HDFC Bank personal loans can be availed by salaried and self-employed individuals in India. If you are a customer of the bank, you can check your eligibility for the HDFC personal loan through the netbanking portal. Once you fulfill the eligibility criteria, you can get up to Rs.40 lakh as loan with a repayment tenure of up to 60 months.
|Age||21 - 60 years||21 - 65 years|
|Minimum Income||Rs.15,000*||Rs.5 Lakh p.a.|
|Co-applicant||Not mandatory||Not mandatory|
|Loan Tenure||12 – 60 months||12 – 60 months|
|Maximum Loan Amount||Rs.40 Lakh||Rs.40 Lakh|
|Employment Type||Employees of private limited companies and public sector undertakings||Self-employed individuals|
|Employment/Business Continuity||At least 2 years; minimum 1 year with current employer||4 years Post Qualification experience for Doctors/ Chartered Accountants.
5 years Post Qualification experience for Company Secretary / Architect.
|CIBIL Score||750 and above||750 and above|
|Residential Status||Resident Indian staying in own house or a rented house|
*In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000
|Interest Rate||11.25% - 21.45% p.a.|
|Loan Amount||Rs.50,000 – Rs.40 lakh|
|Loan Tenure||12 months – 60 months|
Here are some ways in which you can get a personal loan with a low credit score:
Yes, this is possible. When applying for the second loan, the bank will check if you have a good net monthly income after the deduction of your liabilities. If the bank sees that you are able to comfortably repay the EMIs for your second loan, your application may be approved. However, it is advisable to refrain from applying for multiple loans at the same time. Some lenders may also reject the second application. The thumb rule is that your existing loan repayments should take up less than 40% of your net monthly income.
For pre-approved loans, the funds are disbursed within 10 seconds. For non-HDFC Bank customers, the loan amount will be disbursed in 4 hours. Please note that this is also based on the terms and conditions of the lender.
HDFC personal loan is an unsecured loan. This means that you will not be required to provide a collateral. In case you have a poor credit score, you can make a proposal to the bank regarding the attachment of a collateral to the loan. This way, the bank may consider you for a loan, in spite of your poor credit history. However, this is totally based on the terms and conditions of the lender.
A pre-approved personal loan is offered by HDFC Bank to existing customers who have a good credit history. Initial analysis of the customer’s financial standing is done, and his/her repayment history is checked. You can check with the bank whether you are eligible for a pre-approved loan. Sometimes, the bank will call you to inform you of the same. In a nutshell, if you are a long-standing customer of HDFC Bank with an excellent account balance, a good savings history, and decent repayment records for previous loans, you are highly likely to secure a pre-approved loan.
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