HDFC Personal Loan

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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.

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HDFC Bank Personal Loan

Interest Rate

10.85% - 24%

Loan Amount

₹50K - ₹40L

EMI Per Lakh

₹2,167 - ₹2,877

Processing Fees

Up to ₹ 6,500/- + GST

Pre-Payment Charges

  • 4% of the outstanding principal (loan tenure between 13 - 24 months)
  • 3% of the outstanding principal (loan tenure between 25 - 36 months)
  • 2% of the outstanding principal (loan tenure if over 36 months)
... more

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Features and Benefits of HDFC Personal Loan

Here are some of the features you can explore before applying for an HDFC personal loan:

  1. Quick Services: Pre-approved HDFC Bank customers receive funds within 10 seconds. Others can get a loan in 4 working days after verification.
  2. Online Application: Apply for an HDFC personal loan online in a few simple steps without any hassle.
  3. Insurance Protection:
    • Personal Accident Cover: Get up to ₹8 lakhs for accidents and ₹1 lakh for critical illnesses with a nominal premium, deducted from the loan amount at disbursement.
    • Personal Loan Security: Secure your loan with Sarv Suraksha Pro, offering a Credit Shield Cover, up to ₹8 lakhs for accidental hospitalization, and ₹1 lakh for permanent disablement/accidental death.
  4. Customised Personal Loans: Enjoy customized loan offers and rates. Existing HDFC customers receive special benefits, rates, charges, and offers. First-time loan customers also get numerous perks. Choose your loan tenure and pay back in pocket-friendly EMIs.
  5. Personal Loan Balance Transfer: Transfer your loan balance to HDFC Bank to reduce EMI. Interest rates start at 11%, with a processing fee of ₹3,999 (+GST).
  6. 24×7 Assistance: Receive round-the-clock support and immediate help from HDFC Bank.

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HDFC Bank Fees and Charges

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.

HDFC Personal Loan Requirements

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

Eligibility Criteria for HDFC Personal Loan

The mentioned below individuals are eligible to apply for HDFC personal loan:

  • Private sector employees, public sector employees, which include state, local and central bodies
  • 21 to 60 years of individuals
  • Individuals who have been working for a minimum of 2 years with a job of 1 year with the present employer
  • Individuals who earn a net income of ₹25,000 per month.

Factors Affecting HDFC Personal Loan Eligibility

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.

  • Get Personal Loan for Different Amount

Documents Required for HDFC Personal Loan

  • Proof of identity (voter ID card/Aadhaar/driving licence/passport copy)
  • Proof of address (voter ID card/Aadhaar/driving licence/passport copy)
  • Bank statement of the preceding 3 months (6 month’s passbook)
  • Latest Salary Slips and Form 16/2

How Does the EMI Calculation Work for HDFC Personal Loans?

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.

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FAQs

From refinancing to reducing your interest, we have the answers right here.

Can I switch to a floating rate from a fixed rate during my loan tenure?

Yes, you can switch to a floating rate of interest anytime during the loan tenure by paying a small fee.

What is the minimum salary required for a personal loan?

The minimum salary required to apply for HDFC personal loan is ₹25,000 per month.

When does the personal loan repayment period start?

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.

Does HDFC check for CIBIL score for a personal loan?

Yes, HDFC Bank will check your entire CIBIL/credit report while evaluating your application for a personal loan.

What is the maximum and minimum personal loan amount I can get from HDFC?

You can get a loan ranging from Rs.50, 000 to Rs.40 lakh.

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