HDFC Bank Personal Loan Eligibility

If you are short of funds and have a sudden need to meet a financial obligation, then you can explore the option of raising a personal loan. Almost all banks offer personal loan to the salaried persons (and self-employed) based on their earning potential that can be demonstrated by salary slips and income tax returns (ITRs).

And personal loan is given for a variety of purposes which include a wedding celebration, renovation of house, holiday abroad, buying a luxury item, or something else. Essentially, personal loan is disbursed for miscellaneous reasons which do not typically fall under any broad purpose for which banks generally give loans such as home loan, car loan, business loan and professional loan, among others.

Here we give a lowdown on the personal loan eligibility of HDFC Bank which include eligibility, interest rates, documents required and EMI calculator.

Get Instant Loan Up to 5,00,000

Within 5 Minutes

No Collateral

Required

100%

Paperless

Flexible

EMI Tenure

Apply now and get Instant Cash

Enter Mobile Number

Factors Affect Personal Loan Eligibility

Personal loan eligibility calculation uses six factors to determine eligibility. These are:

Geographic location
Monthly Income
Ownership of property.
Existing credit.
Employer.
Credit history.

In order to be eligible for HDFC Bank personal loan, you have to meet the following criteria:

Employment: You need to be an employee of a private limited company or an employee in a public sector undertaking, including central, state and local bodies.
Age: You need to be between the ages of 21-60 years.
Tenure of job: You need to have a job for at least two years, with a minimum of 1 year with your current employer. Even self-employed persons are also eligible for personal loan.
Income: You need to have a net income of 25,000 per month.
Credit score: Generally, a CIBIL score of above 720 is considered ideal for personal loan.

Documents Required for HDFC Bank Personal Loan Eligibility

When you apply for a personal loan with HDFC Bank, you will need following documents:

Proof of Identity: Aadhaar Card, Passport, Driving Licence or Voter ID Card.

Proof of Address: Voter ID Card, Aadhaar Card, Passport, or Driving Licence.

Other Documents: Recent bank statements or passbooks, latest salary slip or salary certificate, Form 16, and a passport-size photograph.

Potential borrowers can navigate their loan options and manage their financial commitments effectively after understanding these.

How to improve your chances of getting an HDFC Bank personal loan:

The bank typically offers a loan to someone who has been in a job for a minimum of two years, out of which a minimum of one year should be in the current job. So, if you have just started working, you can first complete one year in the job to become eligible for the job.

Besides, if your net income is less than ₹25,000 then you need to wait until your income crosses the minimum threshold.

HDFC Bank Personal Loan Interest Rates

The private lender charges following rates on personal loan from borrowers:

Rate of Interest	10.75 percent to 24.00 per cent (Fixed Rate)
Processing Fees	Up to ₹4,999 plus GST
Tenure	3 to 72 months
Documents Required	No Documents for Pre-approved Personal Loan
For non-pre-approved	Last 3 Months Bank statements, 2 Latest Salary Slip and KYC

HDFC Bank Personal Loan EMI Calculator:

In order to streamline your finances, you are recommended to use the personal loan EMI calculator.
An EMI calculator uses three details to ascertain the monthly installment that you would need to pay. These three details are loan amount, tenure of loan and rate of interest.

Once you enter these details in the EMI calculator, you will get to know the exact EMI that you will have to pay.

https://www.livemint.com/loans/hdfc-bank-personal-loan-emi-calculator

Other banks’ Personal Loan Eligibility

It is interesting to note that most banks have similar, if not the same, criteria of getting personal loan. An applicant needs to be in the age bracket of 21 to 60, salaried, having a salary of ₹25,000 per month and be employed for long than a year in the current job.

It is noteworthy that even after meeting these criteria, your profile will be subject to approval from the respective bank’s credit department which examines the documents and credit score (CIBIL score) before giving a final go ahead.

Personal Loan Quick Links

Personal Loan Business Loan Personal Loan EMI Calculator Personal Loan Eligibility Personal Loan Interest Rate Personal Loan Eligibility Calculator Instant Personal Loan

Frequently Asked Questions (FAQs):

How does one qualify for personal loan eligibility?

To qualify for a Personal Loan at HDFC Bank, you must meet these criteria. A. One needs to be an employee of a private limited company or an employee in a public sector undertaking such as central, state and local bodies. B. The age bracket should be between 21 to 60 years. C. One should have been in a job for at least two years, with a minimum of one year with your current employer. D. Also, the minimum salary should be ₹25,000 a month.

What is the age criterion to get a Personal Loan?

To be eligible for a personal loan, you must be between the ages of 21 to 60.

What is the minimum credit score to apply for a Personal Loan?

HDFC Bank requires a minimum credit score of 650 to be eligible for Personal Loans. The credit score can vary from bank to bank.

What are the factors that affect the eligibility of a Personal Loan?

The factors that affect the eligibility of Personal Loans are Credit score: A CIBIL score above 720 is considered ideal for Personal Loans. Income: It plays a pivotal role in the approval of the loan amount. Repayment history: If you have a good track record of repayment with previous loans, approval of the loan is faster and easier.