Why does one apply for a Personal Loan? So that, it could help you in tough times, during times of crisis, during emergencies; Right? There is no use of taking up an emergency loan when cash comes in your hand much later than the actual occurrence of the difficult situation.
The whole idea of offering an instant Personal Loan is to help customers meet their instant cash requirements without any hassle and stress. You do not need any collateral or guarantor for Personal Loan and the loan is extended to the applicant solely on the basis of her credit worth.
Earlier, banks used to take around 7 to 10 days for the processing of Personal Loans, but these days most banks have become faster in their approach. They understand the need of the hour, and hence, have designed processes to ensure that a customer receives his payment as soon as possible.
HDFC Personal Loan is one such unsecured credit product that can help you get the fastest loan available. With HDFC’s fast disbursal process, you can get your loan approved and transferred into your account within 4 hours. All you need to do is Apply Online HDFC Personal Loan and you will be intimated about the status of the loan online itself. However there are certain things you need to keep in mind to get faster loan approval.
Let’s have a look at how one can get the fastest Personal loan from HDFC:
- Eligibility criteria: There are certain eligibility criteria outlined by HDFC Bank. If you meet these requirements, you can avail the loan almost instantly. Some of them are:
- Applicant must be a salaried employee, working with a Public limited company, Multinational, Public Sector Undertaking Company or any Government organization.
- The age of the applicant must be between 21 years and 60 years. Minimum earning should be at least Rs. 20,000 per month. (Rs 20,000 is the lower limit for people residing in metro cities like Mumbai, Delhi, Hyderabad, Chennai, Kolkata, Cochin and Ahmedabad). For rest of the cities and tier 2 and tier 3 cities, the minimum salary limit of an individual is Rs. 15,000/-.
- The applicant should have been working for at least 2 years in continuity, which means the applicant should be adequately employed.
- Credit Score: Over and above the minimum eligibility criteria, if someone has a good Credit Score of 750 and above, one is likely to get the fast approval. A good credit score also makes you eligible for lower rate of interest. Hence you must be always careful in continuously monitoring your credit score on a regular basis, keeping a strict tab on all of your financial transactions.
- Loan Amount: The loan amount should be according to your credit worth. If you Apply for Personal loan amount which is much higher than your annual income or the one entailing high EMI, the lender will certainly take more time to evaluate your application before sanctioning the loan. However, if you apply for a lower than eligible amount, which can be easily repaid despite your existing liabilities, the loan approval will be faster.
- Existing HDFC customers: Being an HDFC customer you have higher chances for loan approval. Owing to already verified credentials, your application can be moved ahead with in a few minutes of application and you can also negotiate for a lower interest rate. Most banks prefer extending further credit to the existing customers as they are fully aware of their financial transactions and expect lesser risk on loan repayment.
- Multiple loan applications: Never fill multiple applications at different banks to check which will give you the loan faster. Once you apply for a Personal Loan, your application is reported to the CIBIL and it is visible to all banks and financial companies. Having multiple loan queries indicate credit hungry behavior and makes you less credible for extending a loan product.
- Valid documents: You can expect a faster processing of loan application with valid documents in hand. To get the fast approval make sure you have following documents in hand before applying for the HDFC Personal Loan:
- ID Proof (any one): Aadhaar Card/ Pan Card / Passport / Driving License
- Address Proof (any one): Voter ID/ Aadhaar Card/ Passport/ Driving License
- Income Proof(any one): 3 months’ Bank Statement, Salary Slips, Form 16 (in case of Self Employed: 3 months bank statement, ITR, Computation of Income)
- Passport size photographs
- Cheque for processing fees
While HDFC Bank does stand out as one of the fastest Personal Loan providers in India today, however as a customer, you also need to keep in mind certain factors to get that loan approved faster. The above pointers will certainly help you get the desired Personal Loan disbursed well within the expected time frame.