There are a number of factors that can influence your eligibility for acquiring an HDFC Personal Loan. In general, HDFC and other financial institutions approve loan applications of those who have a record of making timely payments and maintaining a lower credit utilization ratio. All of this information is reflected in your CIBIL or credit score, which is why lenders go through your overall credit report before accepting your loan application.
So, what is the minimum CIBIL score required for HDFC personal loan and why is one’s CIBIL score crucial to HDFC personal loan? Here, in this article, we’ll take a look at all of that and even more.
What is the minimum CIBIL score required for HDFC Personal Loan?
By now, you must have known that credit score is one of the key criteria evaluated by banks and financial institutions to determine your eligibility for loan. That said the banks require applicants to have a minimum CIBIL score of 700 to be eligible for personal loans.
However, if your CIBIL or credit score is below 700, you may still manage to secure personal loans. But it may not be available on favorable terms & conditions.
HDFC Banks also offer pre-approved loans to a few eligible candidates. In such a case, the bank already has a record of the borrower's credit or CIBIL score.
Why is CIBIL score important for securing an HDFC personal loan?
What is an HDFC Personal Loan?
A general-purpose loan, personal loans are liquid loans that can be acquired with less paperwork and faster processing. The eligibility criteria for these kinds of loans are less complicated when compared to other loans.
There are many eligibility criteria set by the bank, however the most important among them is CIBIL or credit score. If a borrower fails to meet the minimum credit score required as per CIBIL, the loan application is likely to get rejected.
Things to know about HDFC Personal Loan
Before you apply for an HDFC personal loan, you must learn about a few things, to make the right choice. Here’s what you should know.
Frequently Asked Questions
HDFC Bank prefers candidates with a credit score of 750 for a personal loan. However, the very minimum CIBIL score required for acquiring an HDFC bank personal loan is 700.
Here are a few things you can do to boost your credit or CIBIL score.
Yes, you may get approved for an HDFC personal loan with a credit score of below 70. However, you have to meet various other eligibility criteria to secure a personal loan.
Yes, of course. You can check your credit score by using certain identification documents and PAN card is one of them.