Is it important to meet Eligibility Criteria to avail of HDFC Personal Loan?
HDFC bank personal loan is an unsecured loan, which means that you are not required to put anything as a security against the loan. Hence, this puts the bank in a delicate position. They evaluate your profile based on many factors such as the net monthly income, credit score, etc. Though, before applying for a personal loan you need to be sure about eligibility.
What are the Eligibility Criteria for an HDFC Personal Loan?
HDFC personal loan has flexible eligibility criteria based on various factors. Following are the generic eligibility requirements on which you need to stand on to make sure that the application is complete:
- Age: An applicant’s age should be a minimum of 21 years and a maximum of 60 years at the time of personal loan application.
- Working Experience: A borrower should have at least 2 years of working experience and must be working in the current organization for a minimum of 1 year.
- Employment: A borrower should be either self-employed or a salaried individual working with a private or a public-sector undertaking like central, state or local bodies.
- Income: Applicant must have a minimum net income of Rs. 15,000. In case he/she is residing in the city metro like Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad, Kolkata and Cochin, the income should be a minimum of Rs. 20,000 per month.
Here a few ways that will help you to boost your loan eligibility.
1. Pay Off all Existing Loans
When you apply for a personal loan, make sure you do not have any other loan payments in line. If there are other loans to pay for, then your loan repayment capacity becomes a risk for the lender as you already have to pay other EMIs at the end of each month.
2. Choose Longer Repayment Term
When you choose a longer tenure, it increases your eligibility. A longer tenure shows that you can repay the loan for a certain time in the future. You can always use a personal loan EMI calculator to plan your EMIs.
3. Pay Your Credit Card Bills on Time
Paying credit card bills on time reflects that you are disciplined when it comes to making payments. This can boost your eligibility.
4. Maintain a good Credit Score
Of all the set criteria, the credit score is the most important factor which lenders focus on. If you have an impressive credit score for a regular period, then the banks consider you as a credible applicant and not a risk.
5. Residential or Commercial Rental Income
If you have any residential or commercial property on rent then the rent you earn from it is known as rental income. A rental income is a good add-on to your existing financial situation when you apply for the loan.
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