Personal loan is one of the popular loan options among customers to achieve the inancial needs. Among these options, several borrowers prefer to opt for a HDFC personal loan. But there is one important thing which is important for borrowers to know before opting for this facility — Eligibility. A lot of people have this common question about their eligibility before applying for an HDFC personal loan. Simply put, your personal loan eligibility decides what is the maximum loan amount you can take from HDFC Bank.
In this article, we will be telling you about one efficient tool that can give you an estimate about your personal loan eligibility. This tool is known as the HDFC personal loan eligibility calculator. With this tool, on feeding a few details, you will get the maximum personal loan amount instantly. You must have been thinking what is the need to use this tool? Well, when you have an estimate about the maximum loan amount, you can decide whether it would be suitable or not according to your repayment capacity and overall need. So, if you are looking to opt for an HDFC personal loan, and want to know about this tool, keep reading.
How to use HDFC Personal Loan Eligibility Calculator?
As we told this tool helps you in estimating the personal loan amount you can take. So how can you use it? Well, there are a few basic details that you will need to feed in. These details are your residing city, Date of Birth, monthly income, and monthly expenses. As soon as you feed these details into the tool, you will get the eligible HDFC personal loan amount. Let’s understand this through an example.
Let’s say an individual living in Delhi wants to opt for a personal loan. His net monthly income is INR 50,000 and his monthly expenses are INR 24,000. So, on putting these details into the HDFC Personal Loan Eligibility calculator, you will get an eligible personal loan amount of INR 7,50,000.
You must understand this fact that the result from this tool is only indicative and not final. HDFC will look at other factors and then decide the final personal loan amount for any individual. One of the most important factors that determines your eligible loan amount is the Monthly Income. The higher your monthly income, the higher could be your loan amount and vice versa. There are a few other factors that determine your personal loan eligibility. We are showing some of them below. Have a look.
Monthly Income
As we said that higher income could get you a higher loan amount. Let me tell you why? When you opt for an HDFC personal loan, you need to repay the loan amount via EMI. So, you will be paying the EMI from your income only. When you have a higher income, you can set off a higher amount towards EMI. But you need to remember that if you are having high existing obligations, you may not get a higher loan amount.
Residing City
Lenders also decide the loan amount based on the city an individual is residing. The maximum loan amount can vary from one individual to another based on the city he or she is living in. You also need to remember that the minimum income criteria tends to be higher in metro cities as compared to non-metro cities.
Employment Type and Job History
HDFC personal loans can be taken by both salaried and self-employed individuals. To opt for a personal loan from HDFC, an individual must have a total work experience of 2 years and apart from this, he must be working in the current company at least for the last 1 year.
Existing Obligations
Higher existing obligations in the form of Credit Card or Loan EMIs can deter your personal loan amount as a part of your monthly income is already going towards the repayments of other obligations.
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