Ensuring quick approval and disbursal, HDFC Bank Personal Loan is an ideal option to deal with financial crises. At HDFC Bank, you can avail personal loans up to Rs. 40 lakh without any collateral and use the money to pay medical bills, renovate your home, go on a vacation, get married, etc. The eligible loan amount offered to you can be repaid as per your convenience with tenure up to 60 months.
HDFC Bank Personal Loan Eligibility Criteria
The following are some key eligibility criteria considerations that applicants need to keep in mind when applying for a HDFC bank personal loan:
- You should be at least 21 years old and your maximum age should be 60 years at the time of personal loan application
- You should be an employee of private limited companies or employee from public sector undertakings that includes central, state and local bodies to qualify
- You should be working with your current employer for at least 1 year and should have a total working experience of at least 2 years at the time of loan application
- Your minimum monthly income must be at least Rs. 20,000, if you are living in Delhi, Bangalore, Mumbai, Hyderabad, Chennai, Ahmedabad, Kolkata and Cochin. If you reside in any other city or town in India, minimum salary required to be eligible for a HDFC personal loan is Rs. 15,000
HDFC Bank Personal Loan Against Asset
Smartdraft – Overdraft Against Salary
With HDFC’s pay-as-you-use overdraft loan, you can be approved for an amount up to three times your salary. No matter what the overdraft amount assigned, you need to pay interest only for the amount you use. You can even foreclose the Overdraft Against Salary anytime without any foreclosure charge.
Eligibility Criteria
- You should have a HDFC Bank Corporate Salary Account with regular salary credits
- Your monthly income should be at least Rs. 15,000
- The company you work with should be on approved list for overdraft facility
Eligibility Calculation
Personal Loan Eligibility calculator available on Paisabazaar.com helps an individual to figure out if he is eligible for HDFC Bank Personal Loan from the comfort of home or office. The personal loan eligibility calculator is easy to use and asks for some basic information like occupation type, loan amount, monthly income, mobile number, current city, etc. to check your eligibility with the bank.
Also Read: HDFC Personal Loan EMI Calculator
How to Improve Your HDFC Personal Loan Eligibility?
- A healthy credit score: Your credit score that is a reflection of your past repayments and financial behavior influences your eligibility the most. If your credit score is good, you have more chances of being eligible for a personal loan. If you have a low credit score, you either will not be eligible or might be charged a higher interest rate
- Choose the loan amount wisely: You must apply for a personal loan amount after evaluating your repayment capacity. Therefore, it is necessary to apply for a loan amount that you can easily repay within the tenure without hampering your monthly expenses
- Don’t apply multiple personal loans with various banks at a time: If you believe that applying with various lenders at the same time increases your chances of getting a loan, you are wrong. Every time you apply for loan, it gets recorded in your credit report as a hard inquiry and is also visible to lenders. When you apply with multiple lenders at the same time, you seem to be credit hungry which adversely impacts your eligibility for a personal loan
- Pay your existing credit card bills and loans: Before you apply for another loan, ensure that you pay your existing outstanding debts (credit card bills and loans) to increase your debt-to-income ratio. This is because, if you are already paying many EMIs, your repayment capacity is already lowered which decreases the chances of another loan being sanctioned
FAQs
Q1. What is the interest rate and processing fee of HDFC Bank?
The interest rate is 11.25%. The processing fees for HDFC personal loan is up to 2.50% of the loan amount subject to a minimum of Rs. 2,999 and maximum of Rs. 25000 for Salaried Customers.
Q2. Where can I find the nearest branch of HDFC Bank?
You can find the nearest branch of HDFC Bank
Q3. How long will it take to get my personal loan disbursed?
Once your personal loan application is approved, the loan amount usually gets disbursed to your account within 3 to 5 working days.
Q4. What is the minimum salary requirement to avail HDFC Bank personal loan?
Your minimum salary to avail HDFC Bank personal loan should be Rs. 15,000. However for those residing in metro and tier 1 cities like Bangalore, Delhi, Mumbai, Hyderabad, Chennai, Kolkata, Ahmedabad and Cochin need a minimum monthly salary of Rs. 20,000 to be eligible for HDFC Bank’s personal loan.
Q5. How to check my HDFC Bank Personal Loan eligibility online?
You can visit Paisabazaar and use the personal loan eligibility calculator to check your eligibility for HDFC Bank personal loan online.