If you need quick funds and do not own assets to act as collateral, personal loans can be a smart option. The loans do not need any collateral and get disbursed instantly. Before applying for HDFC Bank personal loan, it is essential to know about eligibility criteria, documents required and other fees to compare and get the best offer according to your budget:
HDFC Bank personal loan eligibility criteria
- Age: You must be between 21 years to 60 years old.
- Income: Minimum salary of at least ₹25,000.
- Employment: Both salaried and self employed professionals are eligible to apply for the loan.
- Work experience: You need to have at least 2 years of work experience and minimum 1 year of experience in the same organisation.
Note: The eligibility criteria may vary depending on your overall profile as well as the bank’s policy.
HDFC Bank personal loan documents required
Note: The bank may require you to provide additional documents based on your overall profile as well as the amount you wish to borrow.
In conclusion, it is important to maintain a low debt utilisation ratio and a high credit score above 650 in order to improve your loan approval chances as well as attract low interest rates on your loan. Personal loans usually attract higher interest rates as compared to other loans in the market. Hence, before you decide on applying for the loan, it is important to explore other options available to you so that you can make the best choice which suits your budget.
Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.