Personal loans from HDFC Bank can be used in India by salaried and self-employed individuals. If you are a bank customer, you can verify your personal loan eligibility criteria through the net banking portal for the HDFC personal loan. You can obtain up to Rs.40 lakhs as a loan with a repayment period of up to 60 months once you fulfill the eligibility criteria.
|Age||21 – 60 years||21 – 65 years|
|Minimum Income||Rs.15,000*||Rs.5 Lakh p.a.|
|Co-applicant||Not mandatory||Not mandatory|
|Loan Tenure||1 year-5 years||12 – 60 months|
|Maximum Loan Amount||Rs.40 Lakh||Rs.40 Lakh|
|Employment Type||Employees of private limited companies and public sector undertakings||Self-employed individuals|
|Employment/Business Continuity||At least 2 years; minimum 1 year with current employer||4 years Post Qualification experience for Doctors/ Chartered Accountants.
5 years Post Qualification experience for Company Secretary / Architect.
|CIBIL Score||750 and above||750 and above|
|Residential Status||Resident Indian staying in own house or a rented house|
Factors Impacting HDFC Personal Loan Eligibility Criteria
- Age- As indicated above, the bank does not give applicants who are under 21 years of age personal loans. These applicants are deemed to be too risky and there are chances that the income requirement for the loan may not be met. Often, applicants above the age of 60 years are not eligible for the loan because they do not have a stable employment income.
- Net Monthly Income- Your monthly net income is an example of the ease at which you will pay the EMIs for your loan. The higher your earnings, the more likely the EMIs are to be able to honor you. Therefore, you can also get a higher amount of credit.
- Job experience: If you have worked for at least 2 years in the same business, you are more likely to receive a decent salary. Chances are that you can remain in the same business for long. This way, during the repayment term, you will have a guaranteed income.
- CIBIL Score- When you have a credit score above 750, most banks are more likely to accept you for a loan. Such a score means that for past loans, you have a strong repayment history. You are, thus, a more efficient creditor.
- Residential status- You are more likely to apply for a personal loan if you remain in your own home. The fact that you would not pay any portion of your income as rent is one of the key reasons for this. This means that the annual debt repayments would have a higher income left over for you. Besides, unlike a borrower who can easily abscond from his/her rented house after dishonoring an EMI, you can be easily reached at your permanent residence.
- Employment type: For an HDFC personal loan, a salaried or self-employed individual with a steady income is more likely to be accepted.
How to boost your chances of getting a personal loan from HDFC?
- Boost your credit score, which involves testing your credit score well before applying for a loan. You should evaluate and take steps to boost your credit history. To prevent under-utilization, use your credit card regularly. To have a favorable impact on your CIBIL score, you can also make your credit card repayments on time.
- Also, you will have to keep a healthy balance between secured and unsecured loans.
- If you apply for a personal loan in your 30s, you will have 5-6 years of work experience. Do not apply early in your career. This ensures you are financially secure with a healthy income. In this scenario, the odds of your loan application being accepted are better as compared to the loan application in your 20s.
HDFC Personal Loan
Aside from financial experts, there are other reasons for the high demand for a personal loan. A large number of personal loan lenders can be found in the financial sector, which makes HDFC one of the best banks in India.
All can use HDFC personal loan and it also provides additional benefits to pre-approved current customers of bank, low transaction fees are associated with HDFC personal loan, and there are several advantages that a borrower can obtain through the loan of HDFC Bank. Below, it lists several of them:
- Fast loan disbursement: As stated above, existing customers pre-approved by HDFC Bank will benefit from additional benefits that can include disbursement of a loan in the shortest possible period. Within a couple of hours, some will get the balance of the loan. To make it easier for you, after approval of the loan, HDFC Bank transfers the loan balance directly into your bank account.
- Quick loan processing: You can apply for an HDFC personal loan online, at an ATM, or by visiting the nearest bank branch. By this application process, the loan processing is made swift and convenient.
- Minimal documentation: fewer papers are necessary to process HDFC personal loans, so the time required for the HDFC personal loan paperwork and the processing time is much shorter than the other loans. It usually requires basic paperwork from the applicant.
- Lucrative interest rates: The interest rate for HDFC personal loans starts from 15.50 percent, but can differ based on various factors such as borrower profile, credit score, credit history, revenues, EMIs, loan amount used, repayment tenure, etc.
- Availability of loans: Anyone can use HDFC personal loans and can use them for any personal purpose, such as marriage, home renovation, education, utility bill payment, and others.
- Flexible repayment terms: With a flexible tenure ranging from 12 months to 60 months, a personal loan can be repaid fast. The tenure can be picked according to your readiness and convenience because of the flexible tenure.
In addition to providing low-interest rates, HDFC also offers free use of an online EMI calculator, which makes it easier for you to schedule your loan wisely. Depending on the amount of the loan used, income, tenure of the loan, and others, the HDFC personal loan interest rate can vary, as mentioned above. The following are some main factors determining India’s HDFC personal loan interest rate:
- Loan Amount- The amount lent from HDFC Bank by you.
- Income- The wage reveals the financial potential for repayment of the loan. The lower the interest rate on a personal loan that you get is usually the higher the pay.
- The existing relationship- HDFC offers exclusive rates, discounts, and charges to existing customers of the bank. India’s low HDFC personal loan interest rates would benefit those who have kept their accounts and have a good bank credit background.
- Loan maturity term- Flexible repayment tenure varies from 12 months to 60 months, as discussed above with HDFC personal loan. It also plays a major role in determining the HDFC personal loan interest rate.
Lastly, it is easy to meet HDFC Bank personal loan eligibility criteria. So, if you are looking for a personal loan then HDFC bank personal loan can be a good option for you. However, it is always advisable to check your loan eligibility with HDFC personal loan eligibility calculator.