Getting a HDFC personal loan is not difficult if you have average or good credit. You do not have to put up collateral or have a guarantor. The interest rates are quite low and the repayment plans are quite flexible; you have between one to five years to pay back your loan, plus interest, depending on what agreement you reach with the bank. If you are already a client of HDFC bank, then you may be eligible for special terms. Eligibility depends on what kind of account you have and how long you have had it for and if you have already taken out a loan with HDFC, such as an auto loan or home loan, then you may also be eligible for special terms.
Besides sending in the application form, you will also need to have certain documents ready and know what the requirements are. If you are applying as an individual for a personal loan with HDFC, then you have to be over 21 years old and less than 60 years old when the loan matures. If you are a year or two away from turning 60, then be aware that you will need to go with a payment plan that allows you to pay the loan back in full before your 60th birthday. Besides showing ID, you will also need to prove that you have been employed for two years; you have to have one year at least of employment in your current job to be eligible for a personal loan. Besides your ID and proof of employment, you will also need your bank statements from the last three to six months and proof of address, along with your pay slips. The application form is found online at the HDFC internet site and you simply need to fill out the form online and then click ‘send’.
If you are self-employed, then you can still qualify for a personal loan but the terms are different. You have to be at least 25 years old but the maximum age to pay the loan back by is 65 yrs. You have to make over US$2,200 in order to qualify and have been working at your current profession for at least four to seven years. The bank will also ask you for proof of address, past bank statements, your income tax return, and job qualifications.
HDFC also offers personal loans to companies, whether they are privately owned or not. Unlike the personal loans for an individual, there are no age requirements listed on the bank’s website but you have to have been in business for the last three years and have at least five years in total business experience. Your company has to have turned a profit for at least the last two years and you have to make over $2,200 per year. Other documents that you will be required to show are proof of address, bank statements for the last six months, your latest income tax return along with the computation of income for the last two years; these need to be certified by a certified accountant in order for HDFC to accept them. You will need proof of continuation, that is, proof that you will continue in business and are not closing up. A Trade license or sales tax certificate should suffice for this. Lastly, you will need to show either a sole proprietor declaration or a certified copy of partnership deed, along with a certified true copy of the memorandum and articles of Association (if you are not the director then you will need to have this certified by him or her) and an original board resolution.