HDFC Bank Personal Loan Eligibility | HDFC Bank Personal Loan
HDFC Bank Personal Loan Eligibility Criteria
There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
| Age | Minimum 21 years |
| Maximum 65 years | |
| Nationality | Indian |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business |
| Minimum Income | Rs.4000 - Rs.20000 per month (Varies according to area, which is higher in cities) |
| Maximum Loan Amount | Rs.70 lakhs (Based on your repayment capability) |
| Tenure | Minimum – 6 months |
| Maximum – 60 months | |
| Credit Score | Preferred 750 |
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.
Documents Required for HDFC Bank Personal Loan
Important documents to be submitted while applying for personal loans
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for last six months
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
Factors Affecting HDFC Bank Personal Loan Application
Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
- Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
- Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
- Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
- Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
- Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
- Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.
HDFC Bank Personal Loan
Headquartered in Mumbai, HDFC Bank Limited is an Indian banking and financial services company. Being the largest private sector lender by assets, HDFC has 84,325 employees, 4,727 branches and 12,220 ATMs across 2,666 cities. It was ranked 69th in 2016 BrandZ Top 100 Most Valuable Global Brands.
HDFC Bank personal loan eligibility criteria for salaried and self-employed person
Age limit: Minimum – 21, Maximum – 60
Minimum Loan Amount for HDFC Bank Personal Loan:HDFC Bank provides personal loans starting from Rs.2 Lakhs
Maximum Loan Amount for HDFC Bank Personal Loan:HDFC Bank provides loans to a maximum of Rs.15 Lakhs
Minimum Salary Requirement for HDFC Bank Personal Loan: Minimum net income required for HDFC Bank personal loan is Rs.15000 per month (Rs.20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin)
Work experience Required for HDFC Bank Personal Loan
Number of years in current company: 1 months
Total work experience: Minimum 2 years
HDFC Bank Personal Loan Tenure: HDFC Bank offers loans for a tenure with maximum of 60 months
HDFC Bank Personal Loan Interest Rate: The interest rate for HDFC Bank personal loan is 14.75% to 20.70%
HDFC Bank Personal Loan Charges
Foreclosure charges:
Foreclosure of loan is not allowed up to payment of 12 EMI's. Thereafter 4% of Principal Amount + S.T.
- 13-24 Months - 4% of Principal Outstanding,
- 25-36 Months - 3% of Principal Outstanding
- More than 36 Months - 2% of Principal Outstanding
Duplicate No Due Certificate/No Objection Certificate (NOC): NIL
Charges for late payment of EMI: 24% per annum on amount outstanding from date of default
How can I get HDFC Bank Personal loan?
Personal loan Application Process for Existing Customers
Existing customers can apply for a HDFC Bank Personal online or visit a nearby HDFC Bank branch for the application. You can also download the home loan application form from the HDFC Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for HDFC Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.