HDFC Personal Loan Eligibility: Factors Affecting, Loan Types & How to Improve

Ensuring quick approval and disbursal, HDFC Bank Personal Loan is an ideal option to deal with financial crises. At HDFC Bank, you can avail personal loans up to Rs. 25 lakh without any collateral and use the money to pay medical bills, renovate your home, go on a vacation, get married, etc. The eligible loan amount offered to you can be repaid as per your convenience with tenure up to 60 months.

HDFC Bank Personal Loan Eligibility Criteria

The following are some key eligibility criteria considerations that applicants need to keep in mind when applying for a HDFC bank personal loan:

• You should be at least 21 years old and your maximum age should be 60 years at the time of personal loan application
• You should be an employee of private limited companies or employee from public sector undertakings that includes central, state and local bodies to qualify
• You should be working with your current employer for at least 1 year and should have a total working experience of at least 2 years at the time of loan application
• Your minimum monthly income must be at least Rs. 25,000

HDFC Bank Personal Loan Against Asset

Smartdraft – Overdraft Against Salary

With HDFC’s pay-as-you-use overdraft loan, you can be approved for an amount up to three times your salary. No matter what the overdraft amount assigned, you need to pay interest only for the amount you use. You can even foreclose the Overdraft Against Salary anytime without any foreclosure charge.

Eligibility Criteria

• You should have a HDFC Bank Corporate Salary Account with regular salary credits
• Your monthly income should be at least Rs. 25,000
• The company you work with should be on approved list for overdraft facility

Eligibility Calculation

Personal Loan Eligibility calculator available on Paisabazaar.com helps an individual to figure out if he is eligible for HDFC Bank Personal Loan from the comfort of home or office. The personal loan eligibility calculator is easy to use and asks for some basic information like occupation type, loan amount, monthly income, mobile number, current city, etc. to check your eligibility with the bank.

Also: Calculate Your HDFC Bank Personal Loan EMI Online

How to Improve Your HDFC Personal Loan Eligibility?

1. A healthy credit score:

Your credit score that is a reflection of your past repayments and financial behavior influences your eligibility the most. If your credit score is good, you have more chances of being eligible for a personal loan. If you have a low credit score, you either will not be eligible or might be charged a higher interest rate

Also Read: How to Apply for Personal Loan when you have a bad Credit score

2. Choose the loan amount wisely:

You must apply for a personal loan amount after evaluating your repayment capacity. Therefore, it is necessary to apply for a loan amount that you can easily repay within the tenure without hampering your monthly expenses

3. Don’t apply multiple personal loans with various banks at a time:

If you believe that applying with various lenders at the same time increases your chances of getting a loan, you are wrong. Every time you apply for loan, it gets recorded in your credit report as a hard inquiry and is also visible to lenders. When you apply with multiple lenders at the same time, you seem to be credit hungry which adversely impacts your eligibility for a personal loan

4. Pay your existing credit card bills and loans:

Before you apply for another loan, ensure that you pay your existing outstanding debts (credit card bills and loans) to increase your debt-to-income ratio. This is because, if you are already paying many EMIs, your repayment capacity is already lowered which decreases the chances of another loan being sanctioned

FAQs

Q1. I have joined job last month. Can I get a personal loan from HDFC Bank now?

To avail a personal loan from HDFC Bank you should have a minimum work experience of at least 2 years with at least one year in current organisation.

Q2. I have repaid my car loan last month. Can I get a personal loan now?

Yes, you can avail a personal loan from HDFC Bank, provided you meet the bank’s eligibility criteria.

Q3. My credit score is 665. Earlier it was 575. Will I get personal loan now from HDFC Bank?

A credit score of 750 or above is generally considered to be a good score and may help you avail personal more easily and at a reasonable rate of interest, provided you meet the bank’s other eligibility criteria. However, a credit score lower than 750 can either make you ineligible to avail a loan or lead to a higher rate of interest on your personal loan.

Q4. What is the minimum salary requirement to avail HDFC Bank personal loan?

Your minimum salary to avail HDFC Bank personal loan should be Rs. 25,000.

Q5. How to check my HDFC Bank Personal Loan eligibility online?

You can visit Paisabazaar and use the personal loan eligibility calculator to check your eligibility for HDFC Bank personal loan online.