Personal loans help to fulfill many dreams of an individual. People apply for HDFC personal loans because of its attractive rate of interest and high principal amount. But on the other hand, you will have to be aware of the HDFC Personal Loan eligibility criteria. Because one will not get the personal loan unless and until he fulfills all the criteria of the loan. Therefore, we will tell you the requirements for applying for a personal loan from the HDFC bank. You must check the personal loan eligibility of HDFC and the documents required to support the eligibility criteria like income, age, and address proofs. Let’s move on to the eligibility criteria of the HDFC personal loan.
HDFC Bank Personal Loan Eligibility
You will have to fulfill the following criteria in order to get easy approval for the HDFC Bank Personal Loan:-
- The borrower should be employed at a private company, public sector company, state government body, central government body, or local government body.
- The minimum age of the applicant should be a minimum of 21 years when he is applying for the HDFC Personal Loan.
- 60 years is the maximum age until a person can apply for the HDFC Bank personal loan.
- An individual should have a minimum working experience of 2 years to apply for this loan.
- You should have a minimum of 1 year working in the current organization.
- The net monthly income needed for the salaried individual is INR 25000 per month
- The minimum Cibil Score required for the personal loan is 750 or above.
Documents Required for HDFC Personal Loan
You have seen the eligibility criteria for the HDFC Personal Loan but you will have to submit valid proof to prove your eligibility. The bank will ask you for age proof to prove your age of 21 years to 60 years. Then the bank will ask you for the documents that will verify your age.
Similarly, if you have to prove your income of INR 25000 or above per month then you will have to submit income proof documents to the HDFC bank. But the documents for HDFC personal loans might differ from salaried individual documents to self-employed individual documents.
HDFC Personal Loan Documents Required for Salaried
If you are a salaried individual then you must go through the following documents:-
- Identity Proof – (You will have to Submit Anyone Document) Pan card, Aadhaar card, Voter ID card, Passport, driving license are all acceptable forms of identification.
- Residence Proof – (You will have to Submit Anyone Document) Aadhaar card, Voter ID Card, Passport, Property Documents, Maintenance Bills, Rent Agreement, Electricity Bill, or a Telephone Bill.
- Income Proof – Last three Months’ bank statements or last three months’ salary slips.
- Employment continuity proof – Employment Certificate of current employers, Experience Letters, Relieving Letters from the past employers.
- Two recent passport-size photos.
HDFC Personal Loan Documents Required for Self-Employed
If you are a self-employed individual then you must go through the following documents:-
- Identity Proof – (You will have to Submit Anyone Document) Pan Card, Aadhaar card, Voter ID card, Passport, Driving License.
- Residential Proof – Aadhaar Card, Voter ID Card, Passport, Property Documents, Maintenance Bills, Ration Card, Rent Agreement, Electricity Bill, or Telephone Bill.
- Income Proof – Last three years’ ITR audited by your CA, audit report, profit and loss statement, last three months’ bank statement, or last six months’ passbook photo-copy.
- Two recent passport-size photos.
- Office address proof – Office address documentation like Utility Bill, Property documents, Maintenance bills, or a GST registration.
- Office existence proof – Company Registration License or Tax Registration copy.
So, if you are willing to apply for the HDFC Bank Personal Loan then you must fulfill all the HDFC Personal Loan Eligibility Criteria. You will have to submit supporting documents to prove your eligibility and then only the bank will disburse the loan after verifying all the documents. A personal loan can help you to fulfill all your dreams but make sure you are eligible for the loan and have valid documents.