What Is The Eligibility For Personal Loan?

If you’ve taken loans at high interest, it can be difficult to repay them. Things get worse and worse, reaching a point where you are not even able to repay the interest. This is called a debt trap, because it is difficult to extricate yourself from it. One way of getting out the trap would be to take another loan – a Personal Loan this time – to repay earlier high-interest debts.

Personal Loans offer competitive rates and are easy to repay. Personal Loan eligibility depends on various factors. Let’s look at them:

Repayment Capacity

A variety of factors influence your Personal Loan eligibility to pay out debt, but the most important is your repayment capacity. Your bank will evaluate whether you are in a financial position to repay the loan over the desired tenure. It will consider factors like your credit score, outstanding loans, current income and continuity of income.

To know more about your Personal Loan eligibility, click here.

If you have a good credit score and are financially stable, you will be eligible for higher loan amounts. In addition, if you happen to be an HDFC Bank customer, you may even get a pre-approved loan, which will need little or no documentation and the amount will be disbursed to your account in just 10 seconds


To improve your chances of getting a Personal Loan in the near or long-term future and securing reasonable interest rates, you need must have a good CIBIL score. The CIBIL score is an indicator of a person’s creditworthiness, or their ability to repay loans. A good CIBIL credit score is considered to be 750 or higher.

HDFC Bank customers can check their CIBIL score via NetBanking.

If you are not an HDFC Bank customer, you request your credit report directly from CIBIL. You may need to make a payment to access the report.

Inspect the report carefully, looking for any errors such as a closed loan marked as pending or a loan you never applied for. File a dispute with CIBIL to rectify the errors, if required, because these could affect your rating and give you a lower score.

Eligible people who can apply

  • Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
  • Individuals between 21 and 60 years of age
  • Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
  • Those who earn a minimum of Rs. 15,000 net income per month (Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin)

Banks have made it extremely easy to check your Personal Loan eligibility. HDFC Bank has an easy-to-use Personal Loan eligibility calculator that will tell you how much you can get in minutes. HDFC Bank extends loans up to Rs. 40 lakhs for tenures ranging from 12 to 60 months. You can also take advantage of EMIs that start at ₹2,149/ Lakh.

If you are convinced about your Personal Loan eligibility to pay out debt, you should go in for one. There’s no point in breaking your head over past debt. It’s time to look at a brighter future.

Click here to apply for your Personal Loan now!

* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd.

Copyright © 2021 HDFC Bank Ltd. All rights reserved.