Personal loans are offered by HDFC Bank for self-employed and salaried individuals. You can quickly check the personal loan eligibility online. If you have an HDFC Bank account, you can use NetBanking to check your eligibility for a pre-approved loan. HDFC Bank procedures are transparent, quick, and painless if you are a new customer.
Features of HDFC Personal Loan for Self-Employed
Get the key features of HDFC Bank Personal Loan for self-employed individuals:
- Get a personal loan in a short duration: One should check eligibility in one minute online and select the branches for the personal loan eligibility calculator. One can also get funds in 10 seconds if there are pre-approved HDFC Bank customers. The other customers can get a loan within 4 hours. The loan amount will approve in just one working day of document submission.
- Apply for an online personal loan: HDFC Bank has simplified the personal loan application process. One can make an online personal loan application in just a few clicks
- Personal Loan for your every need: Whatever your reason for needing a personal loan, HDFC Bank can tailor a solution for you. You can take advantage of discounted rates, charges, and offers if you currently have an HDFC Bank account. Customers who are taking out their first loan with HDFC Bank can take advantage of a variety of perks. Enjoy the freedom to choose a term that works for you and repay the loan in manageable EMIs (check out our Personal Loan EMI Calculator).
- Save money with Personal Loan Balance Transfer: Reduce your EMI on the Personal Loan by transferring the balance to HDFC Bank – Personal Loan Balance Transfer
- Flat processing fee of Rs 3,999 including GST on current loan transfers with interest rates as low as 10.40%.
- Apply today to transfer your loan balance.
- The application process for personal loans has been streamlined. In only a few clicks, you may apply for a personal loan online.
Eligibility criteria of HDFC Bank Personal Loan
Listed below are the following eligibility criteria of HDFC Bank Personal Loan for Self-Employed:
- The employee must be working in private limited companies, employees from public sector undertakings, and also includes central, state, and local bodies.
- Applicants must have the age criteria of a minimum of 21 years and a maximum of 60 years for the loan approval.
- Individuals must be having a job for at least 2 years, for a minimum of 1 year in the current organization.
- Individuals must earn a minimum of Rs. 25,000 net income per month.
Interest rates and charges
Listed below are HDFC Bank Personal Loan Interest Rates and charges:
| Fees and other charges | Amount to be paid |
| Interest Rate | Salaried – 10.50% to 21.00% |
| Loan Processing Charges | It must be up to 2.50% of the loan amount for a maximum of Rs. 25,000 for salaried customers |
| Stamp Duty & Other Statutory Charges | As applicable to the bank |
Documents required for applying for HDFC Bank Personal Loan
If you are applying for HDFC Bank Personal Loan 2021, you need to submit these key documents mentioned as under:
- Proof of identity (copy of passport, voter ID card, driver’s license, or Aadhaar)
- Proof of address (copy of passport, voter ID card, driver’s license, or Aadhaar)
- Bank statement over the last three months (Passbook of previous 6 months)
- Two most recent payslips/currently dated pay certificates, along with the most recent Form 16.
Factors affecting HDFC Bank Personal Loan Eligibility
These factors may help you to avail HDFC Bank Personal Loan eligibility criteria which are as follows:
- Age – As previously stated, personal loans are not available to applicants under the age of 21. These individuals are thought to be excessively dangerous, and there’s a chance they won’t be able to meet the loan’s income requirements. Applicants above the age of 60 are also not eligible for the loan because they may not have a consistent source of income.
- Net Monthly Income – Your net monthly income indicates how easily you will be able to pay back your loan EMIs. The more money you make, the more likely you are to be able to pay your EMIs. As a result, you may be eligible for a larger loan.
- Work Experience – You are more likely to get reasonable pay if you have worked for the same company for at least two years. It’s possible that you’ll continue with the same company for a longer period of time. In this manner, you’ll have a steady income throughout the repayment period.
- CIBIL Score – Most banks are more likely to consider you for a loan if your credit score is above 750. You have an excellent payback history for past loans if you have a score like this. As a result, you are a more dependable borrower.
- Residential Status – If you live in your own home, you have a better chance of getting a personal loan. The fact that you will not be paying any amount of your money as rent is one of the key reasons behind this. This means you’ll have more money left over to cover your monthly loan installments. Furthermore, unlike a borrower who can quickly abscond from his or her rented housing after failing to pay an EMI, you would be immediately traceable at your permanent dwelling.
- Employment Type – An HDFC personal loan is more likely to be granted if you are a salaried or self-employed individual with a consistent income.
Conclusion
It is concluded that you can check the list of eligibility checks for availing HDFC Bank Personal Loan. You can also check the interest rate, repayment tenure, and other details required for the loan. If you are a self-employed individual, you need to submit some essential documents and factors affecting the eligibility. This might be simple to apply for a loan when you contact Afinoz.com and get instant benefits.
