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  • HDFC Personal Loan Eligibility

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  • HDFC Bank personal loans can be availed by salaried and self-employed individuals in India. If you are a customer of the bank, you can check your eligibility for the HDFC personal loan through the netbanking portal. Once you fulfill the eligibility criteria, you can get up to Rs.40 lakh as loan with a repayment tenure of up to 60 months.

    Particulars Salaried Self-Employed
    Age 21 - 60 years 21 - 65 years
    Minimum Income Rs.15,000* Rs.5 Lakh p.a.
    Co-applicant Not mandatory Not mandatory
    Loan Tenure 12 – 60 months 12 – 60 months
    Maximum Loan Amount Rs.40 Lakh Rs.40 Lakh
    Employment Type Employees of private limited companies and public sector undertakings Self-employed individuals
    Employment/Business Continuity At least 2 years; minimum 1 year with 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
    Residential Status Resident Indian staying in own house or a rented house

    *In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000

    Factors Affecting HDFC Personal Loan Eligibility

    • Age – As indicated above, the bank does not offer personal loans to applicants who are below 21 years of age. These candidates are considered to be too risky, and there are chances that they may not fulfill the income criteria for the loan. Applicants above the age of 60 years are also not eligible for the loan, as they may not have a steady income from employment.
    • Net Monthly Income – Your net monthly income is an indication of the ease with which you will be able to pay the personal loan EMIs. The higher your income, the more likely you are to be able to honour the EMIs. Hence, you may even get a higher loan amount.
    • Work Experience – If you have worked in the same company for a period of at least 2 years, you are more likely to be earning a decent salary. Chances are that you may stay longer in the same company. This way, you will have an assured income during the repayment tenure.
    • CIBIL Score – If you have a credit score above 750, you are more likely to be considered for a loan by most banks. Such a score implies that you have a good repayment history for previous loans. Hence, you are a more reliable borrower.
    • Residential Status – If you stay in your own house, you are more likely to qualify for a personal loan. One of the main reasons for this is the fact that you will not be paying any portion of your salary as rent. This implies that you will have a higher income left over for the monthly loan repayments. Moreover, you will be reachable at your permanent residence easily, unlike a borrower who can easily abscond from his/her rented house after dishonouring an EMI.
    • Employment Type – A salaried or self-employed individual with a steady income is more likely to be approved for an HDFC personal loan.

    How to Improve Your Chances of Getting an HDFC Personal Loan

    • Improve your credit score – This includes checking your credit score well ahead of loan application. You should analyse the credit history and take measures to improve it. Use your credit card regularly to avoid under-utilisation. You should also make your credit card repayments on time in order to have a positive effect on your CIBIL score. Additionally, you will have to maintain a healthy balance of secured and unsecured loans.
    • Do not apply early in your career – If you apply for a personal loan in your 30s, you would have 5-6 years of work experience. This indicates you are financially stable with a decent salary. The chances of your loan application getting approved are higher in this case when compared to loan application in your 20s.

    HDFC Bank Personal Loan Details

    Interest Rate 11.25% - 21.45% p.a.
    Loan Amount Rs.50,000 – Rs.40 lakh
    Loan Tenure 12 months – 60 months

    FAQs on HDFC Personal Loan Eligibility

    1. How do I get a personal loan with a low CIBIL score?
    2. Here are some ways in which you can get a personal loan with a low credit score:

      • You can attach a collateral such as mutual funds, a fixed deposit, or property to your loan.
      • You could explore options of employer-lender tie-ups through which you may be approved for a personal loan in spite of a poor credit score.
      • You may apply for a joint loan with a member of your family who has a good CIBIL score.
      • You may also apply for a personal loan with a guarantor who has a decent credit score.
      • There are several non-banking financial companies (NBFCs) that offer personal loans to applicants with low credit scores. Please note that these loans will be provided at a higher interest rate.
    3. Can I apply for a second HDFC personal loan while fulfilling my repayment for the first one?
    4. Yes, this is possible. When applying for the second loan, the bank will check if you have a good net monthly income after the deduction of your liabilities. If the bank sees that you are able to comfortably repay the EMIs for your second loan, your application may be approved. However, it is advisable to refrain from applying for multiple loans at the same time. Some lenders may also reject the second application. The thumb rule is that your existing loan repayments should take up less than 40% of your net monthly income.

    5. How soon will the funds be disbursed for the HDFC personal loan?
    6. For pre-approved loans, the funds are disbursed within 10 seconds. For non-HDFC Bank customers, the loan amount will be disbursed in 4 hours. Please note that this is also based on the terms and conditions of the lender.

    7. Will I need to provide a collateral for the HDFC personal loan?
    8. HDFC personal loan is an unsecured loan. This means that you will not be required to provide a collateral. In case you have a poor credit score, you can make a proposal to the bank regarding the attachment of a collateral to the loan. This way, the bank may consider you for a loan, in spite of your poor credit history. However, this is totally based on the terms and conditions of the lender.

    9. How can I get a pre-approved personal loan from HDFC Bank?
    10. A pre-approved personal loan is offered by HDFC Bank to existing customers who have a good credit history. Initial analysis of the customer’s financial standing is done, and his/her repayment history is checked. You can check with the bank whether you are eligible for a pre-approved loan. Sometimes, the bank will call you to inform you of the same. In a nutshell, if you are a long-standing customer of HDFC Bank with an excellent account balance, a good savings history, and decent repayment records for previous loans, you are highly likely to secure a pre-approved loan.


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