HDFC Bank offers personal loans so that you can meet unexpected financial needs. You can borrow money from HDFC Bank if you meet the eligibility criteria. Well, the bank has simple eligibility criteria. If you meet the same, the approval remains a formality then. For more information about the HDFC Personal Loan Eligibility, continue reading the page below.
Regular Employment Necessary for HDFC Personal Loan Eligibility
You need to have a stable job to get HDFC Personal Loan. As per the bank’s criteria, employees of private limited companies and public sector undertakings (PSUs), including central, state and local bodies, are eligible. And you need to have at least two years of work experience in the current sector.
If you don’t meet this criterion, HDFC Bank will inevitably deny your loan request and communicate the same to you via SMS or email.
HDFC Personal Loan Age Criterion for the Borrower
People aged between 21 and 60 years are eligible to apply for HDFC Personal Loan. Age plays an important role in your loan eligibility. As the bank won’t lend money to an underage or overage applicant due to their irregular source of income.
An applicant aged 21 years is likely to have a stable job and a regular source of income. And at maximum one can earn a handsome income till the age of 60 years. Beyond this, most people retire. So, HDFC has fixed 60 years as the maximum age limit for a personal loan.
Need Minimum INR 25,000 Monthly Salary for HDFC Personal Loan
According to the eligibility criteria of HDFC Bank, the borrower needs to have a minimum salary of INR 25,000. To prove your income, you need to submit the following documents –
- Salary slips
- Bank statement
- Passbook copy
Using the above documents, the bank cross-checks your income. If the bank finds any fraud or misinformation in your documents, it can reject your loan request immediately. To avoid such situations, submit the right documents and mention the correct details on your application.
Does a Co-borrower Help Get HDFC Personal Loan?
Yes, you can enhance your HDFC Personal Loan Eligibility by getting the loan jointly. Because when you borrow an HDFC Personal Loan jointly, there will be shared risk. You’re not the only person who’ll be eligible for the repayment. The co-borrower shares the same too.
In a joint loan, the co-borrower repays the remaining loan balance if the primary is unable to do so. With the example below, you’ll understand it better.
Karan wants to borrow a loan of INR 4 Lakh. But he isn’t able to meet the loan requirements. So, he decides to borrow it jointly. Now, Karan and Sanjana borrow HDFC Personal Loan of INR 4 Lakh at an HDFC Personal loan interest rate of 14.005 per annum for five years.
After three years of smooth repayment, Karan isn’t able to repay the remaining EMIs due to the loss of his job. So, in a situation like this, Sanjana completes the repayment.
So, as you can see if Karan applies for HDFC Personal Loan individually, there is very less chance of getting him approved due to the eligibility criteria set by the bank. And if somehow his loan request is approved, he may find it hard to repay. But he can avoid all this by borrowing HDFC Personal Loan jointly.
How to Apply for HDFC Personal Loan?
You can apply for HDFC Personal Loan by following the below steps –
- Visit the official website of HDFC Bank
- Go to the product section and select a personal loan
- After that you’ll see a ‘Apply Now’ button on the page, click the same
- Fill in your details
- Upload KYC and income proof and submit the application
Wait for the bank’s response. You’ll receive a confirmation email or SMS shortly.
