The Housing Development Finance Corporation Limited (HDFC) is sort of a pioneer in the private banking sector as it was amongst the first to be approved by RBI as a part of liberalisation of Indian economy in 1994. Incorporated in August 1994, it commenced its operations in 1995 and since then it has expanded potentially to include 4541 branches linked online on a real-time basis across 2587 cities across India. Use of technology and internet is at its core functioning and this key goal has been one of the biggest reasons behind its phenomenal success enabling it to build a sizeable market share making it the market leader in Loan products. Advanced technology and automated operations have led to speedy operations and fund transfers resulting it millions of happy customers!
Loans for Professionals
This type of loan is available in all branches of HDFC across India and it has put a very easy and seamless process in place to get quick approvals and loan processing. Their website helps you check your eligibility at the comfort of your home and gives you result within one minute.
Doctors, Chartered Accountants, Architects and Company Secretaries Professionals involved in owned practice or Consultancy are eligible for HDFC loans for professional. Following further conditions of eligibility need to be fulfilled:
✔ Minimum post qualification experience of 4 years for doctors and chartered accountants and 5 years for company secretary and architects.
✔ Minimum annual Income as per Income Tax Return should be Rs. 1 Lakh per annum.
✔ Business must be profit making for the last 2 years
✔ Age of Applicant: 25 years to 65 years at the time of loan maturity.
✔ All branches of HDFC can be contacted through web chat, SMS or phone banking gets your work done without stepping out of your house! The interest rates and charges on these loans are best in class and very competitive.
Main features of the loans
✔ There is no guarantor required for loan
✔ Speedy approvals and loan processing with best delivery timelines.
✔ Easy documentation and doorstep service.
✔ Loan can be availed for business expansion, working capital as well as personal purposes like child's education or home renovation
✔ Enhanced transparency in loan processing where all charges are communicated in writing along with loan quotation.
✔ Repayment track record of home loans, auto loans and credit cards is good enough to avail a professional loan at HDFC.
✔ The maximum loan amount that can be availed is 20 lakhs and in some locations it is available at 50 lakhs.
✔ Loan tenure is available from 12 to 60 months as per the requirement and category of loan availed.
✔ Credit protect Insurance plan is also available at nominal rate which protects you from repercussion of defaults and your near and dear ones in case of natural or accidental death of the customer. The premium for this product is deducted from the loan amount at the time of disbursal.
✔ Balance Transfer: Customers can conveniently transfer their unpaid balance of loan unpaid to HDFC. Interest rates start from 12.99% and one time processing fee of 0.99% is charged on such transfers.
Documents to be submitted for availing loan
✔ Education qualification proof in form of certificate of the highest professional degree.
✔ PAN Card for all applicants
✔ Proof of your identity which includes Aadhaar card, Passport, Voters ID card, driving license or Pan Card.
✔ Proof of your address which includes Aadhaar card, Passport, Voters ID card, driving license or Pan Card.
✔ Bank Statement of the last 6 months
✔ Latest income tax return along with Balance sheet and Profit & Loss account for the last 2 years. Financials should be certified and audited by a Chartered accountant.
✔ Proof of continuation which includes tax returns, Trade license or Sales Tax certificate
✔ Other Mandatory Documents are certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of & Board resolution.
Details of Charges by HDFC Bank
✔ Rack rate interest rate range is 14.5% to 15.50%.
✔ Loan Processing charges are upto 2.5% subject to minimum of Rs. 1000 and maximum of Rs.75,000.
✔ There are no prepayment charges until 6 EMIs and thereafter depending upon the lapsed duration charges range from 2% to 4%.
✔ Late payment charges are levied @24% P.A on amount outstanding from the date of default.
✔ Stamp Duty charges are charged according to the applicable law
✔ Cheque swapping charges are fixed at Rs. 500 for each instance
✔ Amortisation charges are Rs. 200
✔ Cheque bounce charges are again fixed at Rs. 550 per bounce
✔ CIBIL report copy charges are Rs 50 per copy.
Apart from loan for professional, HDFC has a large gamut of financial products and services that include the following:-
➤Two wheeler loan
➤Forex dealings and exchange
With host of products and services, HDFC is a complete package for all your finance needs. Be it putting your savings into safe hands or taking a loan for any of your important requirement. We at www.letzbank.com bring HDFC products within your easy reach. You can compare and choose from various loan options under different categories to make the best decision according to your need and requirement.