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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Interest Rate | 10.50% - 21.00% |
Loan Amount | Up to Rs. 40 lakhs |
Repayment Tenure | Up to 5 years |
Applicant Age | 21 – 60 years |
Income Criteria | Salary Account in HDFC: Minimum Rs. 25,000 per month Salary Account in other banks: Minimum Rs. 50,000 per month |
HDFC Bank is one of the leading banks in India offering a number of financial products to its customers. The bank promises the best lending rates and other benefits to its customers. The application process is also very simple with a number of channels available for the applicants to apply for any loan.
A personal loan is a very handy financial tool for individuals looking for funds for any emergency need. A personal loan is an unsecured loan and hence does not need any collateral or security to avail the loan. Also, personal loans are processed very quickly and disbursed in a matter of hours. This puts the much-needed funds in the applicant’s hands swiftly.
Personal loans are sought for reasons like wedding expenses, vacation plans, home repairs and renovations, and other similar reasons.
HDFC Bank offers personal loans to salaried individuals. The following individuals are eligible to apply for a personal loan with HDFC Bank:
The primary criteria to determine your personal loan eligibility is your repayment capacity. The bank wants to ensure that you are able to repay the loan you have availed. The bank has a few different factors that show them your repayment capacity; like credit score, your income, your employment type, your employer, your current liabilities and assets, etc.
How does my credit score affect my personal loan eligibility?
Your credit score is a major factor in determining your eligibility for personal loans from HDFC Bank. A good credit score indicates that the history of repayments is good. There is a guarantee of a higher loan amount and lower interest rate. Banks consider a higher credit score to be an indication of creditworthiness. The eligibility of your loan amount and interest rate is greatly influenced by this.
Will my income ensure my eligibility for a personal loan?
A higher salary guarantees the payment of the loans on schedule. Banks offer higher-income people better rates of lending. Banks also prefer salaried employees because monthly salary ensures them their monthly EMI. However, note that your income is not the sole deciding factor. Despite having a high income, you may not be guaranteed a personal loan if other factors don’t work in your favour. Besides the income, you need to have a high credit score, low debt utilisation ratio to get a personal loan at affordable interest rates.
Your job and employer are also taken into consideration
Jobs with a trustworthy organization will definitely get you a decent deal on your HDFC Bank personal loan interest rates. Many banks have a list of accredited employers and trustworthy organizations they refer to when approving a loan. Employment stability and the flow of revenue to bankers is guaranteed by employment in these businesses. For larger sums of personal loans, you are then entitled to request an agreement at a lower interest rate.
Why do banks have an ‘Age Criteria’ for a personal loan?
Your age is also relevant; the age of the applicant plays an important role during the personal loan application process. The younger the borrower, the longer he'll have to pay back the loan. HDFC Bank personal loans are made available to those who are 21 years old. Unlike older candidates, loan sums and interest rates are granted for younger-generation applicants.
Do I need to be an existing customer of HDFC Bank?
Priority is often provided to banking customers with a long-term relationship, based on the fact that their credit record is easier to view. If you are a current HDFC Bank customer, the bank will be able to verify your account record, any recent credit transfers and your general financial status. Therefore, for personal loans, current customers are granted preferential interest rates.
Benefits of including a co-applicant on the loan
Add a co-applicant on your personal loan if possible; When you have another earning member of the household, don’t shy away from adding them as a co-applicant to the loan so that their income is also taken into account while filling up your personal loan application. If the income of both the borrowers is registered, the effect is a higher repayment potential and hence a lower interest rate.
Why are they asking for my existing borrowings and liabilities?
While determining the eligibility of your personal loan eligibility and interest rates, your existing debts and commitments play an important role. When you have outstanding loans or other obligations, the potential for repayment will be limited. For the lender, this is considered to be an elevated risk situation. More pressure will also be placed on it by the influx of capital. Therefore, an individual with very little or no current liability is a preferred candidate for any bank.
You can apply for an HDFC Bank Personal Loan either on the bank’s official website or at any of your nearest bank branch.
What are the documents required to apply for HDFC Bank Personal Loan?
If you are not sure about your eligibility for an HDFC Bank Personal Loan, don’t worry! HDFC Bank has an eligibility calculator that you can use to find out if you are eligible or not.
The Personal Loan Eligibility Calculator is available on the HDFC Bank website. Once you click on the calculator, you will be presented with the following fields:
Once you enter all the above details, the calculator will display the Personal Loan amount you are eligible for. This amount is only indicative. The final amount you are eligible for shall be determined by the bank once you submit all the documents.
The EMI is a key factor in determining the amount and tenure of the loan when you take out a loan. The personal loan EMI calculator lets you measure your EMIs immediately and, thus, better manage your loan and repayment. The online personal loan EMI calculator from HDFC Bank makes it easier for you to calculate the monthly instalments on your loan.
HDFC Bank Personal Loan EMI calculator has three main components:
To estimate your EMI, simply input the amount of the loan, interest rate and tenure of the loan, and your EMI is seen instantly. Loan amounts from 50,000 to 4,000,000 can be entered and the term is 1 to 5 years. It is really as simple as that!
To get the corresponding EMI amount, you will change the loan amount, interest rate and tenure to various values. This way, to accommodate your needs and repayment potential, you will decide the most realistic loan amount and repayment tenure.
1. What are the criteria to avail an HDFC Bank Personal Loan?
HDFC Bank looks into the following factors while processing your personal loan application:
2. Is there a minimum employment history requirement to avail HDFC Bank Personal Loans?
Yes, salaried individuals should have been employed for at least 2 years, out of which, at least 1 year should have been with the current employer.
3. How much time will HDFC Bank take to process my personal loan application?
HDFC Bank personal loans are processed within one day for eligible applicants. Upon approval, Pre-approved HDFC Bank customers can get the amount in their account within 10 seconds. Non-HDFC Bank customers can get the same within 4 hours.
4. What is the interest rate charged by HDFC Bank on personal loans?
HDFC Bank personal loans come with an interest rate of 10.5% up to 21%.
5. Is age an eligibility criterion to apply for a personal loan from HDFC Bank?
Yes, the applicant has to be in the age group of 21 to 60 years to get a personal loan from HDFC Bank.
6. What is the importance of my job type and employer while applying for an HDFC Bank personal loan?
Employment with a trustworthy company would certainly get you a good offer on the interest rates on your HDFC Bank Personal Loan. When approving a loan, several banks have a list of approved employees and trustworthy organisations that they refer to. Employment continuity and the flow of income to bankers is maintained by employment in these businesses. You are then allowed to request an arrangement at a lower interest rate on higher amounts of personal loans.
7. Will HDFC Bank ask for collateral or security to approve my personal loan?
No, personal loans are unsecured loans. You don’t have to offer any collateral or security to get a personal loan from HDFC Bank.
8. What is the importance of my credit score to get a personal loan from HDFC Bank?
You must have a decent credit score to boost the odds of obtaining a personal loan in the immediate or long-term future and securing fair interest rates. The loan score is a measure of the creditworthiness of a borrower or their ability to repay loans.
9. Why is it beneficial to add a co-applicant to my personal loan application?
Where possible, add a co-applicant to the personal loan application; if you have another earning member in the household, don't shy away from including them in the loan as a co-applicant so that their income is also taken into account while handing up your personal loan application. If both the borrowers' earnings are reported, the result is a higher borrowing opportunity and hence a lower interest rate.
10. Do I need to be an existing customer of HDFC Bank to get their personal loan?
Bank customers with a long-term partnership are always given preference, depending on the fact that their credit record is easier to access. The bank will be able to check your financial record, any recent credit transactions and your average financial status if you are a registered HDFC Bank customer. Therefore, for personal loans, preferential lending rates are given to existing customers.
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