The Minimum CIBIL™ score for HDFC Bank Personal Loan is 700

What is the minimum CIBIL™ required for an HDFC personal loan?

The credit score is the first point of reference or consideration for personal loan eligibility at HDFC Bank. The bank requires the applicants to have a minimum credit score of 700 to be eligible for the personal loans of the bank.

A personal loan can be sanctioned by the bank even if the CIBIL™ score is lower than 700.  However, sanctioning personal loans to applicants with a low credit score is at the sole discretion of the bank. Even if the loan is sanctioned, it may not be available at favourable terms and the interest rates charged are steep.

HDFC Bank also provides pre-approved personal loans to eligible applicants. In such cases, the bank already has a record of the credit score of the eligible person. In most cases, the eligible person has a past relationship with the bank which allows the bank to have a fair idea of the financial health of the applicant.

About HDFC Bank Personal Loans

HDFC Bank is among the top names in the banking industry not just in our country but also overseas. It is the largest private sector bank by assets as well as the largest bank in the country by market capitalization. HDFC Bank is also considered a leading bank in the personal loan segment. The features and benefits of the loans offered by HDFC Bank for personal loans are unmatched in the market making it a preferred option for the borrowers.

Personal loans of HDFC Bank require the applicants to meet the CIBIL™ score required by the bank along with other eligibility parameters.

What is HDFC Personal Loan?

A personal loan is a general-purpose loan that is available for the benefit of eligible applicants. These loans are often considered to be liquid loans and can be availed with minimum documentation and faster processing. These loans have less stringent eligibility criteria as compared to other loans like home loans.

Among the many eligibility criteria set by the bank, one of the main requirements is the CIBIL™ score. If the applicant does not meet the minimum credit score required as per CIBIL™, the personal loan application can be rejected by the bank.

Role of CIBIL™ Score for HDFC Personal Loans

India has four certified credit rating agencies that provide credit score for every person in India. These agencies are,

• CIBIL™
• Equifax
• Experian
• CRIF Highmark

Among the above agencies, HDFC Bank refers to the CIBIL™ score. CIBIL™ issues a credit score in the range of 300 to 900 that will determine the creditworthiness of a person. 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 the bank.

FAQs - CIBIL™ score for HDFC Personal Loan