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.