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About HDFC CIBIL Score

HDFC Bank is a reputed bank in India that offers a plethora of personal and home loan schemes to eligible applicants all over the country. No matter your requirement, you will get a loan scheme that suits your demands perfectly.

There are several loan schemes that the HDFC Bank in India offers. The most common factor remains the HDFC CIBIL score that the bank checks no matter which loan scheme you apply for.

Your HDFC CIBIL score directly reflects your credibility as a borrower. Your credit score stores the records of your past payments. It lets the lender know whether or not you have been making timely payments as a borrower. Your credit score can vary from 300 to 900. Here 300 is the lowest score, and 900 is the highest score that an applicant can have. On average, 650 to 750 is considered to be a good CIBIL score for applying for credit cards and home loans or personal loans in India.

This article closely discusses how your HDFC Credit score affects your eligibility when you apply for a loan, along with other essential factors that you need to keep in mind before applying for a loan or credit card in HDFC Bank.

What is the CIBIL Score in HDFC Bank?

The full form of CIBIL is Credit Information Bureau of India Ltd, which is the first credit information company in the country. 

HDFC CIBIL score is a financial report card prepared to record the credibility of a borrower when they apply for a credit card or loan in HDFC Bank. The bank will review your CIBIL score before granting you a loan or credit card. If your credit score is not around 650 to 750, your loan approval chances will be on the lower side.

Therefore, it is extremely important to check HDFC CIBIL score before applying for a home loan or personal loan in HDFC Bank. If you have an excellent credit score, the bank may provide you with financial benefits such as tax benefits and low-interest rates. Therefore, with a good credit score, you will end up saving a lot of money by the end of your repayment tenure. If you have a credit score of around 750 and above, your loan approval chances remain on the higher side. On the other hand, if you have a poor credit score of around 300 to 550, your loan applications may end up getting rejected.

With a good HDFC Bank CIBIL score, you also stand a chance to receive better offers on loans and credits after approval. You may have to face financial issues during your repayment tenure if you do not check your CIBIL score before you apply for the loan. It gives you an idea of how to improve your credit score and allows you to make a financial plan for future ventures. Therefore, an HDFC CIBIL check is a must for all applicants before applying for all sorts of credit cards and loans in HDFC bank.

Additional Reading: What is cibil score customer care number?

Steps to Check HDFC CIBIL Score

If you are applying for an HDFC Bank loan or credit card, the steps that you will need to follow are mentioned below:

  • In order to check your HDFC free CIBIL score, the first step that you need to take is to visit the official page of HDFC bank.
  • Click on the option ‘Get a Free Credit Score’ on the bottom section of the ‘Pay’ page.
  • You will have to log in using your email address and password.
  • Submit your personal details such as your name, ID number, date of birth, mobile number, and click on the continue option under the bottom space of the page.
  • You will have to select other details such as your address type, occupation details, and other details.
  • To proceed further with the HDFC credit score check, submit your identity proof such as your passport, PAN card, and other documents that the bank requires.
  • After submitting all the details properly, give access to the bank to run a CIBIL check on your profile to give you the exact result afterwards.

Based on your current HDFC CIBIL score, you will have to decide whether or not you have to improve your credit score before applying for a loan to improve your loan approval chances.

Additional Reading: What is Experian cibil score?

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CIBIL Score Required for HDFC Home Loan

Home loans are massive amounts that you can get from banks and financial institutes if you intend to buy or construct a house soon. HDFC Bank CIBIL score check is a must if you intend to apply for a home loan in HDFC bank.

There are several types of home loan schemes that are offered by HDFC bank.

  • The bank offers house construction loans, house renovation and remodelling loans, house extension loans, plot loans, along with home loan balance transfer schemes. On average, the interest rate for home loans starts from 6.70%. The interest rate may increase or decrease based on your age, income, credit score, and other details.
  • On average, the required CIBIL score for home loan Remains around 750. Here 750 is considered a good credit score that can help you increase your loan approval chances. 700 to 900 is generally considered to be a good credit score range by almost all banks and financial institutions in India as far as credit cards and loans are concerned. Since home loans are massive amounts, banks tend to strictly consider your CIBIL score before granting you the loan.

The minimum CIBIL score for home loan in HDFC bank remains around 700. Your interest rate for home loans may go up or down depending on the RBI guidelines. Therefore, do proper credit score calculation to ensure you remain on the safer side even if the interest rate goes up during the loan repayment tenure. You can repeat your home loan for up to 30 years. Based on your tenure, your interest rates may also defer.

CIBIL Score Required for HDFC Personal Loan

If you want to cover educational costs, wedding costs,, or sudden medical expenses, personal loans can help provide you with instant financial backup.  

  • Some of the most popular personal loans offered by HDFC bank include marriage loans, emergency loans, travel loans, personal loans for women, personal loans for students, home renovation loans, and debt consolidation loans, to name a few. 
  • On average, the required CIBIL score for personal loan remains around 700 to 750 for all applicants across the country. If you do not have a decent credit score, your loan application may get rejected by the HDFC bank. Therefore, it is extremely important to improve your HDFC CIBIL score before you apply for a personal loan. 
  • To apply for a personal loan in HDFC bank, salaried people must have a minimum monthly income of around 25,000.
  • The average interest rate remains on the higher side when it comes to personal loans. The HDFC interest rate for personal loans starts from 10.75%. It varies from one applicant to the other based on their credit history and other personal details such as income, age, occupation, and other details. 

You can choose to repay your personal loan for up to 60 months. If you have a high HDFC CIBIL score, comparatively low-interest rates will be applied to you.

Additional Reading: How to read cibil report?

CIBIL Score Required for HDFC Credit Card

700 to 750 is a good credit score range that helps you get quicker approvals compared to those with a poor credit score of around 400 to 600. However, it is not impossible for people with low credit scores to apply for credit cards in HDFC bank. Since the interest rates are high, the risk factor remains on the higher side for people with lower credit scores.

On the other hand, those with a good HDFC CIBIL score are more likely to get low credit scores. Therefore, the risk factor remains low in these cases. The bank can also restrict those who have poor credit scores to use their credit cards for certain reasons.

The bank prescribes no minimum CIBIL score for credit card applications. However, as per the credit rating in India, 750 remains to be a safe credit score if you want to get better offers and benefits on your HDFC credit card. Therefore, it is best to get your CIBIL report online before applying for credit cards to ensure you receive tax benefits and low-interest rates once the bank approves your loan.

Additional Reading: How to check cibil defaulters list?

What factors affect HDFC CIBIL score?

There are several factors that affect your HDFC CIBIL score immensely. Make sure you focus on these factors to ensure high loan approval chances for your future.

  • Credit utilisation Ratio

Your credit utilisation ratio refers to the amount of credit you use in contrast to your preferred credit limit. If you are someone who constantly exceeds 30% of your credit limit, you will end up having a poor HDFC CIBIL score. Make sure you do not cross this limit to ensure you have a good credit score. For instance, for a credit limit of around one lakh, spend approx 30,000/- per month.

  • The behaviour of the borrower

Once you check your HDFC credit score, it reflects your behaviour as a borrower; whether you have been making your payments timely reflect on your credit score. If in one single late payment can affect your credit score immensely. Therefore, make sure you pay all your bills, debts, and other obligations timely to maintain a good HDFC Bank CIBIL score.

  • Multiple credit cards and loan applications 

If you constantly keep applying for credit cards and loans in multiple banks, it affects your HDFC CIBIL score. Take some time off before applying for other credit cards if you already have one. The same rule applies to loans as well. It will help you maintain a decent credit score.

  • Credit mix

Those who have excellent credit scores are more likely to have both unsecured and secured loans. Focus on having a credit mix in order to increase your creditworthiness before applying for a loan or credit card in HDFC bank.

  • Credit History length 

In general, banks are more likely to approve loan applications of those who have comparatively long credit histories. It reflects that the borrower has responsibly made all their past payments on time. This indirectly ensures the lenders rely on the borrower.

Additional Reading: How to raise cibil dispute?

How to improve the low credit score of HDFC Bank?

Having a poor credit score can restrict you as a borrower. Banks generally restrict users with low credit scores to utilise their credit cards to their full potential. Loans benefits are not offered to those who have poor credit scores. 

If you are wondering how to improve your CIBIL score, make sure you follow the following steps properly.

  • Pay all your bills, EMIs, and debts on time in order to avoid making late payments. Late payments affect your credit score immensely.
  • Do not apply for several loans in a short span of time. It will affect your HDFC CIBIL score in the long run. It will show that you are in desperate need of money with no patience.
  • Do not forget to keep track of your credit history in order to avoid all sorts of minor and major errors in calculation.
  • Have a credit mix of secured and unsecured loans. The credit card is unsecured. Whereas home loans, auto loans, and car loans are secured loans. Having a credit mix can improve your CIBIL score if you pay your bills timely.

Additional Reading: What is cibil grievance?

How does HDFC Bank calculate credit scores?

Like other banks and financial institutes, your HDFC CIBIL score ranges from 300 to 900 based on your creditworthiness. There are several factors that are taken into consideration by the HDFC bank in order to calculate your credit score.

  • The HDFC bank calculates your payment history thoroughly. It has a huge impact on your creditworthiness. If you are a borrower who has been making their payments on time, it will reflect on your HDFC credit score.
  • Whether you have a balanced credit utilisation ratio also plays a big role when it comes to calculating your credit score. It shows that you are a responsible borrower who has a habit of healthy and balanced spending. Ideal applicants use around 30% to 40% of their credit limit on a monthly basis to maintain a good credit score.
  • HDFC bank officials also go through your total bank accounts and the details while calculating your HDFC CIBIL score. If you have a credit mix- a mix of secured and unsecured loans, it helps you have a higher credit score.
  • Your age, as well as the length of your credit history, are taken into consideration by the HDFC Bank.

Additional Reading: How to get urgent loans for bad credit

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HDFC Cibil Score FAQs

✅What is the HDFC bureau score?

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The HDFC score ranges from 300 to 900 based on your creditworthiness as a borrower. 300 to 600 is a credit range that is generally considered to be poor. 700 to 750 is a decent credit score to have if you intend to apply for credit cards or loans in the future.

✅What is the minimum CIBIL score for a personal loan in HDFC Bank?

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The HDFC CIBIL score that is required for personal loans remains on the higher side. 750 is an average credit score that is considered to be decent for personal loans. The interest rates for personal loans start from around 10.75%. Based on your CIBIL score, your interest rates may increase or decrease accordingly.

✅How can I increase my CIBIL score in HDFC Bank?

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The main thing that you need to do as a borrower to increase your CIBIL score is to make your payments on time on a monthly basis. Late payments result in low credit scores eventually. Also, make sure you check your credit history from time to time to ensure there is no error in the record.

✅Is 680 a good CIBIL score?

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You can apply for credit cards in HDFC Bank with a credit score of 680. However, 680 is a below-average CIBIL score for personal loans and home loans. 750 is considered to be a decent credit score as far as HDFC Bank is concerned. Focus on improving your credit score before applying for loans or credit cards in HDFC bank. 

✅How can I use my credit score?

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If you have a credit score of around 750 and above, you can use your credit score to receive perks like tax benefits and low-interest rates from the bank. Those who have excellent credit scores can also use their credit cards the way they want. Having a good credit score also ensures quicker and pre-approved loan approvals.

✅How can I increase my CIBIL score from 300 to 750?

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300 is considered to be the lowest credit score. In order to increase your credit score from 300 to 750, make sure you pay all your EMIs, debts, and other bills on time every month. Do not delay your payments. One single light payment can also have a huge impact on your credit score, especially if you already have a poor credit score. Do not apply for multiple credit cards or loans and avoid late payments to increase your CIBIL score soon.