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HDFC Bank Personal Loan Eligibility

The eligibility of HDFC Bank personal loan applicants depends on their age, monthly income, credit score, employment type, existing loan relationship with the bank, etc. Read on to know the personal loan eligibility criteria set by HDFC Bank in detail.
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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee6,500
ICICI Bank
100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest11% - 13%
Tenure upto1-5 Years
Processing FeeUpto 2%
Axis Bank
Low Processing fee
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
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Eligibility Criteria for HDFC Bank Personal Loan Applicants

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.

Factors Determining the Personal Loan Eligibility of Applicants

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.

How can you Improve your HDFC Bank Personal Loan Eligibility

  • Maintain a good credit score (preferably 720 and above)
  • Maintain a consistent employment history
  • Add a co-applicant with a higher credit score and stable income
  • Pay off your existing debts
  • Increase your repayment capacity with a higher salary

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How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

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All Your Needs

FAQs

Employees of private limited companies and public sector undertakings can apply for HDFC Bank Personal Loan.

The minimum income of the applicants having their salary account with HDFC Bank should be Rs 25,000, whereas those not having their salary account with HDFC Bank should have a minimum monthly income of Rs 50,000 for availing personal loan from HDFC Bank. Applicants of Golden Edge Personal Loan should have a minimum net monthly income of Rs 75,000.

The minimum age limit for availing HDFC Bank Personal Loan is 21 years. However, the maximum age limit for availing personal loan from HDFC Bank is 60 years.

The personal loan eligibility of an applicant depends on his/her age, monthly income, credit score, employment profile, employer’s profile and the applicant’s existing relationship with the bank.

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