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Is Credit Score Mandatory for a Personal Loan in HDFC?


  • Why it is necessary to have a credit score to get an HDFC Personal Loan?
  • How can you get an HDFC Personal Loan without any credit score?

YES, a credit score is mandatory for a personal loan in HDFC. 

In fact, not only for HDFC Bank but the credit score is also mandatory for a personal loan from any other bank or a financial institution in India. Any lender will check your credit score before giving you the personal loan for any of your needs. The criteria for getting a personal loan is different from one lender to another. When it comes to HDFC Personal Loan, the ideal credit score should be 700 and above.

The question may arise why a credit score is mandatory to get a personal loan. Let me tell you that your credit score represents your past repayment behavior and creditworthiness. A good score indicates that you can manage your debts efficiently. A personal loan is an unsecured loan which means you don’t have to present any kind of collateral or security to procure it. This becomes a slightly risky affair for lenders if they give loans to someone with a bad credit record. Every lender just wants to have as little risk as possible when it is about giving the loan without any security. So a person with a high credit score gets the lenders’ nod for a personal loan.

How to get an HDFC Personal Loan without any Credit Score?

But if you’re someone who doesn’t have any credit history and hence, no credit score, then you must be thinking how can I get a loan from HDFC Bank? Well, there are a few ways by which you can get so.

  1. If you have a salary account with HDFC for say a year or two, things can work out for you!
  2. If you work in any of the top MNCs, you could be eligible for HDFC Personal Loan. You will just have to show your employment letter to get your personal loan application approved.
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Personal Loan Interest Rates October 2021
Fullerton India14.00% - 24.00%
HDFC Bank10.25% - 17.00%
ICICI Bank10.50% - 17.50%
IndusInd Bank11.00% - 23.00%
Kotak Bank10.75%
RBL17.50% - 26.00%
Standard Chartered Bank11.00% - 12.50%
Tata Capital10.49% - 14.25%
Home Loan Interest Rates October 2021
Axis Bank6.75% - 7.20%
Bank of Baroda6.75% - 8.25%
Citibank6.65% - 7.40%
HDFC6.70% - 8.00%
ICICI Bank6.70% - 7.55%
Indiabulls Housing Finance Limited8.65%
Kotak Bank6.50% - 7.25%
LIC Housing6.66% - 7.90%
Piramal Capital & Housing Finance9.65%
PNB Housing Finance7.20% - 8.90%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.70% - 6.90%
Tata Capital6.90% - 8.75%