To get fast approval and disbursal, HDFC Bank Personal Loan is a perfect choice to confront financial crises. At HDFC Bank, you can take out Personal Loans up to Rs. 25 lakhs without pledging any collateral and use the cash to pay medical bills, go on a vacation, renovate your home, marry, etc. The bank allows borrowers to pay off the loan amount as per his/her convenience across a flexible tenure of up to 5 years.
HDFC Bank Personal Loan Eligibility Criteria
The following are some fundamental eligibility requirements that you got to bear in mind to check when applying for an HDFC Bank Personal Loan:
Your income of every month must be at least Rs. 25,000.
You should be at least 21 years old and your maximum age should not exceed 60 years at the time of your Personal Loan application.
You should be personnel of a private limited company or an employee of a public sector undertaking that has central, state and native bodies.
You should be functioning with your current employer for at least 1 year and must have an overall experience of at least 2 years at the time of Personal Loan application.
HDFC Personal Loan 2021 Eligibility Calculator
The HDFC Personal Loan Eligibility Calculator is a smart tool that can assist you excellently in checking out your eligibility for an HDFC Personal Loan 2021. This is a highly precise and easy-to-use tool. But, to get accurate outcomes, you will need to provide certain details like:
Net Monthly Income - It refers to your ‘take home’ income earned by you in a particular month.
The rate of interest - Provide the rate of interest of the actual HDFC Personal Loan 2021 that you would like to avail.
Other EMIs - If you've got the other liability currently in form of EMIs or rent outflow, provide the entire amount within the appropriate space provided within the HDFC Personal Loan Eligibility Calculator.
Personal Loan Tenure – Key in the HDFC Personal Loan 2021 tenure in months across which you would like to pay off the loan to the HDFC Bank.
How to Enhance HDFC Personal Loan 2021 Eligibility?
Just in case, you do not qualify for HDFC Bank Personal Loan 2021, do not take stress, instead, consider working on the enhancement of your eligibility for the same:
Choose the loan amount wisely – you can apply for Personal Loan amount post assessing your repayment capacity. Thus, it's necessary to apply for a loan amount that you can simply pay off across the loan tenure without hampering your monthly expenditures.
Pay your existing credit card bills and loans – prior to applying for an additional loan, ensure that you pay your existing outstanding debts (credit card bills and loans) to extend your debt-to-income ratio. This is because, if you're already paying multiple EMIs, your creditworthiness is already lowered which lowers the probabilities of another loan being sanctioned.
A healthy credit score - Your credit score is a single image of your past repayments and financial behaviour story which influences your eligibility the foremost. If your credit score is good, you've got more chances of being eligible for a Personal Loan. If you've got a low credit score, you either won't be eligible or could end up getting a higher rate of interest.
Don’t apply for Multiple Personal Loans with several banks simultaneously - If you think that applying with multiple lenders at the same time boosts your chances of getting a loan, you're retaining a myth. Whenever you apply for Personal Loan, it gets recorded in your credit report as a hard inquiry and is additionally visible to moneylenders. If you apply with multiple lenders simultaneously, you seem to have a bad appetite for credit which conversely affects your eligibility for a Personal Loan.
The Bottom Line
To conclude, HDFC Personal Loan 2021 is one of the best Personal Loan products out there in the personal credit space. Although, you should not consider applying for it without checking your eligibility as you can end up with lowering your credit score and overall image. Instead, use HDFC Personal Loan Eligibility Calculator to determine and apply ideally and smartly.