HDFC Bank Personal Loan Eligibility

Following are the important HDFC Bank personal loan eligibility criteria for Salaried as well as Self-employed:

• Indian residents, employed with a private limited company/ public sector undertaking (central/ state/ local bodies).
• Applicant must have a minimum work experience of 2 years or more and must have served the current employer for a minimum of 1 year.
• Applicant’s age should be 21 to 60 years
• The minimum income required is Rs. 25,000 per month for HDFC Bank salary account holders (Rs. 50,000 for others).
• Applicants can increase their HDFC Personal Loan eligibility by bringing in an eligible co-applicant (preferably an earning spouse or parent).

Following are the features of HDFC Personal Loan:

• Amount of loan up to Rs. 40 Lakhs
• Tenure of repayment Up to 5 years
• Turnaround time 1 to 7 days
• HDFC Personal Loan Interest Rate 10.65%
• Processing fee Up to 2.50%

• Maintain a clean credit history: Ensure that all your past loans are repaid in time and in full and that you have met all the conditions of the past lenders. This will ensure that your credit history is clean and that your CIBIL score is high.
• Lower EMIs on existing loans: In case you have any existing loans, make sure that you increase the tenure of the existing loans so that your EMI on those loans reduces and you have a larger surplus left to service a new loan from HDFC Bank.
• Prepayment: It is highly recommended that if possible you pay off your existing loans before taking a new one. This will increase your eligibility for a new HDFC Bank Personal Loan.