1. What is HDFC Personal Loan Eligibility?

The HDFC Personal Loan Eligibility Calculator helps you determine the maximum loan amount you can qualify for based on your affordable monthly payment, current interest rates, and desired loan term. HDFC Bank offers personal loans starting at 10.50% p.a. interest.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Maximum eligible loan amount (principal)
• \( PMT \) — Affordable monthly payment (EMI)
• \( r \) — Monthly interest rate (annual rate ÷ 12 ÷ 100)
• \( n \) — Loan term in months

Explanation: The formula calculates the present value of a series of future EMI payments at the given interest rate.

3. Importance of Loan Eligibility Calculation

Details: Knowing your eligible loan amount helps in financial planning and ensures you don't apply for amounts beyond your repayment capacity. It also helps compare loan offers from different lenders.

4. Using the Calculator

Tips: Enter your comfortable monthly EMI amount, current interest rate (starting at 10.50% p.a. for HDFC), and desired loan term (1-84 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum salary for HDFC personal loan?
A: Typically ₹15,000 net monthly salary for salaried individuals, though actual eligibility depends on multiple factors.

Q2: What is the maximum loan amount from HDFC?
A: HDFC offers personal loans up to ₹40 lakhs depending on income, credit score, and other eligibility criteria.

Q3: What documents are required for HDFC personal loan?
A: Generally includes identity proof, address proof, income documents, and bank statements.

Q4: How is EMI calculated?
A: EMI = [P × r × (1+r)^n] / [(1+r)^n-1], where P is principal, r is monthly interest rate, and n is term in months.

Q5: Does HDFC offer pre-approved personal loans?
A: Yes, pre-approved offers are available for existing customers with good repayment history.