HDFC Bank Personal Loan is an excellent choice for dealing with financial difficulties because it ensures speedy approval and disbursement. You can acquire a personal loan up to Rs. 25 lakh from HDFC Bank without putting up any collateral and use the money to pay medical bills, improve your home, travel, get married, and so on. The acceptable loan amount granted to you can be repaid over a period of up to 60 months at your leisure.
HDFC Bank Personal Loan Eligibility Criteria
When applying for an HDFC bank personal loan, applicants must take into account the following important eligibility criteria:
- You must be at least 21 years old and no older than 60 years old when applying for a personal loan.
- To qualify, you must work for a private limited company or for a public sector undertaking, which includes federal, state, and local governments.
- At the time of loan application, you must have worked for your present job for at least one year and have a cumulative working experience of at least two years.
- A minimum monthly income of Rs. 25,000 is required.
How to Improve Your HDFC Personal Loan Eligibility
Maintain a Good Credit Score.
Your credit score, which is based on your past repayments and financial activity, has the most impact on your eligibility. If you have a decent credit score, you have a better chance of getting a personal loan. If you have a bad credit score, you may not be qualified for a loan or you may be charged a higher interest rate.
Make an informed decision on the loan amount.
After assessing your repayment capacity, you must request for a personal loan amount. As a result, you must ask for a loan amount that you can easily return within the repayment period without compromising your monthly costs.
Do not apply for multiple loans at the same time.
Applying for multiple personal loans with different banks at the same time is not a good idea.
You are incorrect if you feel that applying to multiple lenders at the same time boosts your chances of securing a loan. Every time you apply for a loan, it is recorded as a hard inquiry on your credit report and is visible to lenders. When you apply for a personal loan with many lenders at the same time, you appear to be credit hungry, which lowers your chances of getting one.
Pay down your existing credit card and loan balances.
To improve your debt-to-income ratio, make sure you pay off your existing outstanding debts (credit card bills and loans) before applying for another loan. This is because if you’ve already paid a lot of EMIs, your repayment capacity has already been diminished, lowering your chances of getting another loan.
These are some of the methods that you can use to improve your personal loan eligibility. It is important to always check your eligibility before applying for any sort of loan in order to avoid rejection. Your credit score takes a hit if your HDFC Personal Loan application gets rejected. Therefore, in order to avoid having a negative impact on your credit score it is important to check your eligibility before applying.