Are you self-employed and pondering whether you can avail a personal loan or not? Well, if your answer about the asked question turns into a yes then our answer for the same is also positive. Yes, you can avail a personal loan for self employed in India.
Today, in this post, you will get to know about how you can avail a personal loan from one of the leading banks in India if you are self-employed.
Yes, we are talking about HDFC personal loan for self employed. In this post, you will get to know about every imperative aspect of the respective product which will help you determine its relevance for you as per your circumstances and needs. Let’s dive now!
Reasons to avail HDFC personal loan for self employed
There are abundant reasons to avail a personal loan from HDFC if you are a self-employed, although, here are some of the core reasons why you should avail it:
- Loan amount can be availed up to Rs. 40 lakhs.
- The process is quite faster and smooth.
- Loan can be paid off throughout a flexible tenure ranging from 1 year to 5 years.
- Loan amount can be used to meet multiple personal finance expenses.
- Funds get disbursed in one go.
Usage of HDFC personal loan for self employed
Following are the general ways or reasons, you can utilize the personal loan funds availed from HDFC Bank:
- To meet wedding expenses.
- To meet expenses associated with home renovation.
- To finance your dream vacation.
- To meet the expenses of your children’s education.
- To repay any outstanding debt.
- To buy modern gadgets.
- To meet the medical expenses.
Additionally, you can also use the funds for other reasons but what all you are required to keep in mind is that the purpose should be positive.
Application process of HDFC personal loan for self employed
You can apply for the HDFC Bank personal loan for self employed in two ways – online and offline.
To apply for HDFC personal loan for self employed online, you can either login using your net banking and apply for the personal loan for self employed through your account if you are an existing customer of HDFC or visit the official portal of HDFC Bank and apply accordingly in case you aren’t an HDFC Bank user.
To apply offline, you can simply walk out to the nearest ATM or HDFC Bank’s branch and apply for the personal loan application accordingly.
To apply via any of the mediums, you should follow the below-stated 5 steps:
- Step 1 – Decide the loan quantum as per your circumstances and needs
- Step 2 – Check your eligibility
- Step 3 – Compute EMI
- Step 4 – Reach out to the bank
- Step 5 – Submit the loan application along with relevant documents
Eligibility criteria of HDFC personal loan for self employed
The bank may ask for certain details from a self-employed before extending a personal loan. These demands typically include a specified minimum income, which can differ from location to location, financial documents that demonstrate constancy of income, etc.
Besides, the bank may also consider looking upon the age of the business of a certain self-employed individual.
The age of the applicant is also taken into consideration. HDFC Bank extends personal loans to individuals who are between the age of 21 and 60 years. Additionally, these requirements may adapt as per your credit profile and creditworthiness.
Documents of HDFC personal loan for self employed
In addition to the fundamental documents like address proof and identity proof, you’ll be required to give supplementary documents to show the persistency in your business and stable income.
These documents may include the latest bank statements, tax returns, office lease agreement and audited financials.
You may also be asked for some additional documents as per the type of profession you are practicing and the set-up of your organization.
To wrap up, personal loans in India are pretty popular than any other type of loan. When it comes to availing the best personal loan product in the market, HDFC Bank stands out as one of the leading ones. Availing a personal loan from HDFC Bank can be a wise decision as it offers multiple appealing features and benefits.
HDFC personal loan interest rate is quite appealing which starts from 10.50% p.a. Additionally, the eligibility criteria of HDFC Bank is also easy to meet alongside the bank asks for nominal documents only.
If you are a self-employed or even a salaried individual and want to apply for a personal loan from HDFC Bank, you can get the approval within 10 seconds if you are an existing bank user and within 4 hours if you are a non-HDFC customer.
Eventually, we recommend this product if you are self-employed, although, we also suggest that you must do a smart study before finalizing. You can also take the help of HDFC personal loan calculator to compute an estimate of your monthly outgo in form of EMIs.