If you are planning to apply for a personal loan from HDFC, it is advisable to first check if you are eligible before applying. It is possible to do this online on the HDFC website and get an idea of what your loan offer will be.
In order to qualify for an HDFC personal loan, you need to be
1.within a certain age range
2.demonstrate employment stability in terms of minimum number of years employed and number of years with current employer
3. have a minimum income ( which varies depending on your city of residence).
You can check online if you qualify for a loan with an ‘in-principle’ approval. You can use the Personal Loan Eligibility Calculator tool on the website to see if you are eligible. Alternatively, you can also visit a branch to check your eligibility and your In-Principle offer, before you decide to submit your application.
You will need to submit the following documents, among others, at the time of application, so it is a good idea to have them ready and updated before you apply.
1.ID proof ( documents could include copy of passport/voter ID card/driving license).
2.Residence proof (documents could include copy of ration card/telephone or electricity bill/rental agreement/passport).
3.Bank statements of the past 3 months or passbook updated for the last 6 months.
4.Latest salary slip with the latest Form 16.
You can apply online and upload the necessary documentation or you can visit any HDFC branch and submit your application with the requisite documents. Once you submit your application, you can track the status online.
Tips to keep in mind when applying for a personal loan
1.Obtain a copy of your credit report before you apply for a personal loan. Lenders place importance on your credit score and history when approving of a loan, so it is advisable to have a credit score of 750 or above to stand a good chance of being approved. 2.If you have a poor score, improve it before you apply so that you avoid the possibility of rejection and further damage to your credit health. If your application is rejected, you will find it even more difficult to have access to credit (loans and credit cards) in the future.
Check the interest rate and ensure that you will be able to repay the loan in full and on time. Since there is no collateral, the interest charged on personal loans is relatively high so that lenders can cover their risk. Use the EMI calculator to make sure that you will be able to repay the loan on time.