HDFC Bank holds the position for offering personal loans in India and is a versatile financial tool indeed. If you’re looking to apply for an HDFC personal loan then it’s important to know that there are some eligibility criteria that you must fulfill. In this guide, we will present everything you will need to know regarding HDFC personal loan eligibility so that you are adequately prepared to achieve the requirements of this loan.
HDFC Personal Loan is the borrowing fund to meet your individual expenses
An unsecured HDFC personal loan is a loan offered by HDFC Bank to fulfil various personal financial needs. One of the reasons for them getting so popular are their quick approval process, their competitive interest rates and flexible repayment terms. Now, with HDFC’s personal loans, you can avail funds for wherever and whenever you need — be it for a medical emergency, wedding expenses or home renovation.
HDFC Personal Loans Key Benefits
- Quick Disbursal: It takes only hours to be approved and the funds are credited.
- Minimal Documentation: Easier application.
- Flexible Tenure: You can choose between a repayment term of 12 to 60 months.
- Attractive Interest Rates: At 10.25% per annum starting.
- Special Offers for Existing Customers: Benefits for HDFC account holders.
HDFC Personal Loan Eligibility Notifcation
HDFC Bank has also identified specific eligibility criteria for borrowers that the bank believes will be able to comfortably service the loan. Here are the primary factors:
1. Age
- Salaried individuals: 21 to 60 years
- Self-employed individuals: 21 to 65 years
2. Income
- Salaried individuals: Minimum income of ₹20,000 per month (by locations).
- Self-employed professionals: Annual income at the least of per HDFC’s guidelines.
3. Employment Stability
- For salaried people, one year of work experience is mandatory along with six months of experience in the company.
- For self employed applicants the current business needs to be a minimum of three years.
4. Credit Score
And if you’ve got a credit score of 750 or more, you’re significantly more likely to get approval. Even if your scores aren’t as high, you may still qualify and the interest rate you pay may be higher.
5. Existing Loan Obligations
In order to approve your loan, HDFC will take into account your debt to income ratio, to ascertain whether or not you’ll be able to handle the new loan along with your existing financial commitments.
HDFC Personal Loan Eligibility – How to Check
1. Online Eligibility Calculator
The HDFC personal loan eligibility calculator helps you with an easy to use calculator on their website. Put in your age, income and current EMIs and get an instant assessment.
2. Visit the Nearest Branch
HDFC branch can also be visited by you for a consultation.
3. Contact Customer Support
Keep in direct touch with HDFC’s helpline for complete guidance about your eligibility.
Personal Loan Documents Required by HDFC
To streamline the application process, ensure you have the following documents ready:
- Identity Proof: Aadhaar card, PAN card, voter ID or passport.
- Address Proof: Aadhaar card, utility bill, rent agreement etc.
- Income Proof: Salaried latest salary slips or ITR copy for self employed.
- Bank Statements: Last 6 months’ account statement.
- Photographs: Two fresh passport sized photos.
How to Increase Your HDFC Personal Loan Eligibility
- Maintain a High Credit Score: Check your credit score regularly and make improvements to your score if they’re out of control.
- Reduce Existing Debt: Increase your debt to income ratio by paying off existing loans or credit card balances.
- Stable Employment: Show that of you’ve been in job stability.
- Include a Co-Applicant: If you are one of the individuals with bad credit, adding a co applicant with strong credit profile can improve the approval chances.
Loan Rejection: Common Reasons
So when someone says ‘No,’ you’ll know what potential pitfalls they have in mind. Common reasons include:
- Low credit score
- Insufficient income
- Frequent job changes
- High existing debt
Conclusion
First getting to HDFC personal loan eligibility enables you to get the money you need to cater to your financial needs. You can make your application process smoother by meeting the outlined criteria and have the required documents ready. Irrespective of whether you are a salaried professional or a self employed person, HDFC’s personal loans have been a lending option you can rely upon when you aspire to fulfill your dreams. You can start by calling to check your eligibility today and take a step closer to financial freedom.
