HDFC Bank offers personal loans to salaried individuals after assessing their eligibility. It factors in various parameters such as the monthly income, age, occupation profile, etc. to evaluate the HDFC personal loan eligibility.
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What is the criteria for HDFC Personal loan eligibility?
The following individuals are eligible for availing various schemes of HDFC Personal Loan:
- Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies.
- Individuals between 21 and 60 years of age.
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.
- Individuals who earn a minimum of Rs 25,000 net income per month.
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 personal loan eligibility.
Personal loan applicants with zero or low credit scores can build/improve their scores by availing Paisabazaar Step UP Credit Card, a lifetime free credit card issued by Paisabazaar.com against the fixed deposits of SBM Bank.
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Factors Affecting Personal Loan Eligibility
Credit Score
It is one of the most important factors used by lenders to determine the personal loan eligibility of their applicants. Applicants with credit scores of 750 or more are considered more creditworthy and have higher chances of getting their personal loan application approved. Many lenders also offer personal loans at lower interest rates to applicants with the highest credit score. Applicants with credit scores below 750 are considered to have poor credit profiles and hence 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
Lenders also consider the repayment capacity of their personal loan applicants while assessing their personal loan application. Banks/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 personal loans should use Personal Loan EMI Calculator to find out the optimum EMIs and loan tenures for their personal loan based on their repayment capacity while ensuring that their total EMIs remain within 50% of their net monthly income.
Occupation Profile
Banks/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. For example, banks/NBFCs usually prefer salaried applicants over non-salaried applicants due to the former’s higher income certainty. Among the salaried applicants also, banks/NBFCs prefer applicants working in the public sector and reputed private sector companies. In the same way, among non-salaried applicants, professionals like doctors and chartered accountants are preferred more.
Existing relationship with the lender
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. After that, personal loan applicants can compare the interest rates offered by their bank with personal loan interest rates offered by other banks/NBFCs.
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