1209079 SIP myths you must know!

Getting loans from the country’s largest private sector lender, the HDFC Bank, has just turned costlier. Now, the minimum rate of interest that one would have to pay on HDFC Bank home loans is 8.70 per cent. While, on auto loans borrowers would have to pay minimum of seven per cent rate of interest. Two wheeler loans would now start from minimum of 14.50 per cent interest rate. While, on personal loans, one will have to pay minimum of 10.50 per cent interest. Borrowers with bad credit score will have to pay even higher interest rates.

HDFC Bank Home Loans will now start from 8.70 per cent RoI

Both salaried individuals and professionals can get home loan with HDFC Bank at 8.70 per cent rate of interest. Borrower’s minimum monthly income should be Rs 10,000.

Borrowers can also get loans at this rate of interest for renovating their house or house construction and also for purchase of plots. Rates will off-course be tied up with their credit score. Lower credit score would mean higher interest and vice-versa.

There are lot of different housing loan schemes that you can exploit while applying with the lender. Each scheme had different conditions regarding borrower’s credit score and repayment tenure.

HDFC Bank has hiked rate of interest on loans:

*HDFC Bank’s website

HDFC Bank Personal Loans will now start from 10.50 per cent RoI

Those who are looking for personal loan can get for as low as 10.50 per cent with the private lender. If the borrower’s credit score is bad, HDFC Bank personal loan interest rates can go up to as high as 24 per cent. Borrower must have a minimum credit score of 650 to become eligible for personal loans with the private lender. Borrower’s minimum monthly income should be Rs 25,000.

HDFC Bank Auto Loans will now start from 7 per cent RoI

As far as HDFC Bank’s auto loans are concerned, one can get that at interest rate of as low as seven per cent. HDFC Bank is currently offering up to 100 per cent financing on select models with flexible repayment period of up to seven years on auto loans. Borrower’s minimum monthly income should be Rs 25,000. There is no requirement of minimum credit score for auto loans. But according to the bank’s website, credit score of 750 is “generally considered excellent.”

HDFC Bank 2W Loans will now start from 14.50 per cent RoI

While, one will have to pay 14.50 per cent interest rate on two wheeler loans with the private lender. Borrower’s minimum monthly income should be Rs 10,000. He will be allowed to payback the loan amounts in maximum of four years tenure. Credit score criterion are similar to that applied in case of car loans.