HDFC Bank Personal Loan Eligibility

The eligibility criteria set by HDFC Bank for its personal loan applicants is mentioned below:

• The age of the applicant should be between 21 to 60 years.
• Applicants maintaining their salary account with HDFC Bank should have a minimum net monthly income of Rs 25,000, whereas, applicants maintaining their salary account with some other bank should have a minimum net monthly income of Rs 50,000 for availing HDFC Bank Personal Loan.
• Individuals applying for HDFC Bank Golden Edge Personal Loan should have a minimum net monthly income of Rs 75,000.
• Employees of Private Limited Companies and Public Sector Undertakings are eligible for availing HDFC Bank Personal Loan.
• Eligible applicants should have a total work experience of atleast 2 years, with an experience of atleast 1 year in the current organisation.

The  personal loan eligibility of applicants depends on the following factors:

Credit Score

Applicants having credit score of 720 and above are eligible for availing personal loans at lower interest rates. Some lenders also offer personal loans to applicants having a low credit score, but at a higher interest rate.

Monthly Income

An individual having a minimum monthly income of Rs 15,000 is eligible for availing personal loans. However, the income eligibility varies across lenders. Lenders usually prefer applicants whose EMI does not exceed 50-55% of their net monthly income.

Employment Type

Lenders offer personal loans to salaried individuals employed with private limited companies and public sector undertakings with minimum 1 year experience in the current organisation. Self-employed individuals having a minimum experience of 3 years in the current business are also eligible for availing personal loans.

Existing Relationship with the Bank

Applicant’s existing relationship with the bank is yet another vital factor in personal loan application. Lenders usually prefer applicants already having their savings/current/FD/loan account with the bank. Therefore, borrowers should check with their banks/NBFCs where they have a savings/current/FD account or have availed loan or credit cards for pre-approved personal loan offers, if any.

Age

Minimum age of the applicant at the time of loan application should be 21 years old. The maximum age limit at the time of loan maturity is 60 years or the retirement age, whichever is higher. However, the age limit varies across lenders.