How Do You Find out Your Eligibility for HDFC Personal Loans

There are two ways by which you can find out if you are eligible for a personal loan from HDFC bank. One is to go down to the bank itself and meet the appropriate personnel. Another is the quicker, easier and simpler way to go about it i.e. going online.

Most banks these days give you the option to find out all you need to know and even apply and track your applications for products online. All you have to do is log onto the bank's website.Navigate to the personal loan page from the products tab. Here you will be directed to fill in information required to assess your eligibility for a personal loan.Apart from the bank website you can find out your eligibility for HDFC Personal Loan from BankBazaar.com.

The details required pertain to your place of stay and type of residence; how long you have stayed there, your age, and your kind of employment. Depending on your employment, you will have to fill in key details such as the company you work at or the industry you work in, your take-home pay or profits after tax, the previous year's turnover and depreciation, percentage of partnership, gross salaries of all partners and interest on capital (for partners in a firm), gross salaries of all directors (for private company), any EMIS that you currently pay out or loans that you or your firm/company are applicants or co-applicants of, if at all, and your total years of work experience. Once these details are filled in you are directed to fill in the amount of the loan and the time period for which it is required. The details are processed to give you an output as to your eligibility.

There is also the option of fast track processing of the loan if the amount of the loan is over Rs.7.50 lakhs and the applicants are from specific companies in select cities.

In order to receive an accurate prediction on your eligibility, all details required have to filled in correctly.  The conditions to be eligible for a personal loan from HDFC Bank are outlined below:

-  You should have a regular salary income as an employee of a private or public company or as a doctor or a chartered accountant. Ideally, you should have completed at least a year with your employer and have at least 2 years of total work experience.

 - Your take home pay after taxes and all deductions should be at least Rs.12,000 or Rs.15,000 depending on your city of residence.

- You should be between the ages of 21 and 60

 - You should have the most recent proofs of salary and Form 16;  Proof of Identity (this could be either a valid voter's id, passport or driver's license); Bank statements or passbook for the immediate 3 or 6 preceding months respectively; Proof of address (this could be either a telephone bill, electricity bill, ration card, passport, rent contract)

Of course, eligibility, and criteria for the same, will depend on your profession and personal details. Non-salaried persons will have to have the supporting documents as required by the bank including IT returns and employment details. Self-employed professionals would have to have at least 4 years of work experience and be at least 25 years old. They would have to have at least 1 lakh as annual income. For self-employed individuals (not professionals) the minimum age requirement is 21 years and they should have total work experience of at least 5 years.

The amount of personal loan that you will be eligible for depends on your income, subject to a maximum amount of Rs. 15 lakhs. Also, if you have any other loans outstanding and the EMI payments on that will be factored in determining the loan amount.

In addition to the above eligibility criteria the bank will assess each individual for their credit-worthiness (credit history can be taken into account). You may appear eligible on the face of things but every bank has their own discretion which they exercise in approving loans.

Apart from the bank's site one can also find out their eligibility online by visiting other trusted and easy-to-look-through sites that provide this information. Bankbazaar is one such online site that can guide you through the process. To find out your eligibility for an HDFC personal loan through www.bankbazaar.com, go to the 'Loans' tab and click on 'Hungry for More?' It will display the common criteria that will qualify you for a personal loan. You can click the relevant link to know more which will take you to the next page that asks for the required details. You are guided to the subsequent relevant pages that eventually give you the required information.