HDFC Bank decides your personal loan interest rates based on the following criteria:
Credit Score
Although HDFC Bank has not disclosed the minimum credit score required to avail personal loans, applicants having a credit score of 750 and above usually have higher chances of getting their personal loans approved at competitive interest rates.
Job Profile
Lenders usually prefer salaried applicants, especially government employees, over self-employed applicants, due to job stability and income certainty.
Monthly Income
Applicants having a minimum monthly income of Rs. 25,000 are usually eligible for loans at HDFC Bank.
EMI/NMI Ratio
Applicants having their EMI/NMI ratio of up to 55%, including the existing EMIs and EMIs of the proposed personal loan, usually have higher chances of getting their personal loans approved at lower interest rates.
Loan Amount
Applicants eligible for a higher loan amount at HDFC Bank are usually considered creditworthy and are therefore offered lower interest rates.
Existing Relationship with the Lender
Select existing customers of HDFC Bank are usually eligible for pre-approved personal loans with preferential interest rates.