HDFC Bank provides personal loans for up to Rs. 40 lakh and repayment terms of up to 6 years. HDFC Personal Loan is available at an interest rate starting at 11.00% p.a. HDFC Bank also provides HDFC Xpress Personal Loan, a quick personal loan that is pre-approved and disbursed in only 10 seconds. Existing borrowers of personal loans from other banks and NBFCs can also use an HDFC Bank Personal Loan to refinance their debt at a cheaper interest rate.
Check Latest Personal Loan Offer From HDFC Bank
Compare HDFC Bank Personal Loan Interest Rates with Other Lenders
Before securing a personal loan from ICICI Bank, you should thoroughly compare interest rates with those offered by other banks and lenders. Comparing personal loan interest rates will help determine how better the ICICI bank personal loan is than competing goods.
- Starting Interest Rate (p.a)
- Processing Fee
- Rating
- Min. Loan Amount
ICICI Bank PL Interest Rate
10.75% - 19%
Up to 2.5%
4.5
₹50K - ₹25L
Tenure(1 - 6 Years)
Axis Bank PL Interest Rate
10.49% - 21%
Up to 2%
4.5
₹50K - ₹15L
Tenure(1 - 5 Years)
IDFC FIRST Bank PL Interest Rate
10.49% - 36%
Up to 3.5%
4.5
Up to ₹1Cr
Tenure(1 - 5 Years)
YES Bank PL Interest Rate
10.49% - 19%
2% - 2.5%
4.5
₹1L - ₹40L
Tenure(1 - 5 Years)
Personal loans from HDFC Bank are available for loan amounts up to Rs 1 crore and for terms up to 5 years starting at 10.49% p.a. It allows current personal loans obtained from other lenders and transferred to HDFC Bank at cheaper interest rates.
Additionally, HDFC Bank provides rapid personal loans online that are processed digitally and without paper.
HDFC Bank Personal Loan Interest Rate by Schemes
HDFC Bank Personal Loan interest rates are the sole scheme the bank offers to its customers:HDFC Bank Personal Loan
With the top-up feature offered by HDFC Bank, customers can borrow additional money above the sanctioned limit. The documentation needed is minimal, and processing is swift. The loan term is adjustable and might range from 12 to 60 months.
HDFC Bank Personal Loan Interest Rates for Salaried and Self-Employed
HDFC Bank personal loan interest rates for salaried employees and self-employed professionals start from 12.5% onwards. It can go up to 18% based on applicant credibility and other associated factors such as income, age, repayment history, etc.
Type of Employment | Offered Personal Loan Interest Rate | Processing Charges | Prepayment Charges |
Salaried Employee | From 12.5% per annum onwards | Upto 3.5% of the approved loan amount + GST | Not Applicable |
Self-Employed Professional | From 12.5% per annum onwards | INR 1999 + GST | Not Applicable |
HDFC Bank Personal Loan Interest Rate for Salary Account
Customers can avail of numerous benefits from an HDFC Bank personal loan account. Interested applicants can head to the official bank website and provide specific details to know if they are eligible for a pre-approved personal loan. Like other lenders, HDFC provides pre-approved personal loans to applicants with a healthy credit score and clean repayment track. HDFC Bank personal loan interest rates salary accounts start at 12.5% p.a.
HDFC Bank Pre-Approved PL Interest Rate
HDFC Bank personal loan can be availed with a pre-approved lower interest rate if one has a good credit score and have all the necessary documents. Customers can get the pre-approved personal loan interest rate from HDFC Bank without hassle.
HDFC Bank Personal Loan Balance Transfer Interest Rates
Transferring your ongoing personal loan from one bank to another is known as a personal loan balance transfer. It is a useful amenity because it allows you to save money. Depending on the remaining balance of the current loan, even a 0.50 to 1% change in interest rate will drastically lower your EMIs and result in further cost savings.
HDFC Bank Personal Loan Interest Rates and Charges
You should familiarise yourself with the associated fees and charges before applying for an HDFC Bank Personal Loan. Knowing these will make it easier for you to calculate the total cost of the borrowed money.
Credit Facility Type | ICICI Bank Personal Loan Interest Rate and Applicable Charges |
Personal Loan Interest Rates | 12.5% per annum to 18% per annum |
Charges for Loan Processing Charges or Origination (Non-Refundable) | 3.5% of the total loan amount |
Charges Associated with Prepayment | 5% on a principal outstanding plus GST (for salaried customers) |
Nil, if the loan is closed using own funds (MSME classified customers) | |
Additional Interest on Late Payment | 2% of the amount of the unpaid EMI or Rs. 300 per EMI, whichever is higher |
Charges for Repayment Mode Swap | ₹500 per transaction plus GST |
Charges for Loan Cancellation | Within 30 days of the disbursement or the presentation of the first EMI, whichever comes first, Rs. 10,000. Requests for cancellation after 30 days or the first EMI presentation would be considered a foreclosure. |
Loan Foreclosure Charges | 5% of the amount principal amount OS |
Charges for EMI Bounce | ₹400 per bounce plus GST |
Duplicate of the NOC | Rs. 500 |
Physical Schedule of Repayment | Rs. 500 |
Retrieval of Documents | Rs. 500/- per retrieval. |
Partial Payment | is Exclusively applicable to PL Smart Cases. Part payments are permitted up to 40% of the current Principal Outstanding once every fiscal year. This choice can only be made after the first three EMI payments. When choosing this option, a 2% part-payment fee will be added to the total. |
EMI Pick up | Rs. 350 per collection |
Factors Affecting HDFC Bank Personal Loan Interest Rates
The interest rate on a personal loan significantly impacts its affordability.
Higher EMIs may result from a higher interest rate. Individual banks and lenders do not charge everyone the same interest rates. This choice is affected by several things. Some significant factors affect HDFC Bank's personal loan interest rates.
Income,
The primary determining element for your personal loan application is your income. Your chances of receiving personal loans with lower interest rates increase as your income increases. The bank must assess your ability to repay the loan in full. The bank must trust the customer before granting them a personal loan. Only when their salary exceeds a specific minimal amount is this feasible.
Credit History
Before loan approval, lenders typically review your CIBIL score to understand your credit history. A person's credit score is a three-digit numerical ranking given by the Debts Rating Agency based on their history of repaying credit. A high credit score indicates that you can manage the loan and make on-time payments responsibly.
The reputation of the Organisation
People who work for reputable companies are more likely to get personal loans with low-interest rates. Banks think that people who work for well-known companies have pretty steady careers and will make timely payments.
History of Loan Payment
Prior repayment history will also be examined, along with your overall credit score, when determining your personal loan interest rate. The bank or lending firm will usually charge you a modest interest rate on the loan if they notice that you have been consistent with your repayments. Most banks prefer to lend to clients who have not received a payment in the previous year. Most loan defaulters either have their loan application denied or pay a high-interest rate.
Banking Relationship
You would have established yourself as a dependable client by opening savings accounts and fixed deposits with your bank in the past. By being loyal, you can build a rapport with the bank and get favourable terms on a personal loan. An established relationship will provide you with some influence because the bank doesn't want to lose you to a rival.
How to Calculate HDFC Bank Personal Loan Interest/EMI
Using HDFC Bank's personal loan EMI calculator, one can accurately calculate the interest/EMI on the personal loan. One just needs to enter basic loan information to determine the precise EMI (Equated Monthly Instalment).
OR
One can use the following formula to calculate the EMI:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
How to Get Low-Interest Rates on HDFC Bank Personal Loan?
Getting the greatest personal loan package at the lowest interest rate is crucial. This enables you to lower your overall debt and take advantage of an EMI plan that is inexpensive and manageable. These are five valuable suggestions.
1. Maintaining a good credit score
The easiest thing to accomplish is to keep a very high personal loan eligibility to acquire the best interest rate. It usually comes down to having a high credit score—one that is above 750. Your lender will be more confident in repaying a larger loan if you have a higher credit score. You will receive cheaper interest rates as a result. Always pay off your credit card bills and other EMIs on schedule to keep your credit score high.
2. Closing the Existing Loans
You are less likely to get a lower interest rate on a new personal loan if you already have a sizeable portion of your income going toward existing loans and EMIs. Therefore, before taking out a personal loan, aim to reduce your overall debt to less than 40% of your monthly income by foreclosing on some debts.
3. Research the Options
You will be substantially assisted in analysing all the lenders and possibilities and choosing the best interest rate by market research and analysis. Always remember that even a small variation in interest rates might result in considerable savings. Verify whether a lender offers hassle-free digital application processes or rapid disbursement. As a result, HDFC Bank provides all customers with rapid, paperless personal loan disbursal. Online testimonies, ratings, and reviews are also available. You may get a good idea of what to expect by reading HDFC personal loan reviews on our website and other portals before applying for one of our enticing personal loan deals.
4. Seasonal Deals
Keep an eye out for any holiday or seasonal offers from your current lenders in your email and SMS messages. You can also check your financial apps to see if there are any pre-approved personal loan deals or limited-time reductions that you can take advantage of immediately without having to provide any paperwork!
5. The Perfect Professional Network
Last but not least, you can use the goodwill of your employer or your professional status to bargain for a reduced personal loan interest rate. If you work for one of the many reputable organisations with strong links with financial institutions, you may easily and confidently take advantage of better personal loan terms.
Conclusion
You can check the status of your HDFC personal loan by visiting the bank's official website and selecting "Track My Application." Once you've entered all the relevant information, including the applicant's name, loan reference number, and birthdate, you can view the status of your application after entering the necessary information.
Need Loan Assistance?
Connect with Loan Advisor Now!
Hdfc Bank's Calculators
Check Eligibility
Other Loans Offered by Hdfc Bank
Other Banks Personal Loan Calculator
- Axis Bank Personal Loan
- ICICI Bank Personal Loan
- HDFC Bank Personal Loan
- Bank of Baroda Personal Loan
- Union Bank of India Personal Loan
- State Bank of India Personal Loan
- YES Bank Personal Loan
- Federal Bank Personal Loan
- IDBI Bank Personal Loan
- IDFC FIRST Bank Personal Loan
- RBL Bank Personal Loan
- Kotak Bank Personal Loan
- Deutsche Bank Personal Loan
- DCB Bank Personal Loan
- karnataka bank Personal Loan
Hdfc Bank's IFSC Codes
- Hdfc Bank Andaman and Nicobar
- Hdfc Bank Andhra Pradesh
- Hdfc Bank Assam
- Hdfc Bank Bihar
- Hdfc Bank Chandigarh
- Hdfc Bank Chhattisgarh
- Hdfc Bank Dadra and Nagar Haveli
- Hdfc Bank Daman and Diu
- Hdfc Bank Delhi
- Hdfc Bank Gujarat
- Hdfc Bank Haryana
- Hdfc Bank Himachal Pradesh
- Hdfc Bank Jammu and Kashmir
- Hdfc Bank Jharkhand
- Hdfc Bank Karnataka
- Hdfc Bank Kerala
- Hdfc Bank Madhya Pradesh
- Hdfc Bank Maharashtra
- Hdfc Bank Manipur
- Hdfc Bank Meghalaya
- Hdfc Bank Mizoram
- Hdfc Bank Nagaland
- Hdfc Bank Odisha
- Hdfc Bank Puducherry
- Hdfc Bank Punjab
- Hdfc Bank Rajasthan
- Hdfc Bank Tamil Nadu
- Hdfc Bank Telangana
- Hdfc Bank Tripura
- Hdfc Bank Uttarakhand
- Hdfc Bank Uttar Pradesh
- Hdfc Bank West Bengal
Personal Loan by Other Banks
- Axis Bank Personal Loan
- Bank of Baroda Personal Loan
- ICICI Bank Personal Loan
- Bajaj Finserv Personal Loan
- Canara Bank Personal Loan
- IndiaBulls Personal Loan
- YES Bank Personal Loan
- CITI Bank Personal Loan
- Union Bank of India Personal Loan
- DHFL Personal Loan
- Federal Bank Personal Loan
- IndusInd Bank Personal Loan
- State Bank of India Personal Loan
- Punjab National Bank Personal Loan
- Hero FinCorp Personal Loan
- IDFC FIRST Bank Personal Loan
- IDBI Bank Personal Loan
- Kotak Bank Personal Loan
- Deutsche Bank Personal Loan
- HDFC Sales Personal Loan
- Indian bank Personal Loan
- Capital First Ltd. Personal Loan
- Clix Capital Personal Loan
- Aditya Birla Finance Limited Personal Loan
- L&T Finance Personal Loan
- HSBC Personal Loan
- Shriram Urban Co Operative Bank Limited Personal Loan
- Loantap Credit Products Private Limited Personal Loan
- Reliance Capital Personal Loan
- Fullerton India Personal Loan
- Muthoot Finance Ltd Personal Loan
- Bank of India Personal Loan
- Paysence Service Pvt Ltd Personal Loan
- IIFL Finance Personal Loan
- InCred Financial Services Personal Loan
- Edelweiss Financial Services Personal Loan
- Poonawalla Fincorp Limited Personal Loan
- DCB Bank Personal Loan
- Punjab & Sind Bank Personal Loan
- Bank of Maharashtra Personal Loan
- karnataka bank Personal Loan
- Ujjivan Small Finance Bank Personal Loan
- AU Small Finance Bank Personal Loan
- karur Vysya Bank Personal Loan
- RBL Bank Personal Loan
- FT Cash Personal Loan
- Tata Capital Financial Services LTD Personal Loan
- Tata Capital Housing Finance Limited Personal Loan
- MoneyWide Personal Loan
Financial Calculators
Personal Loan Calculators
Frequently Asked Questions (FAQs)
What is the current interest rate of HDFC Bank personal loans?
The current interest rate of HDFC Bank personal loans ranges from 11.5% to 18%.
How can I reduce my interest in HDFC Bank personal loans?
One can reduce the interest in HDFC Bank personal loans by maintaining a good credit score, closing all the existing loans, and maintaining reasonable repayment and financial history.
Is HDFC Bank personal loan a floating-rate loan or a fixed-rate loan?
Personal loan interest rates are available in fixed and adjustable forms. A loan with a fixed rate will have the same interest rate for the duration. In contrast, a floating-rate loan will have interest rates that fluctuate according to the state of the market.
Do HDFC Bank demand collateral or security for personal loans?
Instant Personal Loans are given out at the sole discretion of HDFC Bank depending on the borrower’s creditworthiness and are not secured by any kind of security or collateral. Additionally, there is no requirement for a co-signer or guarantor.
Can individuals pay off their HDFC Bank loans EMI early?
An approximate one-year lock-in period is typically included with a quick personal loan. After this time, one can prepay the entire balance owed or the EMIs.
What is the EMI for a 1 lakh personal loan?
The EMIs depend on the rate of interest the loan has been granted.