Planning to apply for an HDFC Personal Loan but unsure about your eligibility? The HDFC Personal Loan Eligibility Calculator helps you check instantly by evaluating factors like age, income, and loan amount. This tool provides a quick estimate of the loan you qualify for, enabling better financial planning and reducing the risk of rejection. Use this calculator for a hassle-free loan application process. Read on to learn more about its features and benefits.

What Is HDFC Personal Loan Eligibility Calculator?

The HDFC Personal Loan eligibility calculator is an easily accessible online tool that helps you estimate how much you qualify for opting for a Personal Loan from HDFC Bank. Providing relevant details into your calculator such as existing financial obligations, age, income, and loan amount, this calculator provides an idea of how much loan you can opt for. 

This online tool is thereby helpful for individual borrowers planning to apply for a Personal Loan. 

How To Use HDFC Personal Loan Eligibility Calculator?

Using the HDFC Bank Personal Loan eligibility calculator is simple and hassle-free. Check out the step-by-step guide below about use of this calculator in detail:

• Enter the principal amount of your choice.
• Select the loan tenure in months.
• Move the slider and choose the rate of interest.
• The calculator displays the payable EMI amount, the total payable amount and the total interest.

How Is HDFC Personal Loan Eligibility Calculated?

Several factors are taken into consideration for assessing the borrower's loan repayment ability and for accurate estimation of the loan amount you are eligible for:

P = EMI x [(1+r)(^n) - 1]
            r x (1+r)^n

Where, 

• EMI= Equated Monthly Instalment
• R=Interest Rate on the loan amount
• N= tenure of the loan repayment amount
• P= Principal amount

Let's assume that Mr Jacob aims to secure a personal loan, with the following parameters in place: 

• Monthly Salary: Rs 50,000
• Tenure: 5 years (60 months)
• Miscellaneous Expenses: Rs 10,000
• Interest Rate: 10%

Step 1: Calculate the maximum EMI you can afford

Since banks allow you to use 50% of gross monthly income for loan EMI:

EMI=[50000×(50/100)]-10000 = 15000 

So, you can afford to pay ₹15,000 per month as EMI.

Step 2: Input values in the formula

• P = Loan amount (we want to find this)
• EMI = ₹15,000 (from Step 1)
• r = Monthly interest rate = 10% per year → (10/12) x (1/100) = 0.00833
• n = Loan tenure in months = 5 years → 5 x 12 =  60 months

Adding these values to the formula, 

P = 15000 x [(1+0.00833)(^60) - 1]
        0.00833 x (1+0.00833)^60

P= ₹11,76,634.23

Therefore, the final loan amount Mr Jacob is eligible for is ₹11,76,634.23

HDFC Personal Loan Eligibility Criteria

Before applying for a Personal Loan with HDFC Bank, check its eligibility criteria. Proper understanding of these criteria helps determine whether you qualify for a Personal Loan from the bank. 

• Employees involved in private limited companies and also the employees employed in public sector undertaking that includes state, central and local bodies
• Age of individuals between 21 and 60 years
• Minimum earning of Rs. 25,000 per month
• Individuals employed for at least 2 years with a minimum of 1 year in the current organization

HDFC Personal Loan Eligibility for Salaried Person

Salaried applicants must meet the following eligibility criteria while applying for a Personal Loan application with HDFC Bank:

• Salaried employees must be employed in any well-recognized private companies or public sector undertakings.
• Must be employed for at least 2 years, with a minimum of 1 year in the current organization.
• Must be between 21 years and 60 years
• If the employees have a salary account in HDFC Bank, the minimum monthly income should be Rs. 25,000

Documents Required for HDFC Personal Loan Eligibility

While you are applying for an HDFC Personal Loan, carrying the relevant documents is essential to ensure a smooth and hassle-free process. Here are the documents mandatory to check eligibility and for an easy approval process:

• Bank statement during the last 3 months (passbook of last 6 months)
• Address proof/identity proof (copy of voter ID/passport/driving license/Aadhaar Card)
• Two latest salary slips or certificate with the current date along with the latest Form 16

Factors Affecting HDFC Personal Loan Eligibility

Several factors must be considered for the fast and smooth approval of an HDFC Personal Loan. Considering these factors also enables you to secure a high loan amount and provides you with financial assistance during times of need. 

• Age: As per the HDFC eligibility criteria, applicants below 21 years of age are not offered Personal Loans.
• Work Experience: Being employed in the same company for at least 2 years indicates chances of earning a stable income. Thus, you will also be earning a stable income for loan repayment. 
• Monthly Income: The higher the income, the larger the chances of availing a high loan amount. 
• CIBIL Score: Maintaining a CIBIL score above 750 qualifies you to opt for a Personal Loan with HDFC Bank.
• Type of Employment: Being salaried or a self-employed individual with a stable income increases your chances of HDFC Personal Loan approval.

To conclude, with the use of the HDFC Personal Loan eligibility calculator, you can increase your chances of loan approval without physically visiting the bank branch. It helps you analyze how factors such as income, repayment ability and existing debts affect your eligibility. Overall, with the use of this online and helpful tool, you can save your time and effort and reach a well-informed decision.