Emergencies often come unannounced. One cannot be ready all the time, especially if it is a financial emergency. Sometimes your savings or the amount you expected for a particular event, is not enough to cover the expenditure and thus you may require a personal loan at the earliest.
Banks today are willing to offer personal loans to eligible candidates at competitive interest rates. In order to determine the eligibility of an applicant, HDFC Bank refers to the candidate’s CIBIL report and offers a personal loan to an individual with a favourable credit score in the lowest turnaround time possible.
Minimum CIBIL Score required for HDFC Personal Loan
There is no defined minimum CIBIL score for HDFC personal loan. However, HDFC Bank prefers applicants having a CIBIL Score of 750 and above as it denotes higher creditworthiness and less risk.
The bank may approve your application if your credit score is above 650 but a lot of other factors will also be considered while approving the application.
The personal loan approval depends completely on the bank’s internal criteria. It may approve the loan application even if the CIBIL score is 650 and may reject the application of an applicant who has a credit score of 760. This is because the bank considers a lot of other factors while approving your loan application. Read more about Personal Loan Eligibility and Approval