1. What is HDFC Personal Loan Eligibility?

HDFC Bank personal loan eligibility is determined by your income, credit score, and repayment capacity. Salaried individuals need minimum Rs 25,000 monthly income and credit score of 750+ to qualify.

2. How Does the Calculator Work?

The calculator uses the loan principal formula:

Where:

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

Explanation: The formula calculates the maximum loan amount you can get based on what you can afford to pay monthly, the interest rate, and loan term.

3. Importance of Loan Eligibility

Details: Checking eligibility helps you understand your borrowing capacity before applying, improving approval chances and avoiding unnecessary credit inquiries.

4. Using the Calculator

Tips: Enter your comfortable monthly payment, current interest rate offered, desired loan term, monthly income, and credit score. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum income for HDFC personal loan?
A: Rs 25,000 per month for salaried individuals. Higher for self-employed based on business income.

Q2: What credit score is needed?
A: Minimum 750 CIBIL score is recommended for approval and better interest rates.

Q3: What documents are required?
A: Salary slips, bank statements, KYC documents, and employment proof for salaried individuals.

Q4: What is the maximum loan amount?
A: Typically up to Rs 40 lakhs for salaried, depending on income and repayment capacity.

Q5: How can I improve my eligibility?
A: Increase income, improve credit score, reduce existing debts, or apply with a co-applicant.