HDFC Personal Loan Interest Rate

HDFC Bank Personal Loan Interest Rates Feb 2017

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Last Updated 11th Jan 2017
Salaried Self Employed
Interest Rate 11.29% - 20.00% Check Special Offer 15.50% - 18.30%
Lowest EMI Rs. 2,189 per lakh Rs. 3,491 per lakh
Loan Tenure From 12 months to 60 months From 12 months to 36 months
Loan Amount Min Rs. 50,000 and Max Rs. 2,500,000 Min Rs. 500,000 and Max Rs. 1,500,000
Processing Fee 0.25% to 1.50% 2.5% Min Rs. 1,000 Max Rs. 75000
Age Min 21 years and Max 60 years Min 21 years and Max 65 years
Prepayment Charges Not allowed Not allowed
Foreclosure Charges Allowed after 12 EMI's, Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2% Allowed after 12 EMI's, Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%
Apply Personal Loan Online @11.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Factors affecting HDFC Personal Loan Interest Rates

HDFC Personal loan is dependent on various factors and varies from person to person. These factors are
Loan Tenure - HDFC Personal loans are of shorter tenure ranges from 12 years to 60 years and carry high rate of interest compared to longer term loans.
Repayment Capacity - Before giving 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 all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Borrower Class - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. HDFC has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
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 benefit from the bank.
HDFC Personal Loan
HDFC Personal Loan Interest Rates
MyLoanCare HDFC Personal Loan Interest rate calculator works on various inputs like:
Loan Amount - Generally banks offer lower interest rates for higher amount. However HDFC offers loan between minimum and the maximum loan amount.
Salary - Higher salary bracket individuals are offered loans at lower interest rates. HDFC interest rate varies with your net monthly income.
Employer Category - HDFC Bank classifies various organisations into different categories. HDFC rates varies based on the company your work for.
HDFC Personal Loan Eligibility
Eligibility of personal loan in HDFC relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. HDFC offers personal loan to salaried individuals who are atleast 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Income: HDFC Bank Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. HDFC Bank asks for net monthly income of minimum Rs. 15,000.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from HDFC Bank. In case you are salaried, you must be in a full time job for at least 12 months of which not less 1 month must be with your current company. If you are working with a reputed company, probability of getting personal loan from HDFC Bank increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
  • Loan Amount: HDFC Bank gives you personal loan depending upon your income. HDFC Bank gives you an amount ranging from Rs. 50,000 to Rs. 2,500,000. To improve chances of approval, apply for a loan amount that you can comfortably service.
HDFC Personal Loan EMI
Personal Loan EMI of HDFC Bank is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by HDFC Bank is Rs. 2,189 per lakh loan amount at lowest personal loan interest rate of 11.29%. Personal Loan EMI of HDFC Bank depends on factors like:
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for HDFC Personal Loan

Personal loan HDFC Bank 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
  • 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 Bank
Maximum Annual Percentage Rate (APR) 11.69% to 20.4%
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: Rs. 100,000
  • Time period: 12 months to 60 months
  • HDFC Bank Personal Loan Interest Rate: 11.29% to 20.00%
  • Processing Fee payable to HDFC Bank: Upto Rs. 2,000. Current offer for processing fee is 0.25% to 1.50%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2 for a 60 months Rs. 100,000 loan at 11.29% (lowest rate, longest time period) to Rs. 9,263 for a 12 months Rs. 100,000 loan at 20.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 11.69% to 20.4%
  • Total cost payable over loan tenure: Rs. 13,161 for 12 months loan to Rs. -97,880 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 with other banks

Frequently Asked Questions on HDFC Personal Loan

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

HDFC Bank offers an interest of 11.29% to 20.00% on personal loan.

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

If you apply for a personal loan from HDFC Bank, your lowest EMI per lakh will be Rs. 2,189.

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

You can repay your personal loan from HDFC Bank 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 personal loan if you need a minimum amount of Rs. 50,000 to a maximum amount of Rs. 2,500,000.

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

HDFC Bank charges a processing fee of 0.25% to 1.50% 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 HDFC Bank personal loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

Are there any prepayment charges on HDFC Bank personal loan?

You can take personal loan from HDFC Bank with Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

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

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
HDFC Personal Loan News - Feb 2017
25th Jan 17 HDFC Bank registers growth of 15 percent in third quarter of FY17
HDFC Bank has reported a growth of 15 percent in its net profit to Rs. 3,865 crore in third quarter of FY17 as compared to Rs. 3,356 crore in the corresponding period a year ago. Provisions for bad loans rose by 9.46 percent to Rs. 715 crore during the quarter as compared to Rs. 653 crore a year ago. Domestic retail and whole sale loan portfolio of the bank grew at an healthy rate of 17.8 and 16.8 percent respectively during the quarter.
24th Jan 17 HDFC Bank to see a fall in its loan growth during third quarter of FY 17
Analysts at Bloomberg have forecasted a decline in loan growth of HDFC Bank during third quarter of FY 17. As per the reports, loan growth is likely to fall to 15.4 percent during the third quarter on a year on year basis. Retail loan disbursements and corporate loans are likely to suffer the most resulting in weak loan disbursements.
13th Jan 17 HDFC Bank reduces personal loan interest rates to 11.29 percent
HDFC Bank has reduced its personal loan interest rates by 20 basis points. The revised personal loan interest now stands at 11.29 percent as compared to 11.49 percent earlier.
05th Jan 17 HDFC Bank reduces personal loan balance transfer rates to 11.29 percent
HDFC Bank has announced reduction in personal loan balance transfer rates for special corporate. The rates are now revised to 11.29 percent as compared to 11.69 and 11.99 percent earlier. The new balance transfer rates are valid for all logins till 31st January, 2017.
23rd May 16 HDFC Bank plans to open 500 new branches this fiscal
HDFC Bank plans to open about 500 new branches this financial year as part of its steps to expand footprint. About 60% of new branches would be coming up in semi-urban and rural areas and the remaining in urban areas. Last fiscal, the bank opened 506 branches leading the tally to 4,520 at the end of March 2016. Of 506 branches, 256 branches were opened in semi-urban and rural areas. The branches will provide facilities like loans, deposits and savings.
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