One of the most reasonably priced personal loans is provided by HDFC Bank, which can help you meet your immediate financial needs. The interest rate on HDFC Personal Loan ranges from 10.75% to 21.50%. Flexible repayment terms of up to 60 months are available from HDFC Bank. Check out the Bank of Baroda Personal Loan.
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Features and Benefits of HDFC Personal Loan
Some characteristics you might look at before applying for an HDFC personal loan are listed below.
| Fast Services | Pre-approved HDFC Bank clients can expect their funds in as little as ten seconds. Depending on the bank’s verification and documentation results, the remaining clients may be eligible for loans in as little as four working days. |
| Insurance Protection | Whatever type of loan you need, HDFC Bank gives you personalized loan offers and rates. Those with an HDFC Bank account are eligible for unique benefits, pricing, fees, and promotions. There are also many benefits available for first-time borrowers. Choose the loan term that suits your needs, then repay the loan over time with affordable monthly installments. |
| Customized Personal Loans | Whatever type of loan you need, HDFC Bank gives you personalized loan offers and rates. Those with an HDFC Bank account are eligible for unique benefits, pricing, fees, and promotions. There are also many benefits available for first-time borrowers. Choose the loan term that suits your needs, then repay the loan over time with affordable equated monthly installments. |
| Transfer of Personal Loan Balance | If you transfer the balance amount to HDFC Bank, you will be eligible for a reduction in your loan EMI. The processing charge for this is ₹3,999 (+GST), and interest rates start at 11%. |
| 24×7 Assistance | Apart from providing 24/7 available services, HDFC Bank also offers prompt support to its customers. |
| Submit a web application for an HDFC personal loan | You can apply online for an HDFC personal loan in just a few easy steps. You may easily finish the online application process from start to finish. |
Interest Rates for HDFC Personal Loan
The interest rate on HDFC personal loans ranges from 11% to 21%. The applicant’s credit history and income are just two of the many variables that will determine the interest rate offered. You may also check Axis Bank Business Loan.
| 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 (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: ₹450 + taxes, 2nd within a month: ₹500 + taxes, 3rd onwards: ₹550 + taxes (10% discount for Senior Citizens) |
| Rebooking Charges | ₹1000 |
| Loan Cancellation Charges | NIL |
| Pre-Payment in Full or Part | No pre-payment in full or part is permitted until repayment of 12 EMIs. Part-payment allowed up to 25% of Principal Outstanding (once per financial year, twice total) |
| Pre-payment Charges (Part Payment/Outstanding Principal) | 13-24 months: 4%, 25-36 months: 3%, Over 36 months: 2% of Principal Outstanding |
HDFC Personal Loan Requirements
| Category | Salaried | Self-Employed |
| Age | 21 to 60 years | 21 to 65 years |
| Minimum Income | ₹15,000 | ₹5 Lakh p.a. |
| Tenure of Loan | 12 – 60 months | 12 – 60 months |
| Maximum Loan Amount | ₹40 Lakh | ₹40 Lakh |
| CIBIL Score | 750 or above | 750 or above |
Eligibility Criteria for HDFC Personal Loan
People who fit the following details can apply for HDFC Personal Loan:
- Employees in the public and private sectors, including state, local, and federal government employees.
- People aged 21 to 60.
- People who have worked for at least two years, with at least one of those years spent with the current employer.
- And have a net monthly income of ₹25,000.
Factors Affecting Eligibility for HDFC Personal Loan
Applicants get different interest rates from banks or other financial institutions depending on whether they qualify for a personal loan. As the interest rate increases, so will your loan EMI. This significantly impacts how affordable personal loans are. Let’s examine several factors that affect the interest rate and eligibility requirements for HDFC personal loans.
| Age | Loans are not provided to individuals below 21 or above 60 years as they are considered risky borrowers with potential issues regarding repayment. |
| Credit Score | A low credit score may lead to disapproval or approval with a higher interest rate. It is a key indicator of creditworthiness maintained by credit bureaus. |
| Income | Higher-income typically results in lower interest rates. High-income individuals are viewed as more reliable and responsible for loan repayment. |
| Repayment History | A good history of timely repayments can result in a lower interest rate, as the bank considers you reliable for loan repayment. |
| Defaults | Maintaining multiple accounts (e.g., savings and fixed deposits) in the same bank can establish loyalty and help secure a better interest rate. |
| Relationship with the Bank | Maintaining multiple accounts (e.g., savings and fixed deposits) in the same bank can establish loyalty and help secure a better interest rate. |
Documents required for HDFC Personal Loan
- Identity verification (copy of voter ID card, Aadhaar, driving license or passport)
- Address proof (copy of passport, driving license, Aadhaar or voter ID card)
- Three months bank statement (6 months passbook)
- Most recent Form 16/2 and salary slip
How is HDFC personal loan EMI calculated?
You can calculate your monthly installments quickly and easily with the help of HDFC Bank’s online EMI calculator. This portable, user-friendly calculator can help you organize your loan payback schedule. Enter the loan amount, HDFC personal loan interest rate, and loan term to determine your EMI. In a few seconds, the results will appear on your screen. You can enter a loan amount between $50,000 and $4,000,000 and a term between one and five years. Must read Bank of India (boi).
| 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 |
