HDFC Personal Loan Eligibility
Age of the Applicant 18 to 70 years
Eligible Salary 25,000 per month and above
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Maximum Loan on Property Value Up to 90%
Maximum EMI as percent of income 65%
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

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HDFC Personal Loan Eligibility

A person may apply for the Personal Loan for a variety of reasons such as wedding, travel, medical emergency or any other uncertain situation. The amount of the Personal Loan is largely influenced by the EMI and one's edibility to get the loan. Read below to get more information with regards to calculating your eligibility and Personal Loan EMI.

About HDFC Bank Personal Loan

Generally, a Personal Loan is taken to suffice obligatory expenses and meet urgent needs which cannot be fulfilled with the regular saving account. The HDFC Bank offers most customised, competitive, and instant Personal Loans.

HDFC Personal Loan Eligibility

The repayment factor of an individual to repay the loan timely has a great influence on the loan eligibility. The bank makes sure to evaluate the financial situation of an individual with regards to its repayment capacity of the loan. The bank considers various factors such as credit score, current income, an outstanding loan if any, and so on, before considering your loan application.

If you are financially stable with a good credit score, chances that you are eligible and your loan getting sanctioned are higher. Being an existing customer of the HDFC Bank you may get the privilege of pre-approved loan which means you will not have to submit much documentation.

Nowadays, it is very easy for an individual to check the Personal Loan eligibility online. The HDFC Bank's easy to use Personal Loan Eligibility Calculator will tell you within a few minutes your eligibility as well as the amount you can apply for. The loan tenure at HDFC Bank ranges from 12 to 60 months and the loan amount extends up to 40 Lakhs.

HDFC Personal Loan Eligibility for Salaried and Self-Employed Applicants

  Salaried Individuals Self-Employed Individuals

Age(Min-Max)

21 - 60 years

25 - 65 years

Co-applicant

Not mandatory

Not mandatory

Minimum Net Income

15,000 per month. 20,000 per month in Class A cities like Delhi, Mumbai, Chennai, Bengaluru, Pune, Kolkata, Hyderabad, Ahmedabad, Cochin.

1 Lakh p.a.

Loan Tenure

12 - 60 months

12 - 60 months

Employment/Business Continuity

Should have been in the job for 2 years with at least 1 year with current employer.

Post Qualification experience of 4 years for Doctors/ Chartered Accountants and 5 years for Company Secretary / Architect.

Maximum Loan Amount

15 Lakhs

50 Lakhs

Eligibility based on Age

  • Age:Age is one of the basic criteria that need to be fulfilled in order to apply for the Personal Loan. The minimum age criteria are of 21 years for the Personal Loan and 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 15,000 per month. 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 parameter 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. 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.

HDFC Bank Personal Loan Eligibility Based on CIBIL Score

HDFC Bank looks at your past credit behavior and your track record with past lenders before approving a new Personal Loan. All your credit history, behavior and track record is 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 eligibility for a Personal Loan. 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 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.

In case your Personal Loan application at HDFC Bank is rejected, ensure that you improve your creditworthiness and increase your CIBIL score and then reapply for the Personal Loan.

HDFC Bank Personal Loan Eligibility Based on Other Factors

CIBIL score is one major factor for deciding approval of a Personal Loan by HDFC Bank. However, it is not the only factor and there are other factors that also play an important role to decide approval of the Personal Loan by HDFC Bank. Some such factors are:

  • Job stability and profession: Job stability of the Personal Loan applicant play an important role in deciding whether an applicant will get a Personal Loan approved. An applicant with a stable job with a reputed organisation has increased chances of loan approval. Total work experience of over 24 months and being employed in the current organisation for a minimum of 12 months are some of the criteria that HDFC Bank looks for when evaluating a Personal Loan application.

  • Residence place and stability: The place of residence of a loan applicant plays a very important role in the assessment of a loan application. HDFC Bank is very particular about the residence of the borrower. Based on their experience, the bank has a pre-decided list of areas and localities, called a negative list, where the bank shall not lend. This list has been prepared based on the past behaviour of loan applicants in such areas. Along with the place of residence, the duration for which the loan applicant has been staying at the same residence is also important. HDFC generally looks for a minimum residence stability of around 12 months. Chances of loan approval increase in case the applicants are living in their own home.

  • Industry type: The type of industry that you work for and the work you do also play an important role in loan application assessment. HDFC bank has certain negative list professions and industry based on previous negative experiences. Chances of loan approval reduce in case the applicant has the job in an industry in the negative list.

Salary mode: The way in which the loan applicants get their monthly salary also plays a role in deciding the loan approval process. HDFC bank generally favours applicants who get salaries transferred directly to their bank accounts. Such a mode of salary transfer is considered secure and one with adequate income proofs. An applicant who gets the salary in the form of cash or cheque is generally looked by the bank with suspicion because of the absence of concrete proof.

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.

Maintain a good mix of secured and unsecured loans: Ensure that not all of your current loans are unsecured. Having a secured existing loan is looked upon favorably when compared to an unsecured loan while deciding loan eligibility.

Don't over leverage yourself: One must make sure not to have a lot of EMIs. This can take a huge toll on your financial health. Avoid over leveraging by adding an additional EMI to your existing EMIs. Try to finish off an existing loan before applying for a new one.

Why Apply for an HDFC Bank Personal Loan Through MyMoneyMantra?

MyMoneyMantra is a convenient, easy to use, and user-friendly website that pre-screens your loan application. Based on the database with the website and data analytics, it suggests you an appropriate lender that shall be willing to offer you a Personal Loan at the lowest interest rate that suits your profile. This ensures that you do not unnecessarily apply to those banks where you are bound not to get a loan approved and thereby increases the chances of getting a Personal Loan. 

Why Use MyMoneyMantra's Personal Loan Eligibility Calculator?

MyMoneyMantra provides an online, fast, easy to use and automated Personal 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.

FAQs on HDFC Bank Personal Loan Eligibility

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 15,000 per month and 20,000 for Class A cities like Delhi, Mumbai, Chennai, Bengaluru, Pune, Kolkata, Hyderabad, Ahmedabad, Cochin.

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 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.

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