You must have heard it from the people around you that to get a personal loan, individuals need to go through certain eligibility criteria. Well, as you know individuals opt for a personal loan whenever they face urgent financial needs. HDFC Personal Loan is one of the popular loan options among customers because of several reasons such as its affordable interest rates, softer conditions related to eligibility, minimal documentation process, quick disbursal, etc. Other than this, an individual can opt for a personal loan from HDFC Bank for different purposes such as Travel, Education, Marriage, etc.
But as we mentioned in the introduction, individuals need to qualify a few conditions if they want to get a personal loan from HDFC Bank. If you are thinking about the reason behind it, let me tell you that since this is a personal loan, lenders make sure to provide a personal loan to those people who can repay it in a responsible manner. And their credibility can be checked by their eligibility criteria which is a set of conditions. In this article, we will be discussing everything related to HDFC Personal Loan Eligibility Criteria and other important aspects of this loan so that you can understand better. Keep reading!
HDFC Personal Loan Eligibility Criteria that You Should Know
HDFC Bank has fixed a few important conditions that are necessary for any individual to get a personal loan. These conditions are generally related to an individual's age, monthly income, employment type, etc. We are providing the eligibility conditions below that you can check!
Both salaried and self-employed individuals can apply for a personal loan from HDFC Bank without any problem. If you are an existing customer of HDFC Bank, you can check your eligibility by logging into your net banking account. If you are not an existing customer, you can apply via the official website of HDFC Bank.
Wondering about who can apply for a personal loan from HDFC? Well, you can be an employee of a private limited company, or from Public Sector Undertakings (PSUs) that includes Central, State, and Local Bodies.
The minimum age of an individual who wants to get a personal loan should be 21 years. Any person who is below this age cannot apply for an HDFC Personal Loan.
On the other hand, an individual can be as old as 60 years of age at the time of loan maturity. This means, if you are 58 years of age, you cannot choose a personal loan of 3 years as you will be 61 years of age at that time. So, remember this thing in your mind.
Individuals must have a total work experience of 2 years which means he or she should be working from the last two years. Also, from these two years, he or she should have been working in the current company for the last year. It means, suppose you have joined a new company, you cannot opt for a personal loan.
Coming to the minimum monthly income, this criterion changes from one individual to another according to the fact if he or she has a Salary Account in HDFC Bank. Customers who have an HDFC Salary Bank Account can opt for a loan with a minimum income of INR 25,000. On the other hand, people who don't have a Salary Account in HDFC Bank should have a minimum income of INR 50,000 per month to be eligible for HDFC Personal Loan.
If you keep all of these conditions in your mind before applying for a personal loan from HDFC Bank, you will have fewer chances to get a rejection by the lender. A lender will check all these conditions, and process your application accordingly.
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