HDFC Personal Loan of 7 Lakh

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Thejus KS
Thejus KS
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
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Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

HDFC offers a versatile ₹7 Lakh personal loan for various needs, such as home renovation, debt consolidation, medical emergencies, or weddings. This collateral-free option ensures funds without pledging assets. The digital application, minimal documentation, and easy eligibility enhance accessibility. Enjoy competitive interest rates, low processing fees, flexible repayments, and swift disbursal – funds reaching your account in 4 hours, or just 10 seconds for pre-approved customers. Discover a borrower-friendly financial solution with HDFC.

7 Lakh Personal Loan HDFC – Highlights

Here are the key parameters of an HDFC personal loan of ₹7 Lakh:

Interest Rates 10.50% p.a. onwards 
Processing Fees Up to Rs 4999
Loan Tenure 1 to 6 years
Eligibility Both salaried and self-employed individuals

7 Lakh Personal Loan EMI for 1- 6 Years 

Let’s take a look at the estimated EMIs for different tenures on an HDFC Personal Loan of ₹7 Lakh with an interest rate of 10.50%. :

Loan Tenure EMI Amount Interest Payable Total Amount Payable
1 year Rs 61,704 Rs 40,448 Rs 7,40,448
2 years Rs 32,463 Rs 79,112 Rs 7,79,112
3 years Rs 22,752 Rs 1,19,072 Rs 8,19,072
4 years Rs 17,922 Rs 1,60,256 Rs 8,60,256
5 years Rs 15,046 Rs 2,02,760 Rs 9,02,760
6 years Rs 13,145 Rs 2,46,440 Rs 9,46,440

Compare 7 Lakh Personal Loans From Other Banks & NBFC

Following is the comparison of HDFC Personal Loan of ₹7 Lakh with other leading banks and NBFCs in India.

Lender Interest Rate (p.a.) Processing Fee Tenure
HDFC Bank 10.50% onwards  Up to Rs 4999 1 to 5 years
Axis Bank 10.49% onwards Up to 2% of the loan amount 1 to 5 years
ICICI Bank 10.50% onwards  Up to 2.50% of the loan amount 1 to 6 years
IndusInd Bank 10.49% onwards Up to 2.5% of the loan amount 1 to 5 years
IDFC First Bank 10.49% onwards Up to 3.49% of the loan amount 1 to 5 years
Federal Bank 10.49% onwards Up to 3% of the loan amount 1 to 5 years
Kotak Mahindra Bank 10.99% onwards Up to 3% of the loan amount 1 to 5 years
Bajaj Finserv 11.00% onwards Up to 3.93% of the loan amount 1 to 8 years
State Bank of India 11.05% onwards 1% of the loan amount 1 to 6 years
Punjab National Bank 11.75% onwards 1% of the loan amount 1 to 6 years

7 Lakh Home Loan – Fees and Charges

Following are the fees and charges for an HDFC Personal Loan of ₹7 Lakh: 

Fee/Charge Amount
Processing Fee Up to Rs 4999
Premature Closure Charges (For Full Payment) 1) Up to 24 EMI repayments – 4% of principal outstanding.

2) Post 24 EMI and up to 36 EMI repayments – 3% of principal outstanding.

3) Post 36 EMI repayment – 2% of principal outstanding.

Delayed instalment payment charge 18% annual interest, plus government taxes on overdue instalments amount. 
Repayment Mode Swap Charges Rs 500
Amortisation Schedule Charges / Repayment Schedule Charges Rs 50/- Per Instance
Stamp Duty & other statutory charges As per applicable laws of the state
Loan cancellation Charges & Rebooking Charges Rs 1000/- plus applicable taxes

7 Lakh Home Loan – Documents Required

₹7 lakh personal loan documents in HDFC are as follows: 

  • Proof of Identity: PAN Card, Passport, Voter ID or Driving License.
  • Proof of Address: Utility Bills, Passport, Driving License or Aadhaar Card.
  • Proof of Income: Last 3-months bank statement
  • Proof of Employee: Last 2-month salary slips. 

7 Lakh Home Loan – Eligibility Criteria

₹7 lakh personal loan eligibility in HDFC are as follows: 

  • You must be aged between 21 and 60 years
  • You must have a minimum income of Rs.25,000 per month.
  • You must have at least 2 years of work experience. 
  • You must have lived in your current residence for at least 1 year.
  • You must have a good credit score and repayment history.

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Frequently Asked Question (FAQs)

What is the HDFC monthly interest on a 7 Lakh personal loan?

0.875% is the monthly interest rate of HDFC Personal Loan ₹7 Lakh.

Can I get a 7 Lakh personal loan from HDFC?

Yes, you can get a ₹7 Lakh personal loan from HDFC, with a maximum tenure of 6 years.

How to get a 7 Lakh loan without a salary slip in HDFC?

You may submit alternative documents like bank statements, income tax returns, income certificates, Form 16, etc., which demonstrate your capability to repay the loan.

What is the CIBIL score for a 7 Lakh personal loan for HDFC?

The CIBIL score of 700 or above is considered ideal for an 8 Lakh personal loan in HDFC.

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