1. What is HDFC Personal Loan Eligibility?

The HDFC Personal Loan Eligibility Calculator helps you determine how much you can borrow based on your income, credit score, and repayment capacity. HDFC requires minimum income of ₹25,000 for salaried individuals and a credit score of 750+.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Eligible 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 maximum loan amount you can get based on what you can afford to pay monthly.

3. Importance of Loan Eligibility

Details: Knowing your eligible amount helps in financial planning and ensures you don't apply for amounts beyond your repayment capacity, which could lead to rejection.

4. Using the Calculator

Tips: Enter your affordable monthly payment, the interest rate offered, loan term in years, your monthly income, and credit score. The calculator will show your eligible amount or reasons for ineligibility.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum income requirement?
A: ₹25,000 per month for salaried individuals. Higher for self-employed.

Q2: What credit score is needed?
A: Minimum 750 credit score is recommended for approval.

Q3: What interest rates does HDFC offer?
A: Typically between 10.5% to 21% p.a. depending on profile.

Q4: What's the maximum loan term?
A: Usually up to 5 years (60 months) for personal loans.

Q5: Are there any processing fees?
A: Yes, usually 1-2% of loan amount plus GST.