Get Personal Loan in HDFC Bank
HDFC bank personal loans are a fast, competitive and transparent process. The documents required for a personal loan are simple and minimal.
HDFC bank will consider your employment type and monthly income while evaluating your personal loan eligibility. They will also check your credit score and other factors.
Eligibility criteria
When you need funds to meet urgent expenses like wedding expenses, vacation plans, home renovations or paying credit card dues, turning to a personal loan is a great option. However, before you apply for one, you need to understand the eligibility criteria for personal loans.
Net monthly income is an important factor for evaluating your personal loan eligibility. The higher your monthly income, the more likely you are to repay the EMIs on time. It is also important to consider the stability and growth of the company you work for.
Your CIBIL score is another crucial factor that determines your eligibility for a personal loan. A good CIBIL score indicates that you have been responsible with your past loans and credit cards. This improves your chances of getting a personal loan with HDFC bank.
Documents required
In order to get a personal loan from HDFC Bank, you need to submit certain mandatory documents. These documents include income proof, address proof, and a valid photo identity card. You should also have a clear photo of yourself. Moreover, all the documents should be self-attested.
Besides these, you will have to provide an ECS mandate or a standing instruction in your bank account to pay EMIs to HDFC Credila. You may also have to provide a guarantor in case of self-employed individuals.
To ensure that your loan application is processed quickly, it’s important to have an established relationship with the bank by opening a credit card or having a salary account. This will help you save time and effort when applying for a personal loan.
Interest rates
These rates are based on your income, employer, credit score, and other factors.
If you have a salary account or savings account with HDFC Bank, you can get a pre-approved personal loan at a lower rate. In addition, you can enjoy other benefits like credit shield and hospitalized accidental cover.
The loan amount that you can avail depends on the eligibility calculation of the Bank & your ability to pay back the EMI. For instance, doctors & dentists have a very stable source of income & hence are considered as prime customers for all banks. A person can also take a parallel loan on top of an existing personal loan.
Top up loan
If you have an existing personal loan with HDFC bank and wish to borrow more, you can apply for a top up loan. The amount you receive is consolidated with your existing loan and your EMI remains the same. The bank considers your eligibility criteria, income, and expenses to decide the loan amount. It also looks at your creditworthiness and repayment capability.
You can use a top up personal loan for any reason, such as medical bills, wedding expenses, or even vacations. However, you must fulfill the eligibility criteria and submit all required documents.
Diva loan is an HDFC Bank personal loan designed for women. This loan is available to women who earn a regular income and want to achieve their dreams. This loan is provided at attractive interest rates and flexible repayment periods.
Tracking your loan
If you are a personal loan applicant of HDFC Bank, there are several ways to track the status of your application. You can do this online or offline. To track your application, visit the bank’s website and find the “loans” section on the navigation bar.
When you apply for a personal loan, the bank pays special attention to your monthly income and expenses. They also take into account whether you live in your own house or in a rental property. This is because the less disposable income you have, the lower your repayment capability.
The bank also takes into consideration your employment stability and your family size. Its employees are well-trained to help you make the right decisions when applying for a personal loan.