How do I get a personal loan from HDFC bank?

How do I get a personal loan from HDFC bank?

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.

Check Eligibility:

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.

Document submission

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.

Add a Comment

Thanks for your comment. Your comments will be posted on admin approval.

Comments (0)
Check your Free Credit Score Online

As part of our efforts to make the end consumer services affordable and available at price points which are favourable to the customer, CreditMantri may receive fees / commissions from lenders.

CreditMantri ™ is a registered trademark of CreditMantri Finserve Private Limited. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Mantri are the property of their respective trademark holders.

CreditMantri was created to help you take charge of your credit health and help you make better borrowing decisions. We support customers with every kind of credit profile - those who are new to credit and have a minimal or nonexistent record; those who have a problematic history; and those who already enjoy a healthy profile. If you are looking for credit, we will make sure you find it, and ensure that it is the best possible match for you. How do we help you? We enable you to obtain your credit score instantly, online, real time. We get your Credit Score online and provide a free Credit Health Analysis of your CIBIL or Equifax report. Based on the analysis, we help you discover loans and credit cards best suited for your credit profile. We help you understand your Credit Profile, Credit Information Report (CIR) and know where you stand. We are a one-stop shop for all your credit needs. We make it easy for you to browse through and compare the various financial products on offer on the market; access our free and user-friendly online tools; and finally, enjoy a stress-free application process with quick approvals. We ensure that you have a better shot at getting an approval for a loan or credit card you apply since we match the lender’s criteria to your credit profile. We help you avoid loan rejection by carefully determining your eligibility and matching you with the right lender/product. We achieve this with a cutting edge combination of data science and technology that ensures that both lenders and borrowers have a transparent common platform to make their decisions. We treat your data with the utmost confidentiality and will never share or sell it to anyone. That is our CreditMantri guarantee. Our dedicated and best-in-class customer service will go the extra mile (or two) to support you on every step of your credit journey. Our 1 Million happy customers are our best testimonial.

CreditMantri is India’s No. 1 site for Credit Analysis and Free Credit Score Online. Let us help you take control of your credit goals and unlock the door to your financial freedom.