HDFC personal loan eligibility: loan types, factors impacting & how to improve
HDFC personal loan is a suitable loan option to face financial distress as it ensures instant approval and loan disbursal. At HDFC bank, you can take up a personal loan of up to Rs 40 lakh without security or collateral and use the funds to renovate your home, for medical bill payments, get married, go on a vacation trip etc. Eligible loan proceeds offered to you can simply be repaid according to your convenience with repayment tenure, which goes up to 5 years.
HDFC personal loan eligibility criteria
The following few major eligibility criteria considerations that applicants must keep in mind at the time of HDFC personal loan application submission are:
∙ You must be at least 21 years of age, and your maximum age limit must be 60 years when placing the personal loan application.
∙ You must be employed with a private limited company or public undertakings that involve state, government bodies, central etc., to qualify for the loan.
∙ You must work with your present employer for around a year and must hold an overall work experience of 2 years when placing the loan application.
∙ Your minimum monthly income should at least equal Rs 25,000.
For any queries or questions, you can contact the HDFC personal loan customer care. The customer care department will surely provide you with appropriate answers to all your queries. In case you have applied for a personal loan through HDFC bank and are eager to know about HDFC personal loan status, then also you can contact the HDFC personal loan customer care.
HDFC personal loan against an asset
Smart draft – overdraft against the salary
With HDFC’s facility of pay, as you use an overdraft credit option, you can get approval for a loan amount of up to 3 times your annual salary. No matter what overdraft amount has been assigned, you require paying the interest for just the amount you utilize. You can foreclose your overdraft against salary choice anytime without bearing any foreclosure charges.
∙ You must have an HDFC bank corporate salary account with the regular salary credits.
∙ Your monthly income must be at least equivalent to Rs 25,000.
∙ Company that you work with must be on the approved list for overdraft option provision.
Personal loan eligibility calculation
A personal loan eligibility calculator on most financial online lending applications can assist you to know if you are eligible for HDFC bank personal loan through the online route. A personal loan calculator is simple to use and asks for certain info like loan amount requirement, occupation type, monthly income, current city, mobile number etc., to know about your personal loan eligibility with the concerned bank.
How can you improve your personal loan eligibility to avail of the loan through HDFC?
∙ A strong credit score: Your credit score is nothing but a reflection of your previous repayments about your financial behaviour that influences your eligibility. If you hold a good credit score, you have a higher chance of availing of a personal loan. If you have no or low credit score, you will either not be eligible or may be charged with a higher rate of interest. Remember, your credit score must be at least 750 or above to be eligible for a personal loan at a low-interest rate.
∙ Select the loan proceeds wisely: You must apply for the personal loan proceeds after assessing your repayment capacity. Thus, it is crucial to apply for the loan amount that you can simply repay with the repayment tenure without impacting your monthly expenditures.
∙ Do not apply for multiple personal loans with different banks in a short time period: If you believe that applying with several lenders within a short timespan enhances your chances of availing a personal loan, then you are wrong. Each time you apply for a loan, it is recorded in your report in the form of a hard inquiry, which is visible to lenders. When you place an application with various lenders in a short duration of time, you appear to be credit hungry, which negatively affects your personal loan eligibility.
∙ Repay your existing loan EMIs and credit card bills: Before placing an application for a loan, make sure to pay your existing outstanding dues, i.e., loans and credit card bills to enhance your debt-to-income ratio. It is because if you already are paying several EMIs, your capacity repayment is already reduced, which lowers your chances of availing of another loan.
Personal loan FAQs
You joined your job last month. Are you eligible to avail HDFC bank loan now?
To get the HDFC bank personal loan, you must have minimal work experience of nearly 2 years with at least a year in the present company.
You repaid your car loan completely last month. Are you eligible for a personal loan?
Yes, of course, you can get the HDFC bank personal loan, provided you mitigate all the eligibility criteria set by the bank.
Your credit score equals 665. Previously, it was 550. Will you get an HDFC personal loan now?
A credit score equally to 750 or above is usually considered an excellent credit score and might assist you in availing personal loan more easily at a reasonable interest rate, provided you mitigate the bank’s other important eligibility criteria. However, a credit score below 750 can either make you ineligible for a loan or result in a higher interest rate on your personal loan.
What is the minimum salary required to avail of the HDFC personal loan?
Your minimum salary to get HDFC personal loan must be at least Rs 25,000.
How can you check your HDFC personal loan eligibility online?
You can approach online financial platforms and use their personal loan eligibility calculator to learn about your HDFC personal loan eligibility online.
A personal loan does not require any security or collateral and can be easily obtained with fewer documents. Like most loans, however, they should be repaid in the form of EMIs. You can utilize it to finance any expense, including your wedding, education, home renovation, trip, medical expenses etc. You can also use the fund to help yourself with daily expenditures in a situation of cash flow crunch.