HDFC Personal Loan for Self-Employed is a short term solution for those who are looking forward to borrowing money for their own business. Yes, it’s possible for a self-employed person to avail of a personal loan with no income proof. HDFC Bank offers personal loans up to Rs. 40 lakh for interest rate starting from 11.25% p.a. to 21.45% p.a. for self-employed individuals. As long as you have a stable source of income and can prove that you can repay the amount timely, then you can get a personal loan. Read on to know the detailed information such as documents required, factors, and credit score before applying for HDFC Bank personal loan.
HDFC is a reputed financial institution in India. You can choose a type of loan according to your need and requirement. HDFC also offers a risk-free cash back option that enables borrowers to return the loan amount along with the interest rates after a certain period. It is for this reason that HDFC Personal Loan for Self Employed has become very popular among self-employment borrowers.
Factors Affecting HDFC Bank personal loan
The requirements of getting an HDFC Personal Loan for Self Employed vary depending on various factors. If you have a bad credit history or any other financial problem, defaults, CCJs, bankruptcy, defaults in repayment, etc., you may have to go through a credit check procedure. But, the loan process will remain simple and hassle-free. You need to provide basic details such as personal profile, income sources, employment status, etc. After collecting all the required information, the lender will offer you a personalized self-certification loan
Important aspects
There are many points before applying to HDFC personal loan eligibility checks. HDFC offers different loans to different people based on their credit scores. So, it is advisable to know your exact score so that you can go for the loan that suits your need. There are many lenders who also offer HDFC personal loan eligibility to those who have adverse credit scores. This kind of loan is especially meant for those who have a poor credit history.
Another important thing that you need to consider before you apply for a HDFC personal loan for self -employed is your income proof or documentation. Your income proof includes bank statements, pay slips, passport, etc. Some lenders may also require you to show rent receipts, lease agreements, or other legal documents. If you want to apply for this loan online, you can use your bank account to show your income proof.
It is important to check out different quotes from various lenders before you decide on your self-certification loan from HDFC. If you don’t have any income proof and want to apply for this loan, you should consider getting income proof using a government issued document such as your payslip or tax return. If you have any document that doesn’t look right, you should immediately ask for a second opinion. HDFC won’t charge any fee for a second opinion and it will be good for your self-certification application.
HDFC personal loan for self-employed with bad credit is also available online. You can apply for this loan using various methods. HDFC has various websites where you can apply and get the loan amount. HDFC online application is free of cost and requires minimal documentation and verification. You need to give details such as your current employer, current residential address, your annual income, and personal information.
Eligibility Criteria for HDFC Bank personal loan for self-employed
- Employees should be working in a private company or Public Sector Undertakings (PSUs).
- Applicants should be a minimum of 21 years and 60 years of age.
- Applicant should be working for at least 2 years.
- The applicant should have a minimum salary of Rs. 25,000 net income per month.
Documents required for HDFC Bank Personal Loan
The following documents are required to avail of a personal loan from HDFC Bank:
- PAN card is mandatory.
- Certified bank statement for last 3 months (Passbook for last 6 months)
- Proof of Address: Copy of passport/Driving License/Voter ID card/ Aadhaar/utility bill.
- Proof of Identity: Copy of passport/Driving License/Voter ID card/ Aadhaar/utility bill.
- Last 2 month’s salary slips/latest salary certificate with latest Form 16.
Conclusion:
HDFC has an official website, which gives complete details about HDFC personal loan and HDFC bank. You can check out the points mentioned above and apply for the loan with a certain eligibility check. Apart from this, you can also find information about HDFC bank loans and HDFC loan rates over the internet. Before applying for HDFC Bank personal loan read the guidelines on the official website. HDFC bank offers several loan products to self-employed individuals such as home equity loans, overdraft facilities, etc. HDFC also offers competitive rates for these products on their official website.
