1. What is HDFC Loan Eligibility?

The HDFC Loan Eligibility calculator determines how much loan amount you can qualify for based on your income, credit score, and repayment capacity. HDFC requires minimum income of ₹25,000 and credit score of 750+ for loan approval.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Maximum loan amount (principal)
• \( PMT \) — Affordable monthly payment
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Total number of payments (term in years × 12)

Explanation: The formula calculates the present value of a series of future payments (annuity) to determine the maximum loan amount you can afford.

3. Importance of Loan Eligibility

Details: Knowing your loan eligibility helps in financial planning, ensures you apply for realistic loan amounts, and improves chances of approval.

4. Using the Calculator

Tips: Enter your affordable monthly payment, annual interest rate, loan term, monthly income, and credit score. All values must be valid (income ≥ ₹25,000, credit score ≥ 750).

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum income requirement?
A: HDFC requires minimum monthly income of ₹25,000 for loan eligibility.

Q2: What credit score is needed?
A: Minimum credit score of 750 is required for HDFC loan approval.

Q3: How is interest rate determined?
A: Rates vary based on loan type, term, credit score, and market conditions. Current rates range from 8.5% to 15% annually.

Q4: What factors affect loan eligibility?
A: Income, credit score, existing debts, employment stability, and property value (for secured loans).

Q5: Can I get higher eligibility with co-applicant?
A: Yes, adding a creditworthy co-applicant with good income can increase your eligible loan amount.