Salaried individuals can avail a personal loan up to Rs. 25 lakh from HDFC Bank to meet various personal financial needs. HDFC Bank personal loan interest rate starts at 12.50% p.a., are available with flexible repayment tenure of up to 60 months and are disbursed quickly with involve minimal documentation. Read on to know the detailed documentation requirements for a HDFC Bank personal loan.
HDFC Bank Personal Loan Documents Required
The following documents are required to avail a personal loan from HDFC Bank:
- PAN Card copy (Mandatory)
- Proof of Identity: Copy of Passport/Driver License/Voter ID card/Aadhaar
- Proof of Address: Copy of passport/Driving license/Voter ID card/Aadhaar, recent utility bill copy, LPG Book copy, etc.
- Proof of End Use (as per discretion of HDFC Bank)
- Certified Bank statement of last 3 months (Passbook of last 6 months)
- Last 2 salary slips/Latest salary certificate with the latest Form 16
Note: HDFC bank may ask for additional documents as deemed necessary based on the applicant’s profile.
Following tips could help you increase your chances of approval for a HDFC Bank personal loan:
- Building and maintaining a good Credit Score: Building and maintaining a healthy credit profile and a good credit score enables you to avail a personal loan more easily as it indicates a higher credit worthiness and lower risk of default.
- Knowledge of the lender’s eligibility criteria: You can improve your chances of securing a personal loan with greater ease if you know and meet all the eligibility criteria.
- Low credit utilization ratio: The ratio of the amount of credit availed to the available credit limit is known as Credit utilization ratio. Maintaining a low credit utilization ratio (generally 30% or lower) indicates a lower dependence on credit and a higher credit worthiness and thus, helps you to avail additional credit more easily.
- Steady job and stable history of employment: You can avail a personal loan more easily if you have a steady job (with a reputed organisation) and a stable employment history as it indicates personal and financial stability and better repayment capacity.
- Refrain from multiple simultaneous loan applications/enquiries: Avoid making multiple loan applications/enquiries with several lenders simultaneously or within a short period of time. It shows you to be credit hungry and also increases the number of hard enquiries on your credit report, which in turn may affect your credit score adversely and decreases the chances of approval of your personal loan.
Q1. How can I get a personal loan without documents?
If you have a pre-approved or instant personal loan offer, you can avail a personal loan with minimal or no documentation. This is because these loans are usually offered by lenders to their existing customers whose KYC details already exist in their database. Also, these loans offered to customers based on their income, repayment history, credit history/score, employment status, etc. and therefore, do not generally require submission of additional documentation.
Q2. Which proof of income is valid for HDFC personal loans?
Bank statements/ copy of bank passbook and Salary slips/ certificate along with the latest Form 16 are generally required by HDFC Bank for income proof.
Q3. Am I required to submit my original KYC documents when I apply for a personal loan from HDFC Bank?
No, you only required to submit photocopies (usually self-attested) of your KYC documents. It is however, advisable to keep the original documents handy in case HDFC Bank needs to cross-check the copies with original documents when you apply for a personal loan.
Q4. Will I get personal loan from HDFC if I have Aadhaar card?
Yes, Aadhaar Card can serve as a valid identity and address proof in case you wish to avail a personal loan from HDFC Bank. However, along with it you also need to submit other documents such as income proof and any other documents that the bank may require depending upon your individual applicant profile.
Q5. Do I have to submit my employee ID card copy while taking a personal loan from HDFC Bank?
No. You are not required to submit your employee ID card to avail a personal loan from HDFC Bank.