HDFC Bank’s 10 Seconds Personal Loan
About HDFC 10 seconds Personal Loan
Time is of essence in case of personal loans. For those who are in urgent need of money can evaluate the feasibility of availing HDFC 10 seconds Personal Loan. HDFC Bank Limited is a leading private bank of the country. It has been promoted by the leading home loan finance provider HDFC Limited in August 1994. It is also the most valued private Sector bank as per the market capitalisation as well as per assets base. In addition to being present in India it has operations outside India in countries like Hongkong, Dubai, Bahrain. HDFC is active in all the loan segments except in the home loan which is serviced by its promoter, HDFC limited. It has its presence across India with network of branches through which it provides HDFC 10 seconds Personal Loan.
HDFC is pioneer in the use of the technology in the banking sector. The extensive use to technology has enabled the bank to introduce products like HDFC seconds Personal Loan and have an edge over other public sector banks which is evident from the pace of progress it has achieved in just 24 years.
Why personal loans
With increased aspirational culture of the society supported by expansion of banking facilities personal loan has become a common product specially for salaried people who need to meet any unexpected expenses which is beyond the amounts available month after month as salary. The millennial generation has become more materialist due to exposure to western culture, the younger generation believes in living for today rather than worrying about future. The personal loans can be taken for any purpose like medical emergency, unplanned holidays, repairs or renovation of existing house etc.
What is 10 Second personal loan
The personal loan is generally taken in emergency like situations. Though as good personal finance practice one should have the emergency fund at least equal to six months expenses but every one may not have that emergency fund built. Due to use of extensive use of technology HDFC bank is in a position to offer HDFC 10 Seconds personal loan with very short turnaround time. For its preapproved customer HDFC bank promises to credit the amount of HDFC 10 Seconds personal loan to the applicant’s bank account within 10 seconds. Since this is very short period of time for anything to be done, it is absolutely a paperless loan facility where you are not required to submit any documents to the bank.
This loan is available for a minimum tenure of 12 months. The maximum tenure available for repayment of the HDFC personal loan is 60 months with a facility to prepay the same before the originally fixed term. The bank does not charge any prepayment charge for the applicants who have taken personal loans of over 10 lakhs and whose salary exceeds Rs. 75,000/- per month. You can avail this loan provided you have a minimum of two years of work experience with minimum of one year with the existing employment.
How to apply for HDFC 10 Seconds personal loan?
The HDFC 10 Seconds personal loan is not available to everybody. It is only the existing customers with long standing relationship with the bank and who also have excellent credit history and credit score who are entitled to this preapproved personal loan. In case you have not received any call from HDFC bank about you being eligible for a preapproved personal loan, you can verify the same by login into your account with HDFC bank. Since the HDFC 10 Seconds personal loan is available only to the preapproved customers, you need to have online login facility enabled on your HDFC bank account to get your loan amount credited in your account within 10 seconds. As the process is online, it is very transparent and does not leave any scope for discretion or personal bias. For applying for this preapproved loan, you have to login with your ID and password. After you have logged in your account, there is an option of preapproved loans under the tab of offers. Here you can set the loan amount needed and the tenure of repayment, the amount of personal loan gets credited in your account within no time, once you have clicked on apply button,
Interest rates and charges
HDFC 10 Seconds personal loan is made available to the existing customers who have long standing relationship with the bank with good financial discipline and excellent history. Since the entire process for this loan is automated and does not require any human intervention thereby reducing cost substantially, the rates of interest offered on HDFC 10 Seconds personal loan are very competitive. The interest rate on preapproved personal loan ranges between 11.75% p.a. to 19.84% p.a. depending on your credit profile.
Tax benefits for personal loans
Though the income tax laws do not provide for any tax benefits in respect of interest on personal loans taken but the tax benefits can still be claimed in respect of interest paid for such personal loan in certain circumstances. For example if the personal loan is taken for the purpose of buying, constructing , repairing or renovation of a house property, whether commercial or residential, you can avail the benefits available under Section 24(b) of the Income Tax Act for interest paid on such personal loan to the extent the money is used for these purposes. Likewise the benefits can also be claimed in case the money of personal loan has been used for your business or profession under Section 37(1) of the Income Tax Act.
The above benefits can be claimed by you provided you are able to establish direct connection between the money borrowed and its use. The direct connection of the usage can be proved with the help of the bank statement where the amount of personal loan has been credited and the corresponding debit after credit of the money. In case full money has been used for the purposes stated above, you can claim the amount of processing charges as well. In case of partial usage, the proportionate benefits can only be claimed in respect of interest and processing charges paid.
Please note that no benefits are available in respect of repayment of principal amount of the personal unlike repayment of home loan for which deduction can be claimed under Section 80 C of the Income Tax Act.