HDFC Bank Personal Loan Eligibility

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HDFC Bank Personal Loan Eligibility Criteria

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).

Eligibility Based on Age

Age is one of the basic HDFC Bank Personal Loan eligibility criteria that need to be fulfilled in order to apply for the loan. The minimum age criteria are of 21 years for the Personal Loan and the maximum age limit is up to 60 years. The maximum loan tenure at HDFC bank is of 60 months.

Eligibility Based on Income and FOIR

  • Net Income: The eligibility of an individual to get a Personal Loan is determined by his current income. In order to get the Personal Loan, the minimum current income of an individual should be Rs. 25,000 per month (Rs. 50,000 for non-HDFC salary account holders). Your capacity to pay the EMIs of your Personal Loan is judged based on your income without having an effect on your standards of living.
  • FOIR: One of the important parameters at HDFC bank to consider a Personal Loan application is FOIR (Fixed Obligation to Income Ration). HDFC will consider all your fixed obligations such as current EMIs, rent, and so on, while assuming your loan eligibility. A minimum FOIR of 0.45 is required to be eligible for the Personal Loan at HDFC Bank. You can use HDFC Bank Loan Calculator to calculate and compare the FOIR and then apply for the Personal Loan accordingly.
  • Co-applicant: One can also add a co-applicant to increase the eligibility score and the loan amount as well. Adding a co-applicant will increase the repayment capacity. One should make sure to add a co-borrower having a good income, limited fixed obligation, and a good credit score as well.

Features of HDFC Bank Personal Loan

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Following are the features of HDFC Personal Loan:

HDFC Bank Personal Loan Eligibility Based on CIBIL Score

HDFC Bank looks at your past credit behaviour and your track record with past lenders before approving a new Personal Loan. All your credit history, behaviour and track record are captured in your CIBIL score. CIBIL stands for Credit Information Bureau (India) Limited.

CIBIL score captures all your past running loans, your payment track record on your loans and Credit Cards. CIBIL score is a primary determinant to define your 

HDFC Personal loan Eligibility. A higher CIBIL score (700 or above) means that you have been prudent with previous loans and thereby a higher CIBIL score increases your chances of getting a Personal Loan.

Some factors which affect your credit score are:

  • Late payments on past loans: In case you have defaulted on any of your past loans or there has been any delay in payment for any of your existing or past loans, your CIBIL score is negatively affected and that will reduce your chances of availing HDFC Bank Personal Loan.
  • A high number of unsecured loans: Having a balance between secured and unsecured loans and servicing the loans in a timely manner ensures a good credit score. A high proportion of unsecured loan leads to a lower CIBIL score that can negatively impact your Personal Loan application at HDFC Bank.
  • Usage of credit limit: Spending more than your Credit Card limit and frequent cash withdrawals from your Credit Cards, are signs of financial indiscipline that can negatively impact your credit score.
  • Multiple loan applications: In case you apply for a Personal Loan at multiple banks at the same time, it is viewed as a sign of financial stress and can reduce your credit or CIBIL score. Such behaviour can lead to rejection of your Personal Loan application.

How to Increase HDFC Bank Personal Loan Eligibility?

  • 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.

Why Use MyMoneyMantra's Personal Loan Eligibility Calculator?

MyMoneyMantra provides an online, fast, easy to use and automated HDFC Loan Eligibility Calculator. You have to fill in your personal details that enable the website to refer to your credit score, check credit history online and instantly show your eligibility for a loan. The personal details that you need to fill are your age, take home salary, the sum of existing EMIs, combined Credit Card outstanding, and so on. On clicking the "Check for eligibility", the website shall instantly provide you the amount of Personal Loan that you can avail. This tool is convenient and quick to help you check HDFC Personal Loan eligibility.

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HDFC Bank Personal Loan Eligibility FAQs

What should be the minimum net monthly income of the customer to get HDFC Bank Personal Loan?

The minimum income for the salaried employee who wishes to apply for a Personal Loan from HDFC Bank should be Rs. 25,000 per month (Rs. 50,000 for Non-HDFC Salary Accountholders).

How much work experience is required for a Personal Loan from HDFC Bank?

The applicant must have a work experience of at least 12 months to avail an HDFC Bank Personal Loan.

What is the maximum loan amount an applicant can get?

An applicant can get a maximum of Rs. 40 Lakhs Personal Loan from HDFC Bank provided the applicant is eligible and capable of repaying the amount.

Will CIBIL Score affect my eligibility for a Personal Loan from HDFC Bank?

Yes, CIBIL Score plays an important role in the assessment of a Personal Loan application at HDFC Bank. A good score indicates good repayment record. The bank prefers a minimum CIBIL score of 700 and above for considering a Personal Loan.