How to Get Personal Loan from HDFC Bank?

Get Personal Loan from HDFC Bank

If you are a salaried employee with HDFC bank, you can apply for a personal loan online. This process is fast and easy. In addition, the bank offers pre-approved instant loans that are disbursed within seconds.

IndiaLends has a tie-up with HDFC Bank, which helps you get personalised personal loans that fit your profile and budget. The company takes into account your income, creditworthiness, and existing financial commitments.

Online application

If you are in need of a personal loan, you can apply through the bank’s online portal or visit a branch to get your application processed. However, be aware that the bank may request verification of your identity, income, employment history, credit score, and more. The process can take several days or even weeks depending on the number of applications the bank receives.

A personal loan from HDFC bank is a great way to meet unexpected expenses. Whether you need it to pay for a medical bill or cover your child’s tuition fees, this loan will help you stay ahead of the curve. You can also use this loan to consolidate your debts and save money on interest rates.

Calculating your EMIs is simple with HDFC’s personal loan EMI calculator. You can find out how much you should be paying each month by entering the loan amount and tenure. This tool can be found on MyMoneyMantra and will give you complete amortization schedule.

Requirements

If you are planning to get a personal loan from HDFC bank, then you must meet all the requirements. These include your income level and credit score. Moreover, you must submit all supporting documents to the bank. This process will take some time. However, if you are not eligible for the loan due to your low income level or credit score, you can bring in a co-borrower to increase your chances of getting the loan.

Salaried applicants who earn at least Rs 25,000 per month can avail this loan. Self-employed applicants are also eligible for the loan, but they must be able to prove their income. They should have a minimum of 2 years of work experience and should be employed with their current employer for at least 1 year. Moreover, the applicant should be an Indian citizen. The bank also considers your employment profile and credit history when evaluating your loan eligibility. Moreover, the lender will not approve a personal loan to people who have recently changed their jobs.

Interest rates

HDFC Bank personal loan interest rates are one of the best in the market. You can calculate your monthly instalment using the bank’s online EMI calculator, which will help you plan your repayments with ease. The calculator allows you to enter the loan amount, loan tenure, and interest rate and will show you the result immediately.

The bank offers different personal loan schemes for salaried individuals and self-employed professionals. The bank also offers unsecured personal loans for sApplicants who earn above Rs 25k per month are eligible for HDFC Personal Loans. students and home buyers. Its personal loan eligibility criteria take into account various aspects, including the applicant’s credit score and income.

A nominal premium will be deducted from the loan amount at the time of disbursement. You can prepay your loan after paying 12 EMIs.

Documents required

If you are planning to take a personal loan from HDFC Bank, you will need certain documents. These include proof of identity, proof of residence, and a credit score. The credit score reflects how well you have handled your previous loans. It can affect your chances of getting the loan amount you need.

The bank also considers the monthly income of the applicant when deciding to approve or reject a personal loan application. Applicants earning high income are considered preferred customers and receive lower rates of interest than those with smaller salaries. Those with good CIBIL scores are more likely to get a higher loan amount than those with poor credit histories.

The current employer of the applicant should feature in the company category list of HDFC Bank for the bank to process a personal loan application. Applicants working with sole proprietorship companies or partnerships are not eligible to apply for this loan. The process for a personal loan is efficient and streamlined, especially for those who have a relationship with the bank.

Leave a Comment

   
Image not found