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HDB Personal Loan Interest Rate

Current HDB Financial Personal Loan Interest Rates, Nov 2021

Last Updated 12th Jul 2021

Interest Rate 30.00% - 36.00% Check Best Offers
Tenure Upto 60 months
Processing Fee Upto 3% of Loan Amount
Loan Amount ₹ 1 Lakh to ₹ 20 Lakh
Minimum Income ₹ 20,000
Eligible Age 22 to 60 years
Part Prepayment Charges Allowed after paying 6 EMIs with charges ranging from, Nil Partpayment charges of the outstanding loan amount.
Foreclosure Charges Allowed after 6 months with charges ranging from Nil foreclosure charges of the outstanding loan amount.
  • You can avail lowest rates on HDB Financial Personal loan if you are an existing customer of the bank or working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

HDB Financial Personal Loan Rates and Charges

  • HDB Financial offers personal loans to salaried individuals at a low rate in comparison to self employed.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as HDB Financial personal loan rates and charges. As listed below:
HDB Financial Personal Loan Rates and Charges
Interest Rate 30.00% to 36.00%
Part Prepayment Charges Allowed after paying 6 with charges ranging from, Nil Partpayment charges of the outstanding loan amount.
Foreclosure Charges Allowed after paying 6 months with charges ranging from, Nil foreclosure charges of the outstanding loan amount.
Processing Fees Upto 3% of Loan Amount
Additional Reschedule Charges ₹ 500/td>
EMI Cheque Bounce Charges ₹ 750
Loan Cancellation Charges ₹ 1000
Other Charges ₹ 750

Interest rates on HDB Financial Personal Loans Schemes

HDB Financial Personal loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on HDB Financial personal loan remains unchanged at 30.00% as on 12 Jul, 2021. HDB Financial also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

HDB Financial Personal Loan Rate Comparison with Other Banks

Here is a comparison of HDB Financial Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars HDB Financial HDFC Bank SBI
Rate of Interest Starting from 30.00% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 22 years 21 years 21 years
Processing Fee Upto 3% of Loan Amount Upto 2.50% Min ₹ 999 Nil
Maximum Loan Amount ₹ 20 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 6 EMI's, Nil Partpayment charges Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 6 EMI's, Nil foreclosure charges Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

HDB Financial Personal Loan Balance Transfer Interest Rates

HDB Financial personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with HDB Financial at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently HDB Financial offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on HDB Financial Personal Loan?

You can get the lowest HDB Financial personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the HDB Financial personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from HDB Financial as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep track of the loan rates trends, HDB Financial may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. HDB Financial offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is HDB Financial personal Loan interest rate?

Today, the lowest interest rate on HDB Financial Personal Loan is 30.00% and ranges up to 36.00%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, HDB Financial personal loan interest rates for salary account holders are comparatively lower than that for other customers.

How can I reduce my interest in HDB Financial personal loan?

You can reduce the interest to be paid on HDB Financial personal loan by any of Following ways: (i) By maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) By applying at peak time when HDB Financial provides discounted personal loan offers.

Is HDB Financial personal a floating rate loan or fixed-rate loan?

HDB Financial is offered at both fixed and floating rates. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did HDB Financial personal loan rate drop in 2021?

Presently, HDB Financial offers personal loans at an interest rate starting at 30.00%. There has been no change in personal loan rates of HDB Financial since 12 Jul, 2021.

How do I check my eligibility to get a personal loan at a low rate from HDB Financial?

The lowest rate on HDB Financial is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at HDB Financial official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

Can I ask for a reduction in the HDB Financial personal loan interest rate?

You can ask for a reduction in your HDB Financial personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from HDB Financial?

No, there is no need for any collateral or security while availing a personal loan from HDB Financial. HDB Financial personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from HDB Financial early?

If you want to prepay your entire personal loan from HDB Financial, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the HDB Financial personal loan scheme availed by you, before making any decision.

How does HDB Financial calculate the interest on a personal loan?

The interest for HDB Financial personal loan is calculated based on the following methods:

Flat rate method:   Under this method, HDB Financial personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of HDB Financial personal loan interest calculation.

Reducing rate method:  As per the HDB Financial personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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