A Quick Guide: Personal Loan for Salaried Employee

loan image A Quick Guide: Personal Loan for Salaried Employee

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At times you need to borrow funds to finance large purchases, consolidate existing debts or even seek short term help. HDFC Bank offers a wide range of financial products that can be borrowed to suit your financial requirements. Whether you want to apply for loans, loans against assets, other loan option or credit cards, we have the ideal solution for you.

To get a taste of the benefits, products, functions and processing, you can explore our Learning Center. Our editorial content will provide with an insight into our borrowing facilities and options, and help invest in what you are looking for. Whether it is the different loan options, loan against asset features or even insight into credit cards, take a look at our Learning Center to know more.

A Quick Guide: Personal Loan for Salaried Employee

Whether you want funds for a family wedding, a foreign holiday, child’s education, home renovation or medical emergency — a personal loan is the ideal solution for your urgent financial needs.

Read our personal loan guide for salaried individuals to know more.

What is a personal loan? 

It is a loan provided to you as an individual by a bank or financial institutions without asking you for any collateral or security in exchange. That’s why it is called an unsecured loan. You can use the funds from a personal loan for any legal purpose.

Companies and organisations are not eligible for personal loans.

What are the benefits of a personal loan?

  • Flexibility of purpose: You can use a personal loan for multiple purposes, such as a family wedding, home renovation, and children’s education, to buy a mobile phone, to go on a holiday or in the event of a medical emergency.
  • Instant funds: You get funds in no time. Pre-approved HDFC Bank customers can get money in 10 seconds*, non-HDFC Bank customers can get money in as little as 4 hours*
    • No documentation for pre-approved customers
    • No need for any collateral or security
    • Flexible tenures and pocket-friendly EMIs
    • Competitive interest rates

Am I eligible for a personal loan for salaried employee? 

Most salaried individuals are eligible for personal loans. However, your bank may require loan applicants to have a certain minimum income level or employment history.

Banks also require that all loans be repaid before retirement of a salaried individual.

How much personal loan can I get on my salary?

That will depend on your salary, the organization you work for, and the amount of years you have had in service. It will also depend on whether you have other debts in addition your credit-worthiness. Use the HDFC Bank Personal Loan eligibility calculator to know more. HDFC Bank gives loans up to Rs 40 lakh.

What is the tenure of a personal loan for salaried? 

HDFC Bank extends personal loans for tenures of 12 to 60 months.

How can I apply for a personal loan?

You can apply for a personal loan via NetBanking, online on the HDFC Bank website, at an ATM or by visiting the branch.

All you will have to do is fill up a loan application form and attach the necessary documents.

What documents do I need?

You will need to attach copies of your identity, address and date of birth proof.
For income proof, you will have to show recent bank statements or updated pass book.

In addition to the above, show your recent salary slips and company appointment letter, along with income tax returns.

How soon can I get a personal loan for salaried employee?

If you are a HDFC Bank customer, you can apply for a pre-approved personal loan 10 seconds flat*. Others can get a loan in 4 hours*.

If you are a salaried employee with an urgent financial need, the personal loan will be your solution! Go ahead and apply now! #Startdoing!

HDFC Bank frequently comes up with offers for existing customers. Check with the bank for latest offers and schemes for salaried employees.


Source by:-hdfcbank