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Financial aid is a safety net that helps us weave through life in case of unprecedented circumstances. HDFC Bank provides one of the most affordable personal loans, which can help you meet your immediate financial requirements. The HDFC personal loan interest rate starts from 10.75% and ranges up to 21.50%. HDFC Bank offres flexible repayment time frame upto 60 months.
Given below are some of the features that you can examine before applying for an HDFC personal loan.
You can apply for HDFC personal loan online with a few quick steps. The entire process of online application can be completed without any hassle.
HDFC Bank provides you with a customised loan offer and rates for any type of loan you need. The people who already have an account with the HDFC bank can receive special benefits, rates, charges, and offers. The first-time loan customers are also offered numerous perks. Choose the loan tenure of your choice and pay back the loan in pocket-friendly EMI’s according to your terms.
You can avail of a deduction in your loan EMI by transferring the balance to HDFC Bank. The interest rates are as low as 11%, and the processing fee for the same is ₹3,999 (+GST).
HDFC Bank provides assistance to its customers through round-the-clock services and by offering immediate help in the twinkle of an eye.
The mentioned below individuals are eligible to apply for HDFC personal loan:
A bank or financial institution provides different interest rates to different applicants owing to their eligibility to avail of a personal loan. The higher the interest rate, the more will be your loan EMI. This gravely affects personal loan affordability. Let us have a look at the various factors that influence the HDFC personal loan interest rate and eligibility criteria.
| Age | The HDFC Bank does not provide loans to people below 21 years of age as they are considered risky borrowers to pay back the loan. People above the age of 60 are also not provided with the loan as they might not have a steady income. |
| Credit Score | Your credit score is maintained by the credit bureau and is an important indicator of your creditworthiness. A lower credit score might result in disapproval of your application or be approved with a higher interest rate. |
| Income | The higher your income, the lower the interest rate will be charged. Also, individuals with a high income are considered to be reliable and responsible for paying back the loan amount. |
| Repayment History | A good repayment history means that you have been disciplined with your loan EMIs and have paid them on time. This could get you a lower interest rate from the bank, and the bank can rely on you to pay back the amount. |
| Defaults | If the bank comes across any default in your credit report, it might ditch your loan application or charge you with a high-interest rate. |
| Relationship with the Bank | If you open more than one regular account like a savings account and fixed deposit in a single bank, then you are seen as a loyal customer. This interpersonal relationship can help you fetch an attractive rate of interest along with your application being approved. |
The HDFC Bank levies pocket-friendly charges and fees. Take a look at the HDFC personal loan requirements like fees and charges mentioned below.
| Fee Type | Amount Charged |
| Rack Interest Rate | For salaried individuals – 11% to 21.00% |
| Loan Processing Charges | Up to 2.50% of the loan amount is subject to a maximum of ₹25,000 (for salaried customers) |
| Stamp Duty and Other Statutory Charges | Applicable according to the state’s laws |
| Overdue EMI Interest | 2% per month on Principal Overdue/ EMI |
| Incidental/Legal Charges | At actuals |
| Amortisation Schedule Charges | ₹200 |
| Cheque Swapping Charges | ₹500 |
| Cheque Bounce Charges | 1st return at Rs.450 + taxes 2nd within a month Rs.500 + taxes and 3rd onwards Rs.550 + taxes (10% discount is provided for Senior Citizens) |
| Rebooking Charges | ₹1000 |
| Loan Cancellation Charges | NIL |
| Pre-Payment in Full or Part | For salaried individuals – No pre-payment in full or part permitted until the repayment of 12 EMIs is made. Part payment is allowed up to 25% of the Principal Outstanding amount. It is permitted only once in the entire financial year and twice during the tenure of the loan. |
| Pre-payment Charges on Part Payment Charges/Principal Outstanding | For salaried individuals: 13-24 months – 4% of principal outstanding, 25-36 months – 3% of principal outstanding >36 months – 2% of principal outstanding |
Note: Government taxes and other charges will be levied over and above the fees and charges as applicable.
The HDFC personal loan interest rate starts from 11% and ranges up to 21%. The interest rate offered to the applicant will depend on a number of factors, including credit history and income.
| Category | Salaried | Self-Employed |
| Age | 21 to 60 years | 21 to 65 years |
| Minimum income | Rs.15,000 | Rs.5 Lakh p.a. |
| Tenure of loan | 12 – 60 months | 12 – 60 months |
| Maximum amount of loan | Rs.40 Lakh | Rs.40 Lakh |
| CIBIL score | 750 or above | 750 or above |
HDFC Bank’s online EMI calculator helps you to calculate your monthly instalments with ease. This on-the-go and intuitive calculator can help you plan your loan repayments. To calculate your EMI, enter the loan amount, HDFC personal loan interest rate, and your loan tenure. The results will be displayed on your screen within seconds.
The loan amount can be entered in the range of 50,000 to 4,000,000 and term from 1 to 5 years.
Have a look at the table below to see the comparison of HDFC Bank with the other prevalent competitors of personal loan providers in India.
| NBFCs/Banks | Interest Rates (Annual) |
| HDFC Bank | 10.25% – 21.00% |
| SBI | 9.60% – 13.85% |
| PNB | 7.90% – 14.50% |
| ICICI Bank | 10.50% – 19.00% |
| Axis Bank | 10.25% p.a. onwards |
| Kotak Mahindra Bank | 10.25% onwards |
| IndusInd Bank | 11.00% onwards |
| IDFC First Bank | 10.49% – 23.00% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
HDFC Bank customer number is 7065970659. You can also reach out to them at Webchat, Click2Talk, and PhoneBanking.
Yes, you can switch to a floating rate of interest anytime during the loan tenure by paying a small fee.
The minimum salary required to apply for HDFC personal loan is ₹25,000 per month.
The personal loan repayment begins from the next month of the disbursement. For example, if the loan amount was given to the borrower on 5th May, the repayment will begin from June, as per the repayment cycle.
Yes, HDFC Bank will check your entire CIBIL/credit report while evaluating your application for a personal loan.
You can get a loan ranging from Rs.50, 000 to Rs.40 lakh.