HDFC Personal Loan is one of the most popular and best personal loans available in India. With affordable interest rates & charges, easy documentation, flexible tenure, different EMI repayment options, quick online application, and instant disbursal, it has become the most favourite alternative for many during any financial emergency.

Instant HDFC personal loan can be used for travelling, destination weddings, medical emergencies, business requirements, and so on. Pre-approved customers of HDFC Bank can get an instant personal loan disbursal in just 10 seconds without any documentation.

If you fulfil the HDFC Bank Personal Loan Eligibility, you can avail of the loan instantly without any hassles. The eligibility criteria for HDFC personal loan depend on various factors mentioned below: 

  • Your Repayment Capacity: Out of many factors that impact your Personal Loan eligibility, the most important one is your repayment capacity. The lending bank will check whether you are financially capable of repaying your loan over the given tenure. HDFC considers your current income, credit score, outstanding loans, and continuity of income. If your credit score is good (750 or above) and you are financially stable, you will be considered eligible for a higher loan amount. Also, if you are an HDFC Bank customer already, you may even be eligible for a pre-approved loan, which needs little or no documentation. In a pre-approved loan, the amount is usually disbursed to your account within 10 seconds.
  • Credit Score: To enhance your chances of personal loan approval in the future and securing a low interest rate, you must have a good CIBIL score. A CIBIL score indicates your creditworthiness and the ability to a repay loan. For HDFC Bank, a good credit score for a personal loan is considered to be 750 or above. HDFC Bank customers can easily check their CIBIL score through NetBanking. Non-HDFC Bank customers can request their credit report directly from CIBIL or other online platforms. Usually, these credit reports involve a nominal fee. However, some online platforms provide a free credit report too. Check your credit report carefully and look for any errors. For instance, a closed loan may be marked as pending or there could be a loan that you never applied for. If you find any error, file a dispute with CIBIL for rectification of errors, if required, as they could affect your credit rating and decrease your score.

Who is eligible to apply for HDFC personal loan?

Following people are eligible to apply for a personal loan with HDFC:

  • Employees working with private limited companies, public sector undertakings (including central, state, & local bodies)
  • People aged between 21 and 60 years.
  • People who have a job experience of at least 2 years and a minimum of 1 year have been served at the current employer.
  • People earning a minimum net monthly income of Rs. 15,000. If you are working in Delhi, Mumbai, Chennai, Bengaluru, Pune, Hyderabad, Kolkata, Ahmedabad, or Cochin, your net monthly income should be minimum Rs. 20,000.
  • You must submit the following documents to be eligible for HDFC personal loan approval:
    • Identity proof, such as a copy of the Aadhaar/ passport/ voter ID/ driving license.
    • Address proof, such as a copy of the Aadhaar/ passport/ voter ID/ driving license.
    • Bank statements of the previous 3 months or passbook of the previous 6 months.
    • Latest 2 salary slips or current dated salary certificate along with the latest Form 16.


Why apply for HDFC personal loan?

Applying for HDFC personal loan has the following benefits: 

  • This instant personal loan can fulfil all your financial needs.
  • You can get a maximum of up to Rs. 40 lakhs as personal loan amount from HDFC.
  • The repayment tenure can vary from 1 to 5 years.
  • HDFC personal loan interest rates start from as low as 10.50% p.a. and can go up to a maximum of 21% p.a.
  • Processing fee for this loan is up to 2.50% of the sanctioned loan amount. The maximum fee for salaried customers Rs. 25,000.
  • The bank allows prepayment of the loan by charging a prepayment fee of 2 to 4% of the outstanding loan amount, depending on when you wish to prepay the loan.
  • You can also opt for HDFC personal loan balance transfer facility to reduce your EMIs.
  • You can check your eligibility online in just one minute and at select branches using HDFC Personal Loan Eligibility Calculator.
  • You can get funds in just 10 seconds if you are a pre-approved customer of HDFC Bank. Other customers can get funds in under 4 hours.
  • You can apply for HDFC personal loan online in just a few clicks through the bank’s simplified personal loan application process.
  • Get Personal Accident Cover of up to Rs. 8 Lakhs and Critical Illness cover of up to Rs. 1 Lakh for a nominal premium.
  • Get Personal Loan Security with Sarv Suraksha Pro and avail of the following benefits:
    • Accidental Hospitalisation cover of up to Rs. 8 Lakhs.
    • Credit Shield cover equivalent to the outstanding loan amount.
    • Accidental Death or Permanent Disablement cover worth up to Rs. 1 Lakh.