What is the minimum CIBIL™ score required for HDFC car loan

What is the CIBIL™ score needed for an HDFC car loan?

HDFC bank has provided a detailed list of requirements that are to be met by the applicants for sanction of a car loan. Among these eligibility criteria, the first point of consideration is the credit score of the applicant.

HDFC Bank usually prefers to review the CIBIL™ score of the applicant before proceeding to other items of eligibility criteria. A CIBIL™ score of 700 and above is considered to be good and acceptable for car loans of HDFC Bank. A credit score lower than this is usually not preferred by the bank and the car loan application may be rejected by the lender.

HDFC Bank may sanction the car loan even if the credit score is lower than 700 if the applicant meets other parameters or at the discretion of the bank. However, a credit score lower than 650 is often considered to be riskier by the lenders and the loan application is usually not approved in such cases.

About Car Loans from HDFC Bank

Having a car was once treated as a luxury but it has since quite a long time became a necessity. Commuting at your own pace and convenience is a boon. For this, finance is a crucial ingredient. But this is where people may have some hurdles. Fortunately, we have banks and other lending institutions that help meet such financial needs. Car loans are one of the main loans that are provided by lenders. These loans are easily available to eligible applicants based on their eligibility.

HDFC is among the top lenders in the country today and the car loans of the bank are among the popular loan product in this segment. The bank has laid specific eligibility criteria that the applicants have to meet for the car loans. One of the main requirements to be met by the applicants is the credit score.

What is CIBIL™ score?

The credit score is the rating of a person issued by competent credit rating agencies. This score is the measure of the creditworthiness of a person which is the first point of reference for lenders while reviewing a loan application. India has four authorised credit rating agencies that provide credit score for applicants. These agencies are,

• CIBIL™
• Equifax
• Experian
• CRIF Highmark

The credit score is issued in the range of 300 to 900. A CIBIL™ score closer to 300 is considered to be a poor credit score and a credit score closer to 900 is considered to be a good credit score as per lenders.

What are the details required to check the CIBIL™ score?

HDFC Bank refers to the CIBIL™ score of the applicants before proceeding with approval for any loan application. The applicants can also check their CIBIL™ score before applying for a car loan application. An inquiry made by the applicant is considered to be a soft inquiry.

The inquiry does not harm the credit score of the applicant. In fact, many lenders consider such inquiries to be a healthy practice. The CIBIL™ score can be easily checked either free of charge or by making a subscription for the same. Applicants can subscribe to get the credit report at periodic intervals. These reports will tell the applicants about their credit score and creditworthiness of the applicants. The applicants can provide any of the following details as valid identification to proceed with checking the CIBIL™ score.

• Passport
• Driver’s License
• PAN Card
• Voter ID
• Ration Card

FAQs - CIBIL™ score for HDFC car loan