When it comes to personal loans, HDFC Bank is one of the first choices of the people who are looking for funds without any hassle. The rate of interest offered by HDFC Bank is low and the loan amount is higher which makes it altogether a very attractive combination. From flexible tenure to the wider eligibility option, HDFC personal loans are the best for the times when you need money instantly.
The loan facility is available for the salaried customers only. There are many factors based on which the bank decides the eligibility for the loan.
For instance, if you are a young professional who works in a reputed organization and has a good monthly income, there are more chances that your application will be approved smoothly and you can get a lower rate as compared to those who have an average professional profile. Also, the credit score of the individual is also taken into account while providing the loan. The better the score is, the better is the possibility to get a good deal.
How to Apply for HDFC Personal Loan Online
You can apply for a personal loan at HDFC Bank both online and offline. However, online process is more convenient and time-saving. So, to apply online, you can follow the below steps:
Step1: A person must fill up the personal loan application form with correct personal, professional and loan details.
Step2: To get a hassle-free personal loan, a borrower must keep the required documents ready at the time of applying for a personal loan.
Step3: Once the above steps are completed, a person can submit the scanned documents along with the loan application form (with photos) online.
HDFC personal loan is an unsecured loan and there is no asset verification involved in the documentation process. So, the documentation required is lesser and hence the process is hassle-free and time-saving for sure. Here is the list of documents that you must have:
- Identity Proof – Voter ID Card/Driving License/PAN Card/Copy of Passport
- Address Proof- Copy of Ration Card/Telephone or Electricity Bill/Rental Agreement/Passport
- Last 3 months bank statements
- Last 6 months bank passbook
- Latest salary slip/current dated salary certificate with the latest Form 16
HDFC Personal Loan Eligibility
HDFC Bank offers personal loans on the basis of certain parameters which decide the loan amount and interest that they are going to offer to the applicant. Similarly, to get a personal loan with the desirable loan amount and attractive personal loan interest rates, you must have the below-mentioned eligibility criteria. If your profile matches the criteria set by the HDFC Bank, the chances of getting desirable loan amount and interest rates are higher for you, so let us have a look:
- The minimum age of the loan applicant is 21 years age
- The maximum age of the applicant is 60 years
- An individual must have 2 years of working experience wherein having 1 year of experience with the current employer is important
- The applicant must have a Net Monthly Income of ₹12,000/-. However, the Net Monthly Income should be ₹15,000/- if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin
Personal Loan Eligibility Calculator
Suppose you are working in a renowned company and earning an attractive salary of ₹80,000 monthly. So, after deducting all your necessary monthly expenses, you are able to save around 50% of your monthly income. Now, you want to know your eligibility for the personal loan.
Here, the bank would take into account your monthly saving of ₹40,000 which can be used to repay the EMIs of your personal loan. Now, if you can calculate your amount, tenure, and rate of interest, you can easily know the EMIs that you will have to pay every month.
Amount- ₹1 Lakh
Loan Tenure- 5 years
Rate of Interest- 11.29%-24%
Your monthly EMI will be- ₹2,189– 2,877
So, your calculation for personal loan would be-
₹1 Lakh x 40000/2189 = ₹18.27 lakhs and 1 Lakh x 40000/2877 = ₹13.90 lakhs
So, your personal loan amount eligibility will range between ₹13.90 lakhs- ₹18.27 lakhs.