Description
Experience the convenience of Personal Loan – your ultimate solution for all financial needs. Whether it’s planned events like weddings, vacations, or home renovations, or unexpected emergencies such as medical procedures, our Personal Loan makes life easier. With a seamless online application process, we ensure quick and hassle-free access to funds, making it the ideal credit option for you.
Simply put, it is an unsecured loan taken by individuals from a bank or a non-banking financial company (NBFC) to meet their personal needs. Since a personal loan is an unsecured loan, therefore your credit history usually plays a significant role in the approval process.
Avail Personal Loan for : Travel – Medical – Education – Home Renovation – Marriage – Others
Personal loan fees and charges :
Rate of Interest | 10.25 % to 25.00% (Fixed Rate) |
Processing Fees | As per sanction terms |
Tenure | 03 Months to 72 Months |
Documents Required | Minimum Documents for Pre-approved Personal Loan |
For Non Pre-approved – Last 6 Months Bank statements, 6Month Latest Salary Slip, Two years ITR and KYC |
Criteria :
The following people are eligible to apply for a Personal Loan:
- Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
- Individuals between 21 and 60 years of age
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
- Those who earn a minimum of 25,000 net income per month.
Personal Loan FAQs
How is Personal Loan eligibility calculated?
Personal Loan eligibility calculation uses six factors to determine your eligibility, they are:
- Geographic location
- Monthly Income
- Ownership of property.
- Existing credit.
- Employer.
- Credit history.
You can also use Personal Loan eligibility calculators online for the calculation.
How do I qualify for Personal Loan eligibility?
To qualify for a Personal Loan at Bank, you must meet these criteria.
- You need to be an employee of a private limited company or an employee in a public sector undertakings, including central, state and local bodies.
- You need to be between the ages of 21-60 years.
- You need to have a job for at least two years, with a minimum of 1 year with your current employer.
- You need to have a net income of 25,000 per month.
What is the minimum salary for a Personal Loan?
The minimum salary is 25, 000 per month.
How to check Personal Loan eligibility?
You can use personal loan eligibility calculator under calculators menu on site to check if you are eligible.
What is the age criterion to get a Personal Loan?
To be eligible for a Personal Loan, you must be between the ages of 21 to 60.
What is the Minimum Credit Score to apply for a Personal Loan?
HDFC Bank requires a minimum credit score of 650 to be eligible for Personal Loans. The credit score can vary from bank to bank.
What are the factors that affect the eligibility of a Personal Loan?
The factors that affect the eligibility of Personal Loans are
- CIBIL Score – A CIBIL score above 720 is ideal for Personal Loans.
- Income – It plays a vital role in the approval of the loan amount.
- Repayment history- If you have a good track record of repayment with previous loans, approval of the loan is faster and easier.
How to improve Personal Loan eligibility?
The best way to improve your Personal Loan eligibility is by maintaining a healthy repayment history.
Are self-employed individuals eligible for a Personal Loan?
Yes, self-employed individuals are eligible for a Personal Loan.