What is Minimum Salary for Personal Loan in HDFC Bank?

With reasonable interest rates, HDFC Bank Personal Loans let you save money and have manageable EMIs. Current customers of HDFC like me are also eligible for extra savings on processing costs and interest rates. Before you apply for a loan in this bank, you must know the minimum salary for personal loan in HDFC Bank. Usually, the minimum required salary is Rs. 25,000 per month.

HDFC Personal Loan Minimum Salary

The minimum salary required to apply for a personal loan in HDFC Bank depends on the applicant\'s location, employment type, and other eligibility criteria. This bank typically considers salaried employees, self-employed professionals, and business owners for personal loans.

1. Metro Cities and Tier-1 Cities: The HDFC minimum salary for personal loan is Rs.25,000.

2. Non-Metro or Tier-2/3 Cities: The minimum monthly income requirement is slightly lower, typically around Rs.20,000, depending on the city and HDFC Bank’s assessment.

The bank assesses income eligibility based on the applicant\'s business turnover, profit, and consistency of income. A stable income above Rs.2 to 3 lakh annually (post-expenses) is sufficient, but this varies case by case.

1. HDFC Bank prefers applicants with a stable job history of at least 1-2 years, with 1 year in the current job.

2. A high credit score can sometimes offset minor income discrepancies.

This is all about the HDFC Bank minimum salary for personal loan.

Get an Instant Cash Loan up to Rs. 10 Lakhs with Minimal Documentation with NB InstaCash.

Read more

How to Apply Personal Loan in HDFC?

Hello Parul. I saw you asking about the minimum salary for personal loan in HDFC Bank. The minimum salary requirement is Rs. 25,000 per month. This is a part of the eligibility criteria set by the bank for the personal loan. You can read Mr Mohammad’s answer to get the detailed eligibility criteria. When I applied for a personal loan, my salary was below the minimum requirement. I followed a few processes to improve my repayment ability. Let me tell you about those ways.

What to do on Not Meeting HDFC Personal Loan Minimum Salary?

Here are some methods to improve your chances of loan approval even on a low salary:

1. You can show other sources of income, such as investments you’ve made. You can also show income from the variable compensation that you receive.

2. Another way to showcase your repayment ability is to have a co-applicant apply with you. A co-applicant who is financially sound will help uplift your chances.

3. Maintain a good CIBIL score. According to HDFC, a score of 720 is a safe one to get a loan approval. 

I’ll wrap up my answer here. I hope you now know about the HDFC minimum salary for personal loans.

Wondering about HDFC Bank personal loan salary eligibility? HDFC Bank offers personal loans with specific eligibility criteria, including a minimum salary requirement. This requirement ensures that the applicant has sufficient income to repay the loan. The minimum income mainly depends on the applicant’s location.

HDFC Personal Loan Eligibility Minimum Salary

Here’s a detailed explanation of the minimum salary requirements and factors influencing them:

• Urban Areas: For applicants residing in metropolitan or urban areas, the minimum monthly salary required is typically around INR 25,000.

• Non-Urban Areas: For those residing in semi-urban or rural areas, the minimum monthly salary required is generally around INR 15,000 to INR 20,000.

The cost of living in metropolitan cities like Mumbai, Delhi, or Bangalore is higher, which influences the higher salary requirements for applicants from these areas compared to those from smaller towns or rural regions.

Employees with stable monthly incomes from reputed companies are more likely to meet the minimum salary criteria. For self-employed individuals, HDFC Bank looks at the minimum annual income rather than monthly salary. Moreover, the annual HDFC minimum salary for personal loan needs to be around INR 2-3 lakhs.

Applicants need to provide bank statements for the last 3-6 months to show salary credits and financial stability. Meeting the minimum salary requirement is essential for securing a personal loan from HDFC Bank. 

If you’re uncertain about your eligibility, contacting HDFC Bank directly can be beneficial. This is all about HDFC Bank minimum salary for personal loan salary.

Read more

Hi bud! The minimum salary for personal loan in HDFC Bank is Rs. 25,000/month. I took a personal loan around 6 months ago to help with the finances of my mother’s treatment. Apart from the salary point, there are a few more eligibility criteria needed to qualify for a personal loan at HDFC Bank. I am sharing all of those below with you. 

What is the HDFC Personal Loan Minimum Salary Required and Eligibility Criteria?

Here are all the eligibility criteria to be fulfilled by you to get a personal loan at HDFC Bank.

1. You should be an employee at either a private limited company or from the public sector undertakings, including the central, state and local bodies.

2. You should be between 21 and 60 years of age.

3. You need to have a monthly salary of a minimum of Rs. 25,000.

4. You should have a work experience of at least 2 years, with a minimum of 1 year with your current employer.

Apart from this, the HDFC Bank checks five things when they look into your eligibility for a personal loan. These are,

1. Your geographical location

2. Ownership of property.

3. Your existing credit amount.

4. Your employer.

5. Your credit history.

Make sure that you have a CIBIL score of at least 650. HDFC Bank says that 720 is the safe figure to improve your chances of getting a personal loan through the bank. This is all I have to say about the HDFC personal loan eligibility minimum salary. I hope this helps.