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HDFC Personal Loan Eligibility Calculator

HDFC Personal Loan Eligibility for Salaried and Self-Employed Applicants

Particulars Salaried Self-Employed
Age(Min-Max) 21 - 60 years 25 - 65 years
Minimum Income Rs.12,000 per month (net income). Rs.15,000 per month in Delhi, Mumbai, Chennai, Bangalore, Calcutta, Hyderabad, Ahmedabad, Pune and Cochin. Rs.1 Lakh p.a.
Co-applicant Not mandatory Not mandatory
Loan Tenure 12 – 60 months 12 – 60 months
Maximum Loan Amount Rs.15 Lakh Rs.20 Lakh (Up to Rs.50 Lakhs in selected locations).
Employment/Business Continuity Have had a job for at least 2 years, and a minimum of 1 year with your current employer. 4 years Post Qualification experience for Doctors/ Chartered Accountants. 5 years Post Qualification experience for Company Secretary / Architect.
CIBIL Score 750 and above 750 and above

HDFC Bank offers personal loans with flexible spending options for individuals at competitive interest rates and with many repayment options. These loans can be taken in times of need to meet large, obligatory expenses that regular savings cannot. HDFC Bank promises quick, competitive, transparent and fully customizable personal loans.

Factors affecting Eligibility of HDFC Bank Personal Loans

Many factors affect applicants eligibility when it comes to personal loans. Banks consider people eligible on the basis of their ability to repay the loan, and their financial standing. Some of the factors that affect a person’s eligibility are:

  • City of residence. It’s far easier to get a loan sanctioned in a metro city like Bangalore, Chennai, Mumbai or Delhi, than in other cities.

  • Income. Your level of income dictates how much you will be able to pay back as EMIs, this directly affects the total loan amount that can be sanctioned. Hence, the higher your income, the more likely you are to be approved for a personal loan from HDFC Bank.

  • Your age. If you’re too young, you’re a risky candidate as young salaried people shift jobs often to exploit opportunities, but there’s a chance that one job shift might fail, and leave you unemployed.

  • Type of employment. Salaried individuals and salaried professionals stand a better chance to get loans sanctioned on better terms than other self-employed applicants. This is because salaried people get regular incomes on fixed dates and can have EMIs due deducted directly from their salary accounts. Self-employed people must rely on market conditions and the demand for their products in order to earn an income. This is an inconsistent income that may sometimes not even be enough to meet the EMI payment requirement.

  • Employment status. There is an inherent sense of security in applicants who’ve stayed at a company for a long time, as they will probably stay there for longer. It takes a while for young salaried people to find a comfortable job that takes care of all their needs – once you find that stable job, you’re most eligible for a personal loan from HDFC Bank.

  • Residence type. Applicants who live in a residence that’s owned by them are more likely to get a loan approved, and on better terms. This is because the bank will have a set location to find them in case they default, and because there’s no part of their income being spent on rent. People living in rented houses must pay an amount of their salary as rent, lowering the disposable income left over to pay EMIs. Also, it’s easier for a person living in a rented place to abscond in case they feel they cannot keep up with EMI payments.

  • Duration of residence in application location. How long you’ve been living and working in the location from which you’re applying for a loan has a huge impact on your eligibility. The longer you’ve been living in a certain place, the higher are the chances of getting a personal loan approved on your terms. HDFC Bank will give more preference to applicants who’ve lived in the city for longer.

How CIBIL score affects your HDFC Bank Personal Loan Eligibility?

HDFC Bank looks into your CIBIL credit report while reviewing your application for a personal loan. A CIBIL score that’s over 700 will merely enable you to be eligible, but a score above 800, and closer to 900 will increase HDFC Bank's confidence in your ability to repay your loan.

Your previous loan and credit card repayment history will also play an important role in instilling confidence in HDFC Bank that you can and will repay your personal loan.

Your CIBIL credit report also contains details of the types of loans you’ve taken in the past. A ratio that shows you’ve taken more secured loans than unsecured loans works in your favour.

In the past, if you’ve been unable to repay your loan and have arranged for a settlement with the bank, HDFC will consider this to be a negative mark and will reduce your loan eligibility.

How to increase HDFC Bank Personal Loan Eligibility?

  • Maintain a clean credit history. Ensure that you always clear your debt, on time and on the terms you’ve agreed on with the lender. This increases your CIBIL score, and eligibility.
  • Lower EMIs on existing loans. A large factor that affects your eligibility is whether you already have a loan on your name for which you’re making EMI payments. It’s advised to take loans for longer tenures, as the EMIs paid monthly will be lower, thus showing that you have more funds to pay back your HDFC personal loan with.
  • Prepayment. Paying off your existing loans before taking a new one is highly advised. A lump sum prepayment will settle your existing loan, increasing your eligibility for your new HDFC Bank personal loan.
  • Maintain a good mix of secured and unsecured loans. Secured loans are looked at more favourably.
  • Don’t over leverage yourself. Applying for too many loans and paying off 2-3 EMIs every month can take its toll on your financial (and mental) health, and no bank will allow you to overleveraged yourself by adding one more EMI to the mix.

FAQs on HDFC Bank Personal Loan Eligibility

Q. What are the age limits for individuals who wish to get a personal loan from HDFC Bank?

A. For salaried individuals: Applicants must be between 21 and 60 years of age to apply for a HDFC Bank personal loan.

For self-employed and salaried professionals: Applicants must be between 25 and 65 years of age.

Q. What is the level of work experience required for salaried individuals who wish to take a HDFC Bank personal loan?

A. Applicants must have been employed for a minimum total of 2 years and at least 1 year with the current employer.

Q. What is the income requirement for people who wish to take a HDFC Bank personal loan?

A. For salaried individuals: Regular income of at least Rs.15,000 per month if the applicant resides in Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Pune, Kolkata, Ahmedabad, and Cochin. For other cities, the minimum income requirement is Rs.12,000.

For self-employed and salaried professionals:Working professionals like doctors and CAs must have a regular taxable income of Rs.6,00,000. Engineers, MBA consultants, Architects, CS, etc. must have an annual taxable income of Rs.10,00,000.

Q. Is there any collateral or guarantor required for HDFC Bank personal loans?

A. No, there is no security, collateral or guarantor required to avail a personal loan from HDFC Bank.

Q. What are the minimum and maximum loan amounts that can be sanctioned through HDFC Bank personal loans?

A. Loans are sanctioned from Rs.25,000 to Rs.15,00,000.

Personal Loan Reviews

  • HDFC Bank Personal Loan
    "GOOD"
    0.5 4.0/5 "Great!"
    There is no particular reason for taking the personal loan with the HDFC BANK but the process of applying the personal loan is simple ans easy to get the loan. The loan amount is satisfactory what they have offered added on that the rate of interest is with lower.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Dec 14, 2018
  • HDFC Bank Personal Loan
    "Good service"
    0.5 3.0/5 "Satisfactory"
    It has been a good experience with this loan and the loan got disbursed in a short period of time. There has not been any hassle faced with the banking services of them, even their customer support has been responsive has been helpful. There has not been any extra charges made by them.
    Was this review helpful? 2
    , kolkata
    Reviewed on Dec 14, 2018
  • HDFC Bank Personal Loan
    "Easy to get a loan"
    0.5 4.5/5 "Excellent!"
    They have processed the loan immediately. I have received the loan amount of Rs. 1.5 lakhs. I have received the loan on time. I'm happy about the interest rate since its a instant loan. There was no documentation has collected. Total tenure period of the loan is 2 years and I'm about to close it.
    Was this review helpful? 2
    , coimbatore
    Reviewed on Dec 14, 2018
  • HDFC Bank Personal Loan
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken a car loan with HDFC bank and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good with this bank and the tenure period is 5 years for this loan.
    Was this review helpful? 2
    , coimbatore
    Reviewed on Dec 14, 2018
  • HDFC Bank Personal Loan
    "Nice process"
    0.5 5.0/5 "Blown Away!"
    HDFC Bank is good in the personal loan. They were very fast in the process. I also got the loan on time and the rate of interest and processing charges is nominal. The experience is fine and the after loan services are good too. Till date no hassles.
    Was this review helpful? 1
    , thane
    Reviewed on Dec 14, 2018
  • HDFC Bank Personal Loan
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my personal loan with HDFC bank for long time, there service is good, they have given me sufficient loan amount , and the rate of interest they have charged me is nominal, it is pre-approval loan , and even processing fee is nominal, overall service is good.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 13, 2018
  • HDFC Bank Personal Loan
    "Process is good"
    0.5 5.0/5 "Blown Away!"
    I recently took another personal loan from HDFC Bank. They offered me the same rate of interest of 13% to 14% like the first time. The loan amount was of 1.80 Lakh this time. The after loan services are good too. Overall no hassles and satisfactory.
    Was this review helpful? 1
    , new delhi
    Reviewed on Dec 13, 2018
  • HDFC Bank Personal Loan
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    My first personal loan with HDFC Bank was in the year 2013. The process of documentation and the loan process was good. The rate of interest was around 13% to 14% and the amount was of five lakhs. The after loan services are good too. Overall no issues. No comparison of HDFC bank service with any other bank
    Was this review helpful? 1
    , new delhi
    Reviewed on Dec 13, 2018
  • HDFC Bank Personal Loan
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have been using my personal loan with HDFC bank recently, i am not much satisfied with my loan amount it is too less they have given me, i have expected more, and the rate of interest they have charged me up to 12% or more than that , i am not sure need to check it, it bit high they have charged and there processing fee they have charged me was nominal and even for insurance they have charged me , there service is good they have keep on follow up and i got loan on time.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • HDFC Bank Personal Loan
    "This loan fulfills my requirements"
    0.5 5.0/5 "Blown Away!"
    One month before i have applied the personal loan with HDFC since I'm holding a salary account. I have applied the loan amount of Rs. 3 lakhs and they have sanctioned the same. I have been paying the EMI of rs. 8550. I make the payment through ECS. Total tenure period of the loan is 4 years. They have provided me a interest rate of 14%
    Was this review helpful? 1
    , gurgaon
    Reviewed on Dec 13, 2018
  • HDFC Bank Personal Loan
    "Good Financial service"
    0.5 4.0/5 "Great!"
    I Have taken personal loan from the Hdfc bank , they have given good rate of interest which is satisfactory . There are nominal charges for the processing for approval and documentation . Am satisfied with the customer service as they have explained the terms and condition for the loan . But we are unable to pre close the loan with in the year.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 13, 2018
  • HDFC Bank Personal Loan
    "Communication gap should be eliminated"
    0.5 3.0/5 "Satisfactory"
    The interest rate is good but I done too much for follow up to know the status, it would be great if they properly respond to the customer on the application part, the customer has to be updated with the right information. Before 5 months I have taken this loan.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 13, 2018
  • HDFC Bank Personal Loan
    "Interest rate should be reduced"
    0.5 4.0/5 "Great!"
    I obtained HDFC loan they charged 15% of interest for the amount of Rs. 8 lakhs for the tenure of 5 years, I pay the emi around Rs. 21000. I am not happy with the interest, I felt percentage of the loan is huge compared to other banks, it should be reduced.
    Was this review helpful? 1
    , ludhiana
    Reviewed on Dec 13, 2018
  • HDFC Bank Personal Loan
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have been applied my personal loan with HDFC bank recently, the loan amount they have given me was sufficient they have given me up to 91,000,and the rate of interest they have charged me was higher, they have me up to 20%, and the processing fee is nominal, the process went smoothly.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 12, 2018
  • HDFC Bank Personal Loan
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have been applied my personal loan with HDFC bank recently, the loan amount they have given me was sufficient, and the rate of interest while applying they said it would be charging 10.5% but after getting loan they have charge me up to 16% which was too high , the processing fee they have charged me was nominal,apart of that process went smoothly.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 12, 2018
  • HDFC Bank Personal Loan
    "Good service"
    0.5 4.0/5 "Great!"
    I have been applied my personal loan with HDFC bank recently, the loan amount they have given me was sufficient,the rate of interest they have charged me is high up to 17.5% compare to other bank, and the processing fee was so-so not nominal not high as well they have charged me and there was delay in loan amount due to some technical issue,as they have said that they will give credit card as an complimentary.
    Was this review helpful? 0
    , chittorgarh
    Reviewed on Dec 12, 2018
  • HDFC Bank Personal Loan
    "Bad experience"
    0.5 2.0/5 "Expected more"
    I have applied my personal loan with HDFC bank recently, they have given me too less loan amount it not based on my expectation and the rate of interest while i applied it showed as 11.25% but after getting my loan they have charged me up to 17% which is too high , the processing fee they have charged me was nominal , and even there was delay in loan amount they have given me after 10-15 days, there overall service is not up to the mark.
    Was this review helpful? 2
    , coimbatore
    Reviewed on Dec 12, 2018
  • HDFC Bank Personal Loan
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my personal loan from HDFC bank for long time, there rate of interest they have charged to me was nominal, which was fine with me and there processing fee they have charge me was nominal , and they have provided good service and the loan amount which they have given us was sufficient.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 12, 2018
  • HDFC Bank Personal Loan
    "Good Financial service"
    0.5 4.0/5 "Great!"
    I have taken personal loan from the Hdfc bank which took around 1 week for approval and documentation . Am satisfied with the rate of interest high which they have provided . They charged some nominal for processing fees with the tenure period of 1 years .Their customer service and service is good.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 12, 2018
  • HDFC Bank Personal Loan
    "Good Financial service"
    0.5 4.0/5 "Great!"
    I have taken personal loan from Hdfc bank . Am satisfied with the rate of interest which they have provided which is promising one . There is processing fees for the loan and pre closure charges are there . I make the payments through ECS every month . Its been approved in 7 minutes.
    Was this review helpful? 1
    , new delhi
    Reviewed on Dec 12, 2018
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