But if you have a score in the range of 800 to 900, the bank will have more confidence in your repayment capability. A CIBIL score over 700 is normally considered good enough to be eligible. HDFC Bank looks into your credit report issued by CIBIL while processing your personal loan application. Personal loan interest rates in HDFC Bank and other fees and charges are subject to regular reviews and can vary from customer to customer depending upon a number of factors But the customer would be charged interest during the disbursement and cancellation and processing fee will not be waivedĢ4 % per annum, subject to a minimum of Rs 200 For applicants residing anywhere else in India, the minimum monthly income is Rs 15000.Ī maximum of 2.50% of the loan amount per annum - minimum of Rs 1999 and up to Rs 25,000 for salaried individualsĤ% of the principal outstanding for 13 to 24 months, 3% of the principal outstanding for 25 to 36 months, 2% of the principal outstanding beyond this for salaried individuals For example, the minimum monthly income for an applicant should be Rs 20,000 if he is a resident of the Metros, Bangalore, Hyderabad, Pune, Cochin and Ahmedabad. Different eligibility criteria are maintained HDFC bank for persons living in metros, semi-urban and rural areas. Your Place of residence - The city/area/location of the borrower is another important criterion when the HDFC Bank assess his personal loan eligibility.In such a case, you have a less chance of getting your loan approved from HDFC bank, than someone with no such expenses to make towards existing debt. Present debt situation-It may so happen that you are currently spending a big part of your monthly income to pay off your loan EMIs or credit card payments.This is so because, if you live in a rented house, you need to pay rents and this additional monthly expense on rent will lower your disposable income. The eligibility will have a positive impact if you stay in your own house and will have a negative impact if you stay in a rented house. Housing situation- Your housing situation is another determinant for the HDFC Bank to ascertain your personal loan eligibility. Working for a stable and renowned organisation will make the borrower a safe proposition for the lender in terms of repayment capability and hence, the lender will not hesitate to approve a personal loan to him at the best rates applicable.
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