They have been mentioning that there is no processing fee or document fee for their loans. Even the call center executive talks like parrot that the interest is mere 0.99% ONLY. Here are the calculations: 0.99% per month means 11.88% per year.
So that is almost 12% per year. Over and above, for every EMI, the HDFC bank charges 12% service tax. So, when you calculate, the total charge comes around 13.5% which is no way a cheaper compared to personal loans for salaried which normally ranges from 13%. None of this information is being told but HDFC talks only about 0.99% per month as the figure looks small but not practically