Salaried individuals can avail a personal loan up to Rs. 40 lakh from HDFC Bank to meet various personal financial needs. HDFC Bank personal loan interest rate starts at 10.75% 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. Who is eligible to avail a personal loan from HDFC Bank?
The following categories of applicants are eligible to apply for a HDFC Bank personal loan:
- Individuals aged between 21 and 60 years.
- Employees of private limited companies and public sector undertakings, including local, state and central bodies.
- People with minimum work experience of 2 years, with at least 1 year with the current organisation.
- HDFC Bank Salary Account Holders: Should have a minimum net income of Rs. 25,000 per month.
- Non-HDFC Bank Salary Account Holders: Should have a minimum net income of Rs. 50,000 per month.
Q2. What is the minimum and maximum loan amount that I can avail on a personal loan from HDFC Bank?
You can avail a personal loan ranging between Rs. 50,000 to Rs. 40 lakh from HDFC Bank, provided you meet the bank’s eligibility criteria.
Q3. What is the tenure option available on HDFC Bank personal loans?
HDFC Bank personal loans come with a repayment tenure ranging between 12 to 60 months.
Q4. How can I apply for a HDFC Bank personal loan online?
You can apply for HDFC Bank personal loan online by visiting the bank’s official website, by logging into your net banking account or the bank’s mobile app (in case you are an existing customer). You can also apply for HDFC Bank personal loan through Paisabazaar.com, an online financial platform which will enable you to secure a personal loan more easily.
Q5. How long does HDFC Bank take to disburse personal loans?
Once all the required documents are received and verified and the loan is approved, the bank usually takes 3 to 5 working days to disburse the loan amount to your account. While in some cases it might take longer for HDFC Bank to disburse your loan, in case of special offers such as pre-approved loans, disbursal to your HDFC Bank account can be instantaneous.