EMIs of your existing professional loan by transferring the balance to HDFC Bank.
¨ The user can get the interest rate for the loan at is minimum of Rs. 13.29% and the processing fee is a minimum of 0.99%.
¨ The applicant will get a special offer on a professional loan if you are a doctor.
¨ It can be easy to use for the professionals and get respond to queries via SMS, Phone, internet banking, or at physical branches.
Eligibility criteria of HDFC Loan for Doctors
For HDFC Doctor Loan is offered based oncertain eligibility criteria mentioned under:
¨ The professionals such as Doctorsphysiotherapists, Chartered Accountants, Architects, and Company Secretaries who are consulting or practicing are allowed to get the loan.
¨ The minimum work experience of the applicant should be mentioned under:
Ø Doctors and Chartered Accountants must be 4 years post qualification
Ø Company Secretaries and Architects must be 5 years post qualification
Ø The physiotherapist must be a minimum of 5 years post qualification
¨ The applicant should be a minimum of 25 years and a maximum of 65 years when the loan matures.
¨ The applicant must have a minimum income of Rs. 1 lakh and for business users, the business must be profit-making for the previous 2 years.
Documentation required for HDFC Doctor Loan
Here are some essential documents required for the professionals are as follows:
¨ PAN Card for the company/firm/ individual
¨ The identity proof must be a copy of the Aadhaar Card/ Passport/ voter’s ID card/ Driving license/ PAN Card.
¨ Address proof must be a copy of the AadhaarCard/ Passport/Voter’s ID Card/ Driving License.
¨ The bank statement must be submitted for the last 6 months.
¨ Latest ITR must be submitted such as computation of income, balance sheet, and Profit and Loss account for the last 2 years. Financial should be certified or audited by a CA.
¨ Proof of Continuation must be ITR/Trade License/ Copy of Partnership Deed/ Director-certified true copy of MOA and AOA & Board resolution.
Fees and Charges of HDFC Doctor Loan
|
Interest Rate |
From 12.50% up to 15.65% |
|
Processing Charges |
From Rs.2,359 up to Rs.88,500 |
|
Prepayment Charges |
¨ 7 to 24 months – 4% of principal outstanding ¨ 25 to 36 months – 3% of principal outstanding ¨ Over 36 months – 2% of principal outstanding |
|
Charges for Late EMI Payment |
Rs.200 onwards |
|
Cheque Swapping Charges |
Rs.500 |
|
Cheque Bouncing Charges |
Rs.550 |
|
Amortization Schedule Charges |
Rs.200 |
Factors affecting Personal loan Interest rate
When applying for a personal loan, it's a good idea to compare different lenders on Afinoz.com and choose the one with the lowest interest rate so that your EMIs are manageable. Before you do that, you should be aware of a few variables that affect interest rates.
¨ Credit score: The credit bureaus keep track of your credit history, which is the most important factor taken into account when processing your loan application. Lenders consider a credit score of 750 or higher to be healthy, and if you have a low credit score, your loan application will be denied.
¨ Your annual income: The interest rate would be lower if your salary is higher. Lenders consider you to be a more credible candidate if you have a higher income so you are less likely to default on your loan repayments. If your monthly income is Rs. 25,000, the lender may offer you a 14 percent interest rate, and if your monthly income is Rs. 70,000, the lender may offer you a 12 percent interest rate.
¨ History of repayment: It will work well for you in terms of interest rates and loan approval if you have a good repayment history. When lenders notice that you have been consistent with your payments, they are more likely to give you a lower interest rate.
¨ Defaults include: If the lender discovers defaults on your credit report, he may charge you a very high-interest rate or reject your application. Most lenders prefer customers who have not had any defaults in the previous 12 months.
¨ Your bank's relationship with you: Most of us open our savings and fixed deposit accounts with the same bank, thus becoming loyal customers. You manage to share an interpersonal relationship as a result of this loyalty, which is likely to fetch attractive interest rates when the need for a personal loan arises. As an existing customer, you have some negotiating power because your current bank does not want to lose a customer to a competitor.
¨ The credibility of your company: The credibility of the company in which you work also has an impact on the interest rate on your loan. The lower the interest rate on your loan, the more reputable and stable your company is. This is because banks consider employees of reputable companies to have a stable career, making them more accountable in terms of debt repayment.
Conclusion:
Lastly, availing of doctor loans from HDFC Bank is much easier and fast as it comes with online loan processing at a low rate of interest with flexible repayment tenure. We hope that this article has helped you out.
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