A Personal Loan can come in handy when you need to pay for unplanned expenses such as travel, hospital bills, or any situation which requires immediate funds. Moreover, as this is an unsecured loan, you do not need to pledge any collateral or security with the lender.
Why is it essential to have a PAN card for a Personal Loan?
In general, you can apply for a Personal Loan with minimal documentation; however, one important form of identification is a PAN card. This document informs the lender about your financial situation and repayment capacity. As a result, applying for a loan without a PAN card may result in discrepancies in the loan verification process.
Some lenders may waive the PAN card requirement if the loan amount is less than Rs.50,000. However, this will vary from one lender to the other.
What are the other documents required to apply for a Personal Loan?
While a PAN card for Personal Loans is a must, you also need to submit the following documents:
Identity Proof – Copies of Aadhaar card, Passport, Driving License or Voter ID card.
Address Proof – Copies of Aadhaar card, Passport, Driving License or Voter ID card.
Bank statements of the previous three months.
Latest salary slips (for two months) or current dated salary certificate along with Form 16.
It would help if you also had a good credit score when applying for a Personal Loan. A credit score of 750 and above can help you get the loan at a lower interest rate. If not, you can apply for a Personal Loan with a co-applicant.
How does the loan application process work at HDFC Bank?
You can easily apply for a Personal Loan with HDFC Bank either online or offline.
Online method
Use the HDFC Bank NetBanking portal to apply for a Personal Loan online. It is a simple process that entails easy steps and minimal documentation.
You can even raise a request for a Personal Loan at an HDFC Bank ATM and wait for a representative to call you back.
Offline method
You can visit your nearest HDFC Bank branch to apply for a Personal Loan. Carry the above-mentioned documents to speed-up the application process.
What are the eligibility criteria for a Personal Loan?
To be eligible for a Personal Loan from HDFC Bank, you must meet the following requirements:
Age - You should be between the ages of 21-60 years.
Employment status - You must be an employee at a private company, a public sector company, or a state, central, or local government body.
Monthly Income - You should have a minimum monthly income of Rs. 25,000.
Work experience - You must have at least two years of work experience, one of which must be with your current employer.
What are the reasons for HDFC Bank to reject your Personal Loan application?
Typically, the main reasons for HDFC Bank to reject your loan application are:
Invalid or no PAN Card
Low credit score
Irregular repayment history / loan defaults
Applying for a Personal Loan with a PAN card expedites the loan approval process. It gives the lender confidence in your repayment ability, thus allowing for early loan disbursement. Without this document, the bank may take longer to process your Personal Loan application.
To apply for a Personal Loan using a PAN card at HDFC Bank, click here.
Read more on how to get an instant personal loan without documentation here.
*Terms and conditions apply. Personal Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.