1. What is HDFC Personal Loan Eligibility?

HDFC Bank personal loan eligibility depends on factors like income, credit score, existing obligations, and employment stability. This calculator helps estimate how much you may qualify for based on standard HDFC criteria.

2. How Does the Calculator Work?

The calculator uses the principal loan amount formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Loan term in months

Explanation: The formula calculates the maximum loan amount you could get based on what you can afford to pay monthly, then checks against HDFC's eligibility criteria.

3. Importance of Loan Eligibility

Details: Knowing your eligibility helps set realistic expectations before applying, improves approval chances, and helps negotiate better terms with the bank.

4. Using the Calculator

Tips: Enter your comfortable monthly payment, current interest rate offer, desired term, annual income, and credit score. The calculator will show your estimated eligibility.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's minimum income requirement?
A: Typically ₹150,000 per year for salaried individuals, though this may vary by location and employment type.

Q2: What credit score is needed?
A: HDFC generally requires a minimum CIBIL score of 650, with better rates for scores above 750.

Q3: How much can I borrow?
A: Usually up to 3 times your annual income, subject to minimum ₹50,000 and maximum ₹40 lakh.

Q4: What documents are required?
A: Typically includes ID proof, address proof, income documents (salary slips/bank statements), and KYC documents.

Q5: How long does approval take?
A: For pre-approved customers, instant approval. Others may take 2-5 working days after document submission.