How to Become Pre-Approved for HDFC Bank Instant Personal Loan?
When presented with a financial problem, the first response of any individual is to check his or her finances. The ongoing economic uncertainty due to the Coronavirus pandemic has hit all countries across the world equally. But in a developing country like India, the impact is more telling.
With the entire economy coming to a halt, all sections of the society have been facing great financial hardships. Many employers have sent their employees on compulsory leave without pay, creating huge financial issues for salaried individuals. In such a scenario, if you are presented with an urgent expense, your options are quite limited.
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But there is no need to be disheartened. Even during such times, there are a few credit options available at your disposal. However, you should tread through carefully. Do not rack up debt if you can not afford it.
For urgent financial needs, consider availing an Instant Personal Loan. For, these are emergency loans, approved and disbursed swiftly. In most instances, these loans are offered as pre-approved Personal Loans for select customers. For example, HDFC bank offers pre-approved instant Personal Loans for different financial requirements of its existing customers.
HDFC Bank Instant Personal Loan
HDFC Bank is the leading private-sector commercial bank in India, which is much popular for its world-class customer service and customised products. One of the popular picks among its customers is HDFC Bank Instant Personal Loan. This is an exclusive offering for select customers only. As the loan is offered on a pre-approved basis, it is available for only those customers who meet the criteria set by the bank. The application and disbursal process is completed online and takes just a few minutes. Some of the noteworthy features of HDFC Bank Instant Personal Loans are:
- High-value loans of up to Rs. 15 Lakhs.
- Online application process comprising of a few simple steps.
- Disbursal within 10 seconds* of approval for existing customers.
- HDFC Bank Personal Loan Interest Rates start from 10.75% per annum.
- Extended repayment tenor of up to 60 months.
- Processing charges applicable up to 2.50% (min Rs. 2,999 and max. Rs. 25,000)
- Pre-payment option available after one year of disbursal.
- Can be availed through internet banking, app banking as well as phone banking.
How to get pre-approved for HDFC Bank Instant Personal Loan?
When it comes to HDFC Bank Instant Personal Loans, the features are quite attractive, making it a noteworthy option for you. If you are pre-approved for this facility, then it will come in extremely handy during financial exigencies. While it is completely at the discretion of the bank to offer these instant Personal Loans, it is certainly possible for you to follow some steps to be pre-approved for this facility.
Here are some useful tips to help you out:
- Maintain a long-term relationship with the bank: First and foremost, HDFC Bank offers instant Personal Loans only for its existing customers. So, in order to be eligible for this facility, you must be an existing customer of the bank. But, pay attention that merely being a customer is also not a guarantee of being pre-approved for an Instant Personal Loan. You must have a long term relationship with the bank, along with a proven track record of financial well being. If you have just opened an account with any branch of the bank, it can take anywhere between one year to a couple of years before you are pre-approved for an HDFC Instant Personal Loan. Longer is your continued relationship with the bank; better will be your chances of being approved.
- Ensure sufficient balance in your account: HDFC Instant Personal Loans are available only to salaried individuals. So, in order to be pre-approved for the facility, you must have a Salary Account or a Savings Account with the bank. Additionally, you need to maintain more than the minimum balance required in the account. The bank uses your account’s track record to assess your creditworthiness, so if you do not have adequate balance in the account, you might not be approved for the loan. So, try and maintain as much balance you can in your account. Also, ensure that there are no instances of cheque bouncing in your account.
- Meet the eligibility criteria of the bank: HDFC Bank has clearly specified the criteria which you must satisfy to be pre-approved for an Instant Personal Loan. Ensure that your profile conforms to these requirements to be pre-approved for the loan:
- Must be a salaried individual aged between 21 years and 60 years.
- Work experience of a minimum of two years, out of which one year with the current employer.
- If the applicant is an HDFC Bank Salary Account holder, then the minimum monthly income requirement is Rs. 25,000.
- If the applicant is a non-HDFC Bank Salary Account holder, then the minimum monthly income requirement is Rs. 50,000.
- Pay your EMIs and Credit Card bills on time: You need to maintain a good track record when it comes to repayment of your EMIs and Credit Card Bills. Ensure that all your EMIs (Personal Loan, Car Loan, Home Loan, etc.) are paid on time, and there are no instances of EMI bouncing. When it comes to Credit Card bills, never pay the minimum amount due unless necessary. Either pay the entire amount due or pay as much as you can towards the outstanding dues. Moreover, never withdraw cash against your Credit Card and also maintain your credit utilization ratio below 30% at all times.
- Maintain a good credit score: To be approved for an HDFC Instant Personal Loan, you must maintain a credit score of 750+. This can be achieved by:
- Regularly monitoring your credit report for errors.
- Repaying your EMIs and Credit Card dues on time.
- Clearing your Credit Card dues as soon as possible.
- Not applying for multiple loans simultaneously.
- Maintaining a Credit Utilization Ratio of less than 30%.
The benefits of being pre-approved for an HDFC Bank Instant Personal Loan are quite noteworthy. Therefore it is recommended to follow the above-mentioned tips and stay pre-approved for loans ever.
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