HDFC Personal Loan of 8 Lakh

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Written By
Kirti Bansal
Kirti Bansal
Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.
Reviewed By
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’s ₹8 Lakh personal loan stands out as a compelling credit option, assuring eligible applicants of swift fund delivery within 4 hours through a seamless digital application process. This eliminates the need for branch visits. The loan caters to diverse needs, be it planned events or unexpected emergencies, offering competitive interest rates, flexible repayments, and minimal documentation. Urban Money presents a concise guide for hassle-free access to these funds, ensuring financial ease for various situations.

8 Lakh Personal Loan HDFC – Highlights

Let’s take a look at the key parameters of an HDFC personal loan of ₹8 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

8 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 ₹8 Lakh with an interest rate of 10.50%:

Loan Tenure EMI Amount Interest Payable Total Amount Payable
1 year Rs 70,519 Rs 46,228 Rs 8,46,228
2 years Rs 37,101 Rs 90,424 Rs 8,90,424
3 years Rs 26,002 Rs 1,36,072 Rs 9,36,072
4 years Rs 20,483 Rs 1,83,184 Rs 9,83,184
5 years Rs 17,195 Rs 2,31,700 Rs 10,31,700
6 years Rs 15,023 Rs 2,81,656 Rs 10,81,656

Compare 8 Lakh Personal Loans From Other Banks & NBFC 

Following is the comparison of HDFC Personal Loan of ₹8 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

8 Lakh Home Loan – Fees and Charges

Following are the fees and charges for an HDFC Personal Loan of ₹8 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

8 Lakh Home Loan – Documents Required

₹8 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. 

8 Lakh Home Loan – Eligibility Criteria

₹8 Lahk personal loan eligibility in HDFC is 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 an 8 Lakh personal loan?

The monthly interest rate of HDFC Personal Loan ₹8 Lakh is 0.875%.

Can I get an 8 Lakh personal loan from HDFC?

Yes, you can get an 8 Lakh personal loan from HDFC, with a maximum tenure of 6 years.

How to get an 8 Lakh loan without a salary slip in HDFC?

Provide alternative proof of income to demonstrate that you are capable of covering the loan EMIs. These may include documents such as bank statements, income tax returns, income certificates, and Form 16.

What is the CIBIL score for an 8 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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