It is summer and you better start planning your vacations, but if you have money problems, apply for a loan. HDFC Bank is one such lender who will help you in this. Its loan product helps you borrow up to INR 40 Lakh; this lump sum amount is enough to pay for a luxurious vacation. Let’s read this article and learn more about HDFC Personal Loan.
What is Your Budget?
You must have a budget for your vacation, so let’s check whether the HDFC Bank offers you the same or not. To do the same, use the online tool of HDFC Bank. There is an eligibility calculator that lets you know the loan limit. For this insert these details –
If you are a salaried employee, you need to enter the company name. With this information, the bank knows your company’s position in the market. Because a well-known company means a secured job and regular income. A company that doesn’t have a good stature could make the applicant a risky individual for a loan. Because in such cases, the company may close without any prior notice leaving the employee with no source of income.
For HDFC Personal Loan Apply you need to have a minimum monthly income of INR 25,000. So if you meet this requirement, check your loan limit online. If your income is less than this, the calculator will show the result as zero. The higher the income, the higher the loan limit will be. So, if your requirement is high, ensure whether your income is capable of repayment or not. Because if it is not, the loan limit will be less and there is no point in borrowing an amount that doesn’t fulfill your financial need.
For the loan application, you need to check whether you meet the bank’s age criteria. For HDFC Personal Loan, the lender has set the limit from 21 to 60 years. If you fall under this age limit, you are good to go. The age shows how much more good years are left till retirement for regular income. Because when you reach the retirement age, there could be money problems and you might not be able to afford the EMI payments.
The work experience of the borrower shows his job performance and that he/she might be able to pay off the loan without any trouble. Someone who has recently joined a job couldn’t be eligible for an HDFC Personal Loan. And this is because there is no job security associated with it. When you spend at least one or two years in a company, there is an assurance that the employer will give you a notice before the termination. But such security isn’t available for a new employee. So do enter the number of years you have spent with your current employer.
Do you have any EMIs currently? If yes, mention them. Because your current obligations could be a roadblock in your new loan. How? It could make it difficult for you to afford a new EMI. So if the income and EMI ratio aren’t compatible for HDFC Loan, the application might get rejected. The calculator will let you know this prior to the loan application so you won’t make any mistakes.
Enter the loan tenure of your existing loan so the bank can know how long you have to go hand in hand with two EMI payments. If the tenure is not long enough, it won’t make your application difficult. You could easily afford the HDFC Loan.
Now that you know everything about the HDFC Personal Loan Eligibility, apply for the loan if you are in a financial position that demands a lump sum amount. For the application for a loan, open your mobile and visit the bank’s official website.