HDFC Bank Personal Loan Interest Rate

4.5

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 10.5% 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.

  • Personal Loan offer for You

  • 10.5% - 24%

    Interest Rate (p.a.)
  • ₹50K - ₹40L

    Tenure(1 - 5 Years)
  • ₹2,149 - ₹2,877

    EMI Per Lakh

Current HDFC Bank Personal Loan Rates and Fees 2024

You should familiarise yourself with the associated fees 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 HDFC Bank Personal Loan Interest Rate 
Personal Loan Interest Rates 10.5% - 24% 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

  • Personal Loan offer for You
  • 10.5% - 24%

    Interest Rate (p.a.)
  • ₹50K - ₹40L

    Tenure(1 - 5 Years)
  • ₹4,999 One time fee

    Processing Fee

Compare HDFC Bank Personal Loan Interest Rates with Other Lenders

Before securing a personal loan from HDC 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 HDC bank personal loan is than competing goods.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

HDFC Bank Personal Loan Interest Rate by Schemes

The table provides an overview of HDFC Bank's personal loan interest rates across various schemes.

Types of Personal Loan Rate of Interest (p.a.)
HDFC Bank Marriage Loan 10.5% - 24%
HDFC Bank Personal Loan for Home Renovation 10.5% - 24%
HDFC Bank Personal Loan for Teachers 10.5% - 24%
HDFC Bank Personal Loan for Salaried 110.5% - 24%
HDFC Bank Personal Loan for Government Employees 10.5% - 24%
HDFC Bank Personal Loan Balance Transfer 10.5% - 24%
Other HDFC Bank Personal Loans 10.5% - 24%

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 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.

Key Factors Influencing HDFC Bank Personal Loan 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.

Tips for Getting Lower Interest 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.

Personal Loan by Other Banks

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 10.5% – 24%

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.

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