1. What is HDFC Personal Loan Eligibility?

The HDFC Personal Loan Eligibility calculator determines how much you can borrow based on your repayment capacity. HDFC requires minimum income of Rs 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:

• \( P \) — 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 can get based on what you can afford to pay monthly, the interest rate, and loan duration.

3. Importance of Loan Eligibility

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

4. Using the Calculator

Tips: Enter your comfortable monthly payment, current interest rates offered by HDFC, desired loan term, and your monthly income. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is HDFC's minimum income requirement?
A: Rs 25,000 per month for salaried individuals. Self-employed applicants have different criteria.

Q2: What credit score is needed?
A: Minimum 750 CIBIL score is recommended for HDFC personal loans.

Q3: What documents are required?
A: Typically salary slips, bank statements, KYC documents, and employment proof.

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

Q5: How long does approval take?
A: Typically 2-5 working days for complete processing if all documents are in order.