Who Can Get an HDFC Personal Loan?


An HDFC Personal Loan helps you when you need a lump sum money. And you can borrow it from the bank if you meet the eligibility criteria. Both salaried and self-employed persons can borrow HDFC Personal Loan by meeting the required eligibility criteria. Read this page below to learn more about the HDFC Personal Loan eligibility criteria.

Which Type of Company Employees Can Borrow HDFC Personal Loan?

You can borrow an HDFC personal loan if you work in any of the following sectors –

  • Private Limited Company – In this type of company, a business entity is held by a small group of people. And the company is registered for pre-defined objects and owned by a group of members known as shareholders. Startups and businesses with higher growth aspirations choose private companies as they have a suitable business structure.
  • Public Sector Undertaking – The term public sector undertaking refers to a government-owned company. Under Section 2 (45) of the Companies Act, 2013 any company wherein not less than 50% of the paid-up share capital is held by the Central Government, State Government or Governments are public companies. This includes central, state and local bodies.

What is the HDFC Personal Loan Eligibility for Self-employed?

HDFC Bank requires self-employed persons to meet the specified minimum income, which can vary based on the location. Provide the financial documents that’ll show the stability of income. Because based on that, you can get an HDFC Personal Loan. The bank also requires self-employed to be in business for a certain period. And if the eligibility criteria are met by you, the bank will offer you a loan amount.

What is the Minimum Income for a Salaried Person to Borrow HDFC Personal Loan?

If you’re salaried, you need to have a minimum income of INR 25,000 per month. And to prove your eligibility, submit the below documents –

  • Bank statement – This will show how much of your income is disbursed to your account each month.
  • Salary slip – When you submit your salary slip, the bank will get the idea of total gross income including tax deduction if any.

Time Spent in the Current Organization/Company

The number of years you have been working in a company also decides your HDFC Personal Loan Eligibility. So, you need to ensure that at least one year is completed in the current company. A total of two years of job experience is required to borrow HDFC personal loan from the bank. And it is necessary because it shows you have a permanent job and you won’t default on the payment. With job security, the bank will be convinced of your loan repayments.  

How is HDFC Personal Loan Eligibility Calculated?

HDFC Personal Loan eligibility is calculated based on the six factors shown below –

Geographic location – The state or city you live in can also be a deciding factor for your loan. Because if you live in a big city, the income requirements will be higher compared to that of people living in smaller cities.

Existing credit – When you are paying ongoing credits, it could be difficult to pay a new EMI. So this plays an important role in deciding your new loan amount. 

Ownership of property – If you have a house of your own, it ensures the bank that you won’t leave the city and default on the payment. 

Employer – In case HDFC Bank has a good relationship with your employer, you might get an instant personal loan.

Credit history – Your repayment record tells how often you default on repayment

Monthly Income – An income is a regular source by which you’ll be paying back the borrowed amount Note – You can also use the HDFC Personal Loan Eligibility Calculator to find how much amount you can borrow.

Olivia Hazelhttps://mashhap.com/
Technical Content writer, who loves to pen down her thoughts and insights in the best way possible.

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