HDFC Personal Loan Eligibility

Overview of HDFC Bank Personal Loans

HDFC Bank is one of the leading banks in India offering a number of financial products to its customers. The bank promises the best lending rates and other benefits to its customers. The application process is also very simple with a number of channels available for the applicants to apply for any loan.

A personal loan is a very handy financial tool for individuals looking for funds for any emergency need. A personal loan is an unsecured loan and hence does not need any collateral or security to avail the loan. Also, personal loans are processed very quickly and disbursed in a matter of hours. This puts the much-needed funds in the applicant’s hands swiftly.

Personal loans are sought for reasons like wedding expenses, vacation plans, home repairs and renovations, and other similar reasons.

Who is eligible to avail a personal loan from HDFC Bank?

HDFC Bank offers personal loans to salaried individuals. The following individuals are eligible to apply for a personal loan with HDFC Bank:

• Age Criteria: Individuals in the age group of 21 – 60 years of age
• Job Type: Employees of select private limited companies, employees from public sector undertakings, including central, state and local bodies
• Income Criteria:
• Individuals with a salary account in HDFC Bank:  Minimum income of Rs. 25,000 net per month
• Individuals with Salary account in other banks: Minimum Rs. 50,000 net per month

• Employment History: The individual should have been employed for at least 2 years and of that, at least 1 year should have been with the current employer.

What are the factors affecting my personal loan eligibility criteria at HDFC Bank?

The primary criteria to determine your personal loan eligibility is your repayment capacity. The bank wants to ensure that you are able to repay the loan you have availed. The bank has a few different factors that show them your repayment capacity; like credit score, your income, your employment type, your employer, your current liabilities and assets, etc.

How does my credit score affect my personal loan eligibility?

Your credit score is a major factor in determining your eligibility for personal loans from HDFC Bank. A good credit score indicates that the history of repayments is good. There is a guarantee of a higher loan amount and lower interest rate. Banks consider a higher credit score to be an indication of creditworthiness. The eligibility of your loan amount and interest rate is greatly influenced by this.

Will my income ensure my eligibility for a personal loan?

A higher salary guarantees the payment of the loans on schedule. Banks offer higher-income people better rates of lending. Banks also prefer salaried employees because monthly salary ensures them their monthly EMI. However, note that your income is not the sole deciding factor. Despite having a high income, you may not be guaranteed a personal loan if other factors don’t work in your favour. Besides the income, you need to have a high credit score, low debt utilisation ratio to get a personal loan at affordable interest rates.

Your job and employer are also taken into consideration

Jobs with a trustworthy organization will definitely get you a decent deal on your HDFC Bank personal loan interest rates. Many banks have a list of accredited employers and trustworthy organizations they refer to when approving a loan. Employment stability and the flow of revenue to bankers is guaranteed by employment in these businesses. For larger sums of personal loans, you are then entitled to request an agreement at a lower interest rate.

Why do banks have an ‘Age Criteria’ for a personal loan?

Your age is also relevant; the age of the applicant plays an important role during the personal loan application process. The younger the borrower, the longer he'll have to pay back the loan. HDFC Bank personal loans are made available to those who are 21 years old. Unlike older candidates, loan sums and interest rates are granted for younger-generation applicants.

Do I need to be an existing customer of HDFC Bank?

Priority is often provided to banking customers with a long-term relationship, based on the fact that their credit record is easier to view. If you are a current HDFC Bank customer, the bank will be able to verify your account record, any recent credit transfers and your general financial status. Therefore, for personal loans, current customers are granted preferential interest rates.

Benefits of including a co-applicant on the loan

Add a co-applicant on your personal loan if possible; When you have another earning member of the household, don’t shy away from adding them as a co-applicant to the loan so that their income is also taken into account while filling up your personal loan application. If the income of both the borrowers is registered, the effect is a higher repayment potential and hence a lower interest rate.

Why are they asking for my existing borrowings and liabilities? 

While determining the eligibility of your personal loan eligibility and interest rates, your existing debts and commitments play an important role. When you have outstanding loans or other obligations, the potential for repayment will be limited. For the lender, this is considered to be an elevated risk situation. More pressure will also be placed on it by the influx of capital. Therefore, an individual with very little or no current liability is a preferred candidate for any bank.

How can I apply for an HDFC Bank Personal Loan?

You can apply for an HDFC Bank Personal Loan either on the bank’s official website or at any of your nearest bank branch.

What are the documents required to apply for HDFC Bank Personal Loan?

• Identity proof – any one of these; Copy of Passport / Voter ID Card / Driving License / Aadhaar
• Address proof – any one of these; Copy of Passport / Voter ID Card / Driving License / Aadhaar
• Bank statement of the previous 3 months or Bank Passbook of the previous 6 months
• Two latest salary slip / current dated salary certificate with the latest Form 16
• Proof of End-use

HDFC Bank Personal Loan Eligibility Calculator

If you are not sure about your eligibility for an HDFC Bank Personal Loan, don’t worry! HDFC Bank has an eligibility calculator that you can use to find out if you are eligible or not.

The Personal Loan Eligibility Calculator is available on the HDFC Bank website. Once you click on the calculator, you will be presented with the following fields:

• Company Name
• Monthly Take Home Salary
• Total Work Experience in Years
• Your Age
• Existing EMI
• Tenure

Once you enter all the above details, the calculator will display the Personal Loan amount you are eligible for. This amount is only indicative. The final amount you are eligible for shall be determined by the bank once you submit all the documents.

HDFC Bank EMI Calculator

The EMI is a key factor in determining the amount and tenure of the loan when you take out a loan. The personal loan EMI calculator lets you measure your EMIs immediately and, thus, better manage your loan and repayment. The online personal loan EMI calculator from HDFC Bank makes it easier for you to calculate the monthly instalments on your loan.

HDFC Bank Personal Loan EMI calculator has three main components: 

• The Loan Amount
• The Interest Rate
• The Loan Tenure

To estimate your EMI, simply input the amount of the loan, interest rate and tenure of the loan, and your EMI is seen instantly. Loan amounts from 50,000 to 4,000,000 can be entered and the term is 1 to 5 years. It is really as simple as that!

To get the corresponding EMI amount, you will change the loan amount, interest rate and tenure to various values. This way, to accommodate your needs and repayment potential, you will decide the most realistic loan amount and repayment tenure.

FAQs – Personal loan Eligibility – HDFC Bank