Calculate Your HDFC Personal Loan Eligibility
HDFC Banks has provided a set of criteria for availing HDFC Personal Loan. Applicants who are fulfilling the below-mentioned criteria as set by HDFC bank are eligible for availing HDFC Personal Loan.
What is the HDFC Bank Personal Loan Eligibility Criteria?
The personal loan eligibility of HDFC Bank is almost similar to the eligibility criteria set by other private sector banks. The eligibility criteria for HDFC Bank Personal Loan for various schemes is as follows:
| Credit Score | Minimum 650 |
| Minimum Age | 21 years |
| Maximum Age | 60 years |
| Employment Type |
|
| Employment Continuity | At least 2 years, minimum 1 year with the current employer |
| Minimum Net Monthly Salary | Rs 25,000 |
In addition to the above-mentioned criteria, the bank may also consider the credit score, existing EMIs from other loans or credit cards, etc, to determine the personal loan eligibility of its personal loan applicants, as used by other lenders to evaluate the HDFC Bank Personal Loan Eligibility.
Personal loan applicants with zero or low credit scores can build/improve their credit scores by availing Paisabazaar Step UP Credit Card, a lifetime free credit card issued by Paisabazaar.com against the fixed deposits of SBM Bank, to maintain or increase their scores and improve their HDFC Bank Personal Loan Eligibility.
Factors Affecting HDFC Bank Personal Loan Eligibility
- Credit Score: HDFC Bank has set the minimum credit score of 650 for determining its HDFC Bank Personal Loan Eligibility. While HDFC Bank has not disclosed its credit score based personal loan interest rate matrix, many lenders offer personal loans at lower interest rates to applicants with the highest credit score. Applicants with lower credit scores are considered to have poor credit profiles and some lenders may either reject their personal loan application or charge higher interest rates to make up for the increased risk of loan default.
- EMI Repayment Capacity: HDFC Bank has not disclosed the role of repayment capacity of its applicants for assessing their HDFC Bank Personal Loan Eligibility. However, most Banks and NBFCs require the total EMIs of their personal loan applicants, including the EMI of their proposed personal loan, to be within 50-60% of their net monthly income. Thus, those planning to avail HDFC personal loans should use HDFC Bank Personal Loan EMI Calculator to find out the optimum EMIs and loan tenures for their personal loan based on their repayment capacity to ensure their total EMIs stays within 50% of their net monthly income.
- Occupation Profile: As per HDFC Bank, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies are eligible to avail HDFC Bank Personal Loan. In the same manner, many other Banks and NBFCs consider the occupation profile of their personal loan applicants before approving their loan application. Some lenders also set the personal loan interest rates of their loan applicants based on their occupation profile.
- Existing relationship with the lender: The bank has not specified whether its existing customers get any special preference/concession while assessing their HDFC Bank Personal Loan Eligibility. However, most banks/NBFCs offer pre-approved personal loans to their existing customers at favorable rates. For that reason, individuals who want to avail personal loans should contact the banks/NBFCs with whom they already have a banking or lending relationship.
FAQs
1. What is the minimum CIBIL Score for HDFC Personal Loan?
Ans: HDFC Bank requires a minimum CIBIL Score of 650 for personal loans.
2. How can I check my eligibility for HDFC Personal Loan?
Ans: HDFC Bank has provided a set of criteria for its personal loan eligibility based on monthly income, age, employer, CIBIL score, etc. If you fulfill all the criteria then you are eligible for availing HDFC Personal Loan.