When My HDFC Personal Loan Interest Rates Would Be Low?

If you want to have a low HDFC personal loan interest rates then first you need to ensure that you are eligible for the loan. How do I know? You can know your personal loan eligibility, using the HDFC online eligibility calculator. Just go to the bank official website and click on the eligibility calculator. When you visit the website eligibility calculator page then you see the following columns.

  • Enter your company name
  • Monthly take home salary
  • Total work experience
  • Age
  • Existing EMI 
  • And tenure 

You have to fill in those details to find the maximum amount you can borrow from HDFC Bank.

Eligibility Criteria

You need to meet the HDFC personal loan eligibility criteria if you want a low interest rate.

  • Age should be 21 to 60 years
  • Must be working in a private limited company, public sector undertaking, or central, state and local bodies
  • Should have a minimum experience up to 2 years. And a 1 year of experience with the current employer
  • Minimum income should be INR 25,000 per month if HDFC Bank customer, otherwise INR 50,000.

If you are successful in meeting the above mentioned criteria then you can borrow a personal loan from HDFC Bank. And your HDFC personal loan interest rates will be according to the income you earn and the obligations you have.

What might affect the HDFC personal loan interest rates?

Existing EMI: If you already have an existing loan and are paying for it in EMI then HDFC Bank will consider it while deciding your interest rate. Because if you do pay it on time and there is no stress over your income then the interest rate will not be much high. Othersie if the vice versa would be the scenario you need to pay a high interest utgo for your HDFC personal loan.

Tenure: You get a repayment period up to 5 years to pay the loan in full. And you can choose it using HDFC personal loan EMI calculator. The tool enables you to choose a suitable tenure in which the interest outgo is less and the EMI amount fit in your budget. So, if you are worried about the HDFC personal loan interest rates then use the EMI tool to manage it in repayment, so you don’t have to pay more.

Credit Score: If your credit score is 750 or more then you have a power of negotiation by which you can convenience HDFC Bank to reduce the interest rate taking your credit history into consideration. When you pay the dues and crest bills on time you can maintain a good credit score which can help you later to borrow a loan at a lower rate of interest. 

High Income: You could also get a low HDFC Bank personal loan interest rates when your income is high. Yes, if your income is more than the income criteria then it satisfies the lender that you’ll pay the loan on time with respect to which it reduces the interest rate on your borrowed loan amount.