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HDFC Personal Loan Interest Rate

Current HDFC Bank Personal Loan Rate Sep 2020

Last Updated 11th Sep 2020

Interest Rate 10.50% - 22.00%
Processing Fee Upto 2.50% Min Rs. 1,999
Loan Tenure 12 months to 60 months
Loan Amount ₹ 50,000 to ₹ 75 Lakh
Part Prepayment Charges Allowed after 12 EMI's, 2-4%
Preclosure Charges Allowed after 12 EMI's, 2 - 4%
  • Lowest HDFC Personal Loan interest rates is 10.50%. The bank grants personal loan for a tenure ranging between 12 months to 60 months.

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HDFC Personal Loan Details

Key features:

  • HDFC Bank Personal Loan Interest Rate starts from 10.50%.
  • Lowest EMI per lakh on Personal Loan from HDFC Bank is ₹ 2,149 at the lowest interest rate of 10.50% at the longest loan tenure of 60 months.
  • Loan available for both salaried and self-employed professionals.
  • Borrowers within the age group of 21 and 60 years.
  • Loan amount of minimum ₹ 50,000 to ₹ 75 Lakh.
  • Loan Tenure 12 to 60 months.
  • Processing Fees: Upto 2.50% Min Rs. 1,999.
  • Foreclosure charges: HDFC Bank personal loan prepayment is allowed with 2 - 4%
  • Part payment charges: Allowed at 2-4%
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
  • Special Schemes: HDFC Bank offers customised personal loan interest rates and schemes for special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of HDFC are:
    • Personal Loan Diva for Women Customers
    • Personal Loan for Salaried Professionals
    • Personal Loan for Doctors
    • Golden Edge Personal Loan
    • Personal Loan to Pensioner
    • HDFC Insta Loan
    • HDFC Jumbo Loan
    • HDFC Pre Approved Loan

HDFC Personal Loan Top Up

Existing Personal Loan Borrowers of HDFC can get top up on personal loan from HDFC if they have a regular repayment track record on their running personal loan from the bank. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on HDFC Bank personal loan top up starts at 10.50%.

HDFC Personal Loan Rate

You can get the best personal interest rates from HDFC Bank subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from HDFC:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amount. HDFC Bank offers loan between ₹ 50,000 and ₹ 75 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
  • Employer Category - HDFC Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - HDFC Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of a low HDFC Bank loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving a loan to the borrower, HDFC Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.
HDFC Personal Loan Charges

In addition to HDFC Bank’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on HDFC’s personal loans is Allowed after 12 Months at 2-4%
  • Processing Fee - HDFC charges a non-refundable processing fee of Upto 2.50% Min Rs. 1,999 of loan amount with applicable tax.
  • Other charges: Once your HDFC Bank personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only in the event of one of these three charges.

HDFC Personal Loan Process

Getting a Personal loan from HDFC Bank is fairly quick with an online application and approval process. A Personal loan can be availed from HDFC Bank in four simple steps:

Step 1: Visit the website, branch, or website of authorised online channel partner of HDFC Bank and fill in the application form with loan amount required, your personal details, occupation information and your contact number.

Step 2: An official of HDFC Bank or online marketplace will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.

Step 3: Once you agree to proceed with the loan application, you will need to submit your income documents online or a HDFC Bank’s representative will visit your residence or office to collect your documents and do a residence verification.

Step 4: HDFC Bank will give you an approval on your loan application within a day or two of receiving all documents and after a physical verification. The loan can get disbursed immediately after loan sanction and signing of the agreement.

HDFC Personal Loan Documents

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID/ Aadhaar Card
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan HDFC
Maximum Annual Percentage Rate (APR) 10.50% to 22.00%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1 Lakh
  • Time period: 12 months to 60 months
  • HDFC Bank Personal Loan Interest Rate: 10.50% to 22.00%
  • Processing Fee payable to HDFC Bank: Upto ₹ 2,000. Current offer for processing fee is Upto 2.50% Min Rs. 1,999
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,149 for a 60 months ₹ 1 Lakh loan at 10.50% (lowest rate, longest time period) to ₹ 9,359 for a 12 months ₹ 1 Lakh loan at 22.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.50% to 22.00%
  • Total cost payable over loan tenure: ₹ 0 Cr for 12 months loan to ₹ 0.31 Lakh for 60 months loan

HDFC Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of HDFC Bank.

Compare Personal Loan Interest Rates of HDFC Bank with other Banks

FAQs

How much time will the HDFC Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days. The turnaround time for a HDFC Bank instant loan can be 3 days.

Why to take personal loan from HDFC Bank ?

HDFC Bank offers loan at 10.50% rate with the lowest EMI of ₹ 2,149 per lakh. If you are paying EMI more than this, then you can opt for balance transfer and relocate your loan to HDFC Bank.

How much interest is charged by HDFC Bank on personal loan?

Personal loan interest rates in HDFC Bank are 10.50% to 22.00%. HDFC Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from HDFC Bank ?

If you apply for loan from HDFC Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,149.

What is the minimum and maximum tenure of personal loan in HDFC Bank?

You can repay your personal loan in a flexible period of minimum 12 months to maximum 60 months.

How much personal loan amount I can borrow from HDFC Bank?

HDFC Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 75 Lakh

How much processing fee is charged by HDFC Bank on personal loan?

HDFC Bank charges a processing fee of Upto 2.50% Min Rs. 1,999 with applicable service tax.

Is age an eligibility factor to get personal loan from HDFC Bank?

Yes, age is an important eligibility factor to get personal loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

Can I add my spouse's income while applying for personal loan from HDFC Bank?

You can add the income of your spouse to increase your Personal Loan Eligibility and to get higher loan amount.

How can I get HDFC Bank personal loan?

You can get a personal loan from HDFC Bank by directly visiting the nearest branch or can apply online at their website. You can also apply online at MyLoanCare website after comparing the interest rates and charges of all banks.

How can I check my HDFC Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from HDFC Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at HDFC Bank's website. In case you could not track your application online, you can contact HDFC Bank loan assistance and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a HDFC Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from HDFC Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from HDFC Bank?

No, HDFC Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my HDFC Bank personal loan after 1 year?

You can close your personal loan from HDFC Bank after 12 months by paying charges: 2 - 4%

Can I negotiate with HDFC Bank on the personal loan interest rate?

You can ask HDFC Bank to lower your interest rate on the personal loan. However, it is not sure that the lender will reduce your interest rate.

How to pay your HDFC Bank personal loan EMI?

You can pay your HDFC Bank personal loan EMI by using ECS facility or through Standing Instruction.

How to get HDFC Bank personal loan status by mobile number?

You can check the status of your HDFC Bank personal loan on their website by using your mobile number. You can also check the HDFC Bank personal loan status on mobile through their mobile app. If you have applied for a personal loan through MyLoanCare website, you can track your status by logging into MyLoanCare Account with the registered mobile number.

What is the HDFC Bank personal loan process?

The most effortless HDFC Bank personal loan procedure is to fill your details on the above form. Your application will be assessed as per details entered by you, and you will be shown the best offer available from HDFC Bank along with other banks too. Our loan advisor will contact you to understand your needs and forward your application to the bank of your choice. Although, you can also apply on the website of HDFC Bank Bank as well.


HDFC Bank Personal Loan Reviews 4.5/5  by 1321 customers
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Sunil, Valsad
Reviewed on 18th Sep 2020
5 / 5 stars
HDFC Bank Personal Loan Availed in Sep 2020

Mr Anuj has done his job convincingly and I am happy to get in touch with him. Got my work done in lRead more...

Brahma, Cuddapah
Reviewed on 18th Sep 2020
5 / 5 stars
HDFC Bank Personal Loan Availed in Sep 2020

Thanks to MyLoanCare. I got the loan approval in a very short time with the help of MyLoanCare team.Read more...

Roshan, Vijaywada
Reviewed on 15th Sep 2020
5 / 5 stars
HDFC Bank Personal Loan Availed in Sep 2020

Very pleased with MyLoanCare and their consultants. Will definitely look forward to applying again. Read more...

Manoranjan Pradhan, Bangalore
Reviewed on 08th Sep 2020
5 / 5 stars
HDFC Bank Personal Loan Availed in Sep 2020

It was a good experience with the representative. He had good knowledge and guided me very well. Read more...

Natasha khanna, Hyderabad
Reviewed on 08th Sep 2020
4 / 5 stars
HDFC Bank Personal Loan Availed in Sep 2020

Good. I can recommend to anyone but they should try to reduce processing fee.Read more...

Chetan Nawathe, Pune
Reviewed on 07th Sep 2020
4 / 5 stars
HDFC Bank Personal Loan Availed in Sep 2020

It was a hassle free, fast and convenient process. The executive was polite and friendly and explainRead more...

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Reviewed on 01st Sep 2020
5 / 5 stars
HDFC Bank Personal Loan Availed in Aug 2020

Excellent and good coordination. I got the loan in two days without any problems. Very good service.Read more...

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Reviewed on 01st Sep 2020
5 / 5 stars
HDFC Bank Personal Loan Availed in Aug 2020

MyLoanCare is the best app if you are looking for any type of loan. I applied for a personal loan thRead more...

HDFC Bank Personal Loan News - Sep 2020
  • 2020-07-15 : HDFC Bank lends Rs 10,800 crore in June quarter
    HDFC Bank has lent Rs 10,800 crore in the quarter ended June 2020, a period marked by lockdown and partial easing. It had offered Rs 10,100 crore loan in April-June 2019 (Q1FY20). The bank’s advances backed by the home, personal, business, car, two-wheeler, gold and mudra loan expanded by 21% on year to Rs 1,004,500 crore, as of June 30.
  • 2020-06-30 : HDFC Bank launches app for farmers
    HDFC Bank introduced a new app for the farmers. The new app is introduced to assist the farmers and ease the banking experience.
  • 2020-06-25 : HDFC Bank extended loan moratorium till August 2020
    HDFC Bank extended its loan moratorium on Personal, home, gold, two-wheelers and car loan for another three months to August 2020. However, for availing this EMI moratorium extension, the borrower will need to re-apply even though the loan borrower has availed of this facility for March to May 2020 period.
  • 2020-06-17 : Consumer loans disbursement back to pre-COVID level for HDFC Bank
    India largest private sector lender HDFC Bank declared that the consumer finance loans which includes Personal, home, gold, two-wheelers and car loan are growing and the amount disbursed has got back to the pre-COVID levels of Rs 1,000 crore a month.
  • 2020-06-10 : HDFC Bank total loan under moratorium saw a decline
    HDFC Bank reported that the retail loan under a moratorium which includes Personal, home, gold, two-wheelers and car loan was at 7 % as of June 15 against 21% in May. In addition to this, just a small portion of this 7% is new customers opting for the moratorium in the second round. According to experts, one reason for this dip in availing loan moratorium is white-collar labour has not lost jobs as much as feared.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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