Minimal documentation, fast processing, no security requirement and no restriction on end usage of personal loan proceeds are major features of HDFC personal loan and personal loans available by other banks and NBFCs, which helps fulfil one’s financial, monetary requirements or fund shortages. However, the feature of no security categorizes personal loans into unsecured credit options, which makes lenders adopt a cautious approach in the course of the personal loan approval process.
Below, we have explained some crucial checkpoints you must clear for boosting your HDFC personal loan approval chances, which stands true for personal loans availed by other lenders even.
Ensure to evaluate your credit profile: Credit score is an important filter factored by lenders like HDFC personal loan to evaluate the applicant’s creditworthiness or credibility for taking up a personal loan. Usually, applicants having a credit score of 750 and more hold higher loan approval chances than those with a score of below 750. For availing a strong credit score, you should adopt healthy financial habits such as keeping credit utilization ratio under 30 per cent mark, making timely and full repayments of credit card bills and loan EMIs, monitoring co-signed or guaranteed credit accounts, maintaining a good credit mix between secured and unsecured loans etc.
Moreover, as the credit score gets calculated on the basis of the data collected by card issuers and lenders, any mistake on their part or registering of any fraudulent transaction or credit application conducted on your name may pull your score down, which further lowers your credit score as well as your personal loan eligibility. Thus, ensure to evaluate your credit report regularly to figure out any wrong info or data and report them to the concerned lender or issuer or credit bureau for correction. A corrected credit report can improve your score, which further can boost your personal loan eligibility.
Select loan repayment tenure as per your repayment capacity: Lenders usually evaluate your repayment capacity by considering your credit repayment obligations. Lenders generally prefer to lend the ones with a credit repayment obligation, involving the proposed new personal loan EMI of within 60%. Those personal loan applicants having a higher concentration of debt repayment obligation generally are considered to hold higher loan default chances. Thus, make sure to select a tenure where your corresponding EMI will keep your entire repayment obligation under the limit.
Avoid submitting credit applications to various lenders directly: On applying for a credit card or loan option, lenders, including HDFC personal loan, tend to avail your credit report from credit bureaus for evaluating your credibility or creditworthiness. Such kinds of lender initiated report requests are called hard inquiries by credit bureaus; each of them gets included in your report, which further brings down your score by some points. Moreover, submitting multiple credit-linked inquiries in a short time period shows you as a credit hungry applicant, which might make a few of the lenders turn down your application for a personal loan.
One can avoid it by approaching online lending markets for selecting optimum personal loan offers from various credit offers. If you solely want to apply for HDFC personal loan, then also opt for this route to prevent any negative impact on the credit score.
Avoid constant job switches: As opting for the practice of constant job-hopping might be looked upon as an indication of career instability by personal loan lenders, they might be hesitant in lending the ones who constantly switch their employers. Thus, you should try and avoid such consistent job switches, particularly if you are looking to avail a personal loan to meet any purpose in future.
How can you check your HDFC personal loan status after your loan application?
HDFC personal loan provides both online as well as offline modes to check HDFC personal loan status. One can update themselves about the HDFC personal loan status via numerous ways provided by the bank. Applicants can contact HDFC customer services to enquire about the HDFC personal loan status or simply visit the branch to know about it.
Listed below are methods to know your HDFC personal loan status:
There are several ways which one can factor in to evaluate their HDFC personal loan status. One can use any of the listed methods according to their convenience.
* Via HDFC bank account number
* Via the mobile number registered with HDFC bank
* By checking online by use of proposal number or reference number
* Via HDFC mobile application
* Via offline mode
What are the required details for checking your HDFC personal loan status?
One can track their HDFC personal loan status through their reference number, which they received during the application time. This reference number is received in the form of SMS from HDFC bank. For future reference, you should ensure to save this specific number. Also, you should provide the bank with your registered phone number for receiving your application status from time to time.
How can one check their HDFC personal loan status using their HDFC bank account on the online site of HDFC?
If you are an existing HDFC bank customer, you can simply sign in to your HDFC net banking account for checking the HDFC personal loan status. You can do so by following the measure listed below:
* Click on your net banking link visible on the right side of HDFC bank’s website.
* Put in the required details for logging into the HDFC site.
* Once you log into your HDFC net banking account, check the loan section given on its menu bar.
* Fill in the track application personal loan form available on the HDFC site.
* You may even find a tracking link available on the site to check your HDFC personal loan status.
* Here in this section, you can even apply for an HDFC personal loan in case you have not applied for it through other channels.