Required Documents And Eligibility For Taking a HDFC Personal Loan Online

A personal loan is a collateral free loan that helps in meeting immediate financial needs such as paying off for a wedding, higher education, medical emergency etc.‭ ‬Since it is an unsecured loan and requires no collateral or security, it involves the minimum documentation in comparison to various other secured loans like home loan, mortgage loan etc.

There are many banks that offer personal loans in India, and HDFC Bank is one of them. HDFC Bank is one of the leading private sector banks in India. There are several advantages of taking a personal loan from HDFC Bank which is as follows:

HDFC Bank has a simplified documentation process and approvals are quick to avail a loan.

HDFC Bank offers personal loans at affordable interest rate with flexible tenure period ranging from 1-5 years.

HDFC Bank has PAN India presence.

You can part-prepay your loans after 12 months.

HDFC Bank offers higher loan amount eligibility in comparison to other banks.

HDFC Bank Personal Loan Eligibility

The following people are eligible to apply for HDFC personal loan:

Salaried individuals whose age is at least 21 years and not more than 60 years can apply for HDFC personal loan.

A total work experience of at least 2 years and a minimum work experience of at least 1 year in the current organization is required.

The applicant is required to have a minimum salary of Rs.15,000 per month and it should be Rs. 20,000 if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata and Ahmedabad.

You can check the loan eligibility before applying for a loan by using the various online tools available free of cost.

Documents Required for Applying for a Personal Loan

Application form with 2 passport photographs.

Identity Proof: Driving License, Passport, Voter-ID, PAN Card, Aadhaar Card etc.

Residence Proof: Aadhaar Card, Utility Bills, Rent Agreement, Passport etc.

Income Documents: Last 2 years Income Tax Return, last 3-month salary slip, latest 3-month bank statement showing salary credit.

Process To Apply for a Personal Loan Online

Step 1: Go to online aggregators webpage and click on 'Apply Now' button and fill in the easy application form.
Step 2: After this, a personal loan representative will contact you to explain you the loan offers and online application process. He/she will tell you the best loan offers as per your eligibility. After that, a loan representative will fix an appointment with the bank's representative for documents pick-up.
Step 3: HDFC bank's representative will call you to verify your details. He/she will collect your documents on a date and place selected by you and will initiate the verification process.
Step 4: Post verification if your loan application gets approved, your loan will be disbursed in 4-5 working days.

Keeping in mind the various benefits of applying for a personal loan through HDFC bank, apply for a loan with them. For the quick approval of your loan ensure you have all the required documents ready.