# Apply Personal Loan Online Upto Rs. 25 Lacs

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Loan Duration: 12 - 60 months*   T&C Apply*

# HDFC Bank Personal Loan Eligibility

HDFC Bank Personal Loan Eligibility Calculator is one of the most helpful tools to calculate your HDFC Bank Personal Loan Eligibility. If you are availing HDFC Bank Personal Loan apply online, this tool will be the most helpful. To use the HDFC Bank Personal Loan Eligibility Calculator you have to put some key details like your savings, your current salary, current company you are working or if you are self employed what is your yearly turnover and etc.

## How to calculate HDFC Bank Personal Loan Eligibility?

HDFC Bank Personal Loan Eligibility Calculator uses two methods to calculate the HDFC Bank Personal Loan Eligibility. They always try to give the maximum amount as per that person’s eligibility. So the, methods of HDFC Bank Personal Loan Eligibility Calculator is- Multiplier Method, and FOIR. There is also another method FOIR which depends on the monthly installment expected to be paid as compared to the NET income of that person.

• ### Multiplier Method

HDFC Bank Personal Loan Eligibility Calculator also follows the multiplier method it is one of the easiest method. The formula for HDFC Bank Personal Loan Eligibility Calculator is-

HDFC Bank Personal Loan Eligibility = (Your net salary) * (a number from 9 to 18). Your HDFC Bank Personal Loan Eligibility Calculator also depends on the company you are currently working, basically its stability, growth and turnover also helps to make your HDFC Bank Personal Loan Eligibility higher.

• ### FOIR

If you are someone who pays monthly fixed payments like personal loan EMI, Credit Card bill or any kind of EMI. The formula for calculating FOIR is FOIR= (Sum of existing obligations/ Net Take Home Monthly Salary)*100

The ratio of your net take home monthly salary and your fixed obligations is FOIR. The maximum FOIR which the financial institutions consider is up to 75%, and that too when the take home monthly salary is high. The FOIR is calculated in a way that, if your current loan application is approved, your FOIR should not go beyond 75%. In the case of normal earning range, the FOIR should not go beyond 50-60% of the take home salary.

## Factors that affects HDFC Bank Personal Loan Eligibility Calculator

HDFC Bank Personal Loan is an unsecured loan; you don’t have to mortgage anything, so if you fail to pay your HDFC Bank Personal Loan amount the lender can’t ask for you anything. So the HDFC Bank personal loan eligibility is high compared to home loan or car loan. Your HDFC Bank personal loan eligibility based on your inputs it will change if your inputs are wrong. Here are the factors which affects HDFC Bank personal loan eligibility calculator.

• ### Age of Applicant

The applicant’s age is also important on HDFC Bank personal loan eligibility. To avail a HDFC Bank Personal Loan you need to be in the age group from 21 to 65 years old. The younger you are there are more chance that your HDFC Bank personal loan eligibility is high and you will get a loan in lowest interest rate. You will even avail offers as you are younger.

• ### CIBIL Score

Your CIBIL Score matters a lot on your HDFC Bank personal loan eligibility. If you have high CIBIL Score that means your HDFC Bank Personal Loan Eligibility is high and if you have lower CIBIL Score your HDFC Bank Personal Loan Eligibility is low. Your CIBIL Score depends on how you repay your personal loan. To make your CIBIL Score high you need to repay your personal loan on time.

• ### Employment

Which company you are working and in which post and how much is your current income that matters a lot as if you are in top notch company with high salary and high position which means you will have a bright career and your HDFC Bank Personal Loan Eligibility is high. And if you are running a business you should stick with it at least for five years so your HDFC Bank Personal Loan Eligibility will be high. Also, if you are salaried and your employer belongs from CAT A company your HDFC Bank Personal Loan Eligibility will be high.

• ### Debt

If you have existing debts which means if you are currently paying any kind of EMI for Credit card, home loan or personal loan your HDFC Bank Personal Loan Eligibility will be lower but if you don’t have any kind of debts your HDFC Bank personal loan eligibility will be high.

• ### Geographical Location

Geographical locations matters a lot on your HDFC Bank Personal Loan Eligibility as if you are from metro city you have higher HDFC Bank Personal Loan Eligibility than someone from rural areas. HDFC Bank has red marked on some places so if you are from one of those places your HDFC Bank Personal Loan Eligibility can be lower.

• ### Housing Situation

If you have your own house there are maximum chances that your HDFC Bank Personal Loan Eligibility is high and your personal loan will be approved but if you are living in a rental house your HDFC Bank Personal Loan Eligibility is low as your monthly income gets lower for that.

## HDFC Bank Personal Loan Eligibility Criteria

 HDFC Bank Personal Loan Eligibility Criteria Salaried Profession Working in government or private sector or MNCs. Working Experience 2 year at the same firm he/she is working. Age 23-60 Minimum Income Rs.25,000/month House In the case of rent he/she has to stay there minimum 1 year.
 HDFC Bank Personal Loan Eligibility Criteria Self- Employed Professionals Age 25-65 Business Tenure At least 4 years Minimum Income 4.8lakh/ year
 HDFC Bank Personal Loan Eligibility Criteria Self- Employed Age 25-65 Business Tenure At least 5 years Minimum Income 4.8lakh/ year

*Interest rate and Loan approval are subjected to band discretion and approval.

## FAQ’s

The maximum loan amount for HDFC Bank personal loan is Rs. 15 lakh.
Age of the borrower should be in 25-65, his or her business should go on at least for five years, and Minimum income should be at least 4.8lakh. These are the HDFC Bank Personal Loan eligibility criteria’s.
The formula of FOIR in HDFC Bank Personal Loan Eligibility is FOIR= (Sum of existing obligations/ Net Take Home Monthly Salary)*100
The interest rate of HDFC Bank Personal Loan is 15.50%*- 24%*.
The minimum CIBIL Score is 650 for HDFC Bank Personal Loan Eligibility.
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