As you know the bank has some requirements that you need to meet to apply for a loan. Same as that HDFC Bank has a few eligibility criteria that it has applied to its personal loan products. Why is it important to HDFC Bank? Well with this, the bank will know whether the borrower is capable of paying off the borrowed amount. An applicant who doesn’t meet the basic criteria will be more likely to default on a loan compared to the one who meets the eligibility criteria. Read this article on HDFC Personal Loan Eligibility and see what requirements you need to meet to borrow money from the bank.
HDFC Personal Loan Eligibility for Borrowers
Do you need a lump sum of money? By applying for an HDFC Personal Loan you will get the same. But check if you meet the eligibility as shown below –
Age of the Applicant
You need to be of a specific age group in order to qualify for an HDFC Personal Loan which is 21 to 60 years. Do you fall under this age group? If yes, you can apply for the loan. But this is only the first criteria for the HDFC Personal Loan. Let’s see why this is important. An applicant who is 21 years old or above can repay the loan and as he/she is at the age when they can earn regular income. So, due to stability in income, the bank has set these age rules for personal loans.
Applicant’s Job Type
Employees of a private limited company come under the list of Personal Loan Eligibility. This also includes the employees from public sector undertakings, and central, state and local bodies. And to check on the applicant’s job stability, the bank asks for documents like a salary slip, provided the date of joining is mentioned in it. A total of 2 years of work experience is required for a personal loan HDFC. And a one-year experience with the current employer. So, if you meet these requirements of HDFC Bank, it means you have cleared the second step of the Personal Loan Eligibility.
Income of the Applicant
Your income helps the bank identify your repayment capacity. Because from your regular source of income you will be paying the HDFC Loan EMIs. Check out the minimum income requirement of HDFC Bank below –
- INR 20,000 per month in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin
- And INR 15,000 per month for the rest
Your income requirement may vary depending on the amount you apply for.
Use HDFC Personal Loan Eligibility Calculator
Now that you are aware of the HDFC Personal Eligibility, use this online calculator of the bank to know your loan limit. Because INR 40 Lakh is the HDFC Bank limit, your limit of borrowing may differ. To use the online calculator, insert the following details –
- Company name
- Take-home income
- Work experience
- Age
- Present EMI
- Tenure for HDFC Loan
With all that information, the tool generates an amount. And if the amount satisfies your need, apply for the loan online.
How to Apply?
Now that you have known everything about the HDFC Loan Eligibility, so apply for the loan. Fill in an online application form and upload KYC and income proof. Wait for the bank’s response on your HDFC Personal Loan application. Till then track your loan application status online, if the loan is approved, the same will be reflected on your loan status. And if the loan request is declined, the reason for the ame will be mentioned in the online status.
So, if you meet the Personal Loan Eligibility, apply for the loan online and meet your financial need. If you are an existing customer of HDFC Bank, check whether you have a pre-approved loan offer.
