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HDFC Bank Personal Loan

HDFC Bank Personal Loan

Last Updated 15th Oct 2020

Interest Rate 10.50% - 22.00%
Tenure Upto 60 months
Processing Fee Upto 2.50% Min Rs. 1,999
Loan Amount ₹ 50,000 to ₹ 75 Lakh
Minimum Income ₹ 20,000
Age 21 to 60 years
Prepayment Charges Allowed after 12 EMI's, 2-4%
Foreclosure Charges Allowed after 12 months at 2 - 4%
    Apply for Personal Loan @ 10.45%* Get upto ₹ 1,000* Cashback Or Free Corona Health Insurance Cover of up to ₹5 lakh
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    HDFC Bank Personal Loan

    HDFC Bank is the one of the leading Private Bank of the country both in terms of a number of branches and the number of customers. One of the main reasons for its success is that it provides customized products as per the needs of the customer. If you are looking for a personal loan, then HDFC Bank offers a bunch of personal loan schemes with various features to suit your requirement.

    HDFC Bank Personal Loan Schemes Interest Rates

    One of the best ways to assess which personal loan scheme is best, is to assess the rate of interest offered in each scheme. The interest rate of each scheme varies depending upon various factors like, the repayment option, tenure, customer profile targeted by the scheme, etc.

    Personal Loan Diva for Women Customers

    • It helps to provide benefits to various brands and products to make your lifestyle better.
    Eligibility:
    • You can get a pre-approved personal loan of Rs. 3 Lakhs with Personal Loan for Diva.
    Description:
    • Women, who are customers of HDFC Bank can fulfil all their dreams by taking Personal Loan for Diva.

    Personal Loan for Salaried Professionals

    • The loan can be availed for personal needs like medical expenses or home furnishing.
    Eligibility:
    • Doctor and chartered accountants are required to have a minimum of four years of post-qualification work experience.
    • Company secretaries and architects are required to have a minimum of five years of post-qualification work experience.
    • Physiotherapists are also required to have five years of work experience post qualification.
    Description:
    • HDFC Bank loan for salaried professionals is suited to fulfil the financial needs of salaried professionals like doctors, physiotherapists, architects, chartered accountants, and company secretaries.

    Personal Loan for Doctors

    • The loan is taken to fulfil personal expenses like education, medical emergencies, home renovation, vacation, or to consolidate debt.
    Eligibility:
    • Doctors are required to have four years of work experience after qualification.
    • The minimum annual income must be Rs 1 lakhs per annum.
    • Also, the business setup of the applicant must be profitable for the last two years.
    Description:
    • HDFC Bank offers specialized personal loans for non-salaried doctors.

    Golden Edge Personal Loan

    • The loan is taken to fulfil personal expenses like education, medical emergencies, home renovation, vacation, or to consolidate debt.
    • The loan is taken to fulfil personal expenses like education, medical emergencies, home renovation, vacation, or to consolidate debt.
    Eligibility:
    • The applicant should earn a net salary above Rs 75 thousand per month.
    • The loan applicant should be working with a company that is listed with the company category list.
    • The cibil score of the applicant must be above 720.
    Description:
    • HDFC Bank golden edge personal loan is a specialized personal loan for high-income customers who earn an income above Rs 75 thousand per month.
    • Loan amounts of Rs 10 lakhs and above can be availed with golden edge personal loan.

    Personal Loan to Pensioner

    • Loan can be availed for personal needs like medical expenses or home furnishing
    Eligibility:
    • Central, State and Defense Pension holders with maximum age of 60 years and minimum income of Rs. 20,000 can apply for this loan
    Description:
    • Get maximum loan upto Rs. 500,000
    • Loan is available for a maximum period of 36 months
    • Pensioner can upto 50 percent of additional income to get loan

    HDFC Insta Loan

    • The loan can be availed for personal needs like medical expenses or home furnishing.
    Eligibility:
    • The loan can be availed against HDFC Bank credit card.
    Description:
    • HDFC Bank Insta Loan is a pre-approved loan against the credit card limit.
    • The loan is available without any hassle and involves minimal paperwork.
    • The loan amount borrowed is to repaid within 12 to 48 months.

    HDFC Jumbo Loan

      Eligibility:
      • The loan can be availed on HDFC Bank credit cards.
      • One is required to have a savings account and maintain it with the minimum savings account balance.
      Description:
      • HDFC Bank Insta jumbo loan allows borrowers to borrow a loan without blocking the credit card limit.
      • The loan can be repaid between 12 to 60 months.

      HDFC Bank Personal Loan Interest Rate Comparison - Salaried/ Self-Employed

      Employment TypeRate of Interest Minimum AgeMaximum Age
      Salaried Starting from 10.50% 21 years 60 years
      Self-Employed Professional Starting from 11.90% 21 years 65 years

      Comparison of HDFC Bank Personal Loan vs Other Lenders

      Even though HDFC Bank has some good personal loan schemes, you cannot be sure about the offerings from one bank unless you analyze multiple banks and their offerings.

      Particulars HDFC Bank ICICI Bank SBI
      Rate of Interest Starting from 10.50% Starting from 10.75% Starting from 9.60%
      Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
      Minimum Age 21 years 23 years 21 years
      Processing Fee Upto 2.50% Min Rs. 1,999 Upto 2.25% of Loan Amount 1.00%
      Maximum Loan Amount ₹ 75 Lakh ₹ 30 Lakh ₹ 15 Lakh

      Factors Affecting HDFC Bank Personal Loan Rates

      When you apply for a personal loan from HDFC Bank, there are various factors which play their part to determine the rate of interest for your loan. Below are the factors which will affect your HDFC Bank personal loan rates:

      • Tenure: The interest rates on personal loans are not entirely dependent on the loan tenure, but it does play a part. Based on the policy of the bank, the interest rate can increase or decrease with respect to shorter or longer tenure.
      • Credit Score: Since a personal loan is an unsecured loan, your credit score carries a lot of weightage in determining the rate of interest on your loan. Thus, make sure you apply for the loan when your score is above 800. If you are applying with a score below 800, then you need to be prepared to accept a higher rate of interest.
      • Income: Income is also an essential factor in determining the rate of your loan. With the higher income, you are likely to get into a lower interest rate bracket and vice versa.
      • Loan Amount: The amount of credit you have applied for also affects the rate of interest. Based on your applied loan amount rate of interest can change beyond what is advertised based on specific categories.
      • Repayment Capacity: Banks can also offer you lower interest rates if you have a good repayment capacity.
      • Existing Relationship: Banks also provide some benefits to the existing customers, especially those who have a good track record with the bank.

      HDFC Bank Personal Loan Charges

      HDFC Bank applies various charges on personal loans such as processing fee, part payment charges and foreclosure charges. Processing fee applicable on HDFC Bank personal loan is Upto 2.50% Min Rs. 1,999. HDFC Bank offers part payment facility on personal loan after 12 months at 2-4% charges. HDFC Bank offers foreclosure fee on personal loan to repay the entire amount after 12 months at 2 - 4%.

      HDFC Bank Personal Loan Interest Rates Calculation

      Let’s say Mr. Maheshwari earns a monthly salary of ₹ 35,000 . His credit score is 810, and he avails the HDFC Bank personal loan of ₹ 4 Lakh for a tenure of 2 years. Given his excellent credit score, the interest rate charged on his loan is 10.50%. Thus, the monthly EMIs he would have to pay are listed in the table below:

      Months EMIs Principal Paid Interest Paid Outstanding Balance
      Oct 2020 ₹ 18,550 ₹ 15,050 ₹ 3,500 ₹ 3,84,949
      Nov 2020 ₹ 18,550 ₹ 15,182 ₹ 3,368 ₹ 3,69,767
      Dec 2020 ₹ 18,550 ₹ 15,315 ₹ 3,235 ₹ 3,54,452
      Jan 2021 ₹ 18,550 ₹ 15,449 ₹ 3,101 ₹ 3,39,003
      Feb 2021 ₹ 18,550 ₹ 15,584 ₹ 2,966 ₹ 3,23,419
      Mar 2021 ₹ 18,550 ₹ 15,720 ₹ 2,830 ₹ 3,07,698
      Apr 2021 ₹ 18,550 ₹ 15,858 ₹ 2,692 ₹ 2,91,840
      May 2021 ₹ 18,550 ₹ 15,997 ₹ 2,554 ₹ 2,75,844
      Jun 2021 ₹ 18,550 ₹ 16,137 ₹ 2,414 ₹ 2,59,707
      Jul 2021 ₹ 18,550 ₹ 16,278 ₹ 2,272 ₹ 2,43,429
      Aug 2021 ₹ 18,550 ₹ 16,420 ₹ 2,130 ₹ 2,27,008
      Sep 2021 ₹ 18,550 ₹ 16,564 ₹ 1,986 ₹ 2,10,444
      Oct 2021 ₹ 18,550 ₹ 16,709 ₹ 1,841 ₹ 1,93,735
      Nov 2021 ₹ 18,550 ₹ 16,855 ₹ 1,695 ₹ 1,76,880
      Dec 2021 ₹ 18,550 ₹ 17,003 ₹ 1,548 ₹ 1,59,877
      Jan 2022 ₹ 18,550 ₹ 17,151 ₹ 1,399 ₹ 1,42,726
      Feb 2022 ₹ 18,550 ₹ 17,302 ₹ 1,249 ₹ 1,25,424
      Mar 2022 ₹ 18,550 ₹ 17,453 ₹ 1,097 ₹ 1,07,971
      Apr 2022 ₹ 18,550 ₹ 17,606 ₹ 945 ₹ 90,366
      May 2022 ₹ 18,550 ₹ 17,760 ₹ 791 ₹ 72,606
      Jun 2022 ₹ 18,550 ₹ 17,915 ₹ 635 ₹ 54,691
      Jul 2022 ₹ 18,550 ₹ 18,072 ₹ 479 ₹ 36,619
      Aug 2022 ₹ 18,550 ₹ 18,230 ₹ 320 ₹ 18,389
      Sep 2022 ₹ 18,550 ₹ 18,390 ₹ 161 ₹ 0

      Check Other Banks Interest Rates

      FAQs

      What is the lowest personal loan rate in HDFC Bank?

      The lowest personal rate offered by HDFC Bank on a personal loan is 10.50%.

      What are the HDFC Bank personal loan interest rates for salary account holders?

      The personal loan rates of HDFC Bank for salary account holders range from 10.50% to 22.00%.

      Can I ask for a reduction in the HDFC Bank personal loan interest rate?

      You can ask for a reduction in your HDFC Bank 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 HDFC Bank?

      No, there is no need for any collateral or security while availing a personal loan from HDFC Bank. A 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 HDFC Bank early?

      If you want to prepay your entire personal loan from HDFC Bank, 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 personal loan scheme availed by you, before making any decision.


      HDFC Personal Loan News - Oct 2020
      • 2020-10-12 : HDFC Bank introduced festive offers for rural India
        HDFC Bank is offering special festive offers for its rural and semi-urban markets. Customers will get special deals on all banking products from loans to bank accounts. This includes home loans, 2-wheeler loans, car loans, tractor loans, gold loans or business growth loans. Customers can avail of flat 5% to 15% off in various categories of products.
      • 2020-10-09 : HDFC Bank to give instant loans up to Rs 40 lakh for medical bills
        HDFC Bank announced a tie-up with Apollo Hospitals through which customers can opt for unsecured loans of up to Rs 40 lakh to pay for medical expenses incurred at the healthcare chain.
      • 2020-10-05 : HDFC Bank festival Bonanza
        As part of its Festive Treats 2.0, HDFC Bank has said that its auto loans, personal loans are offered a 50% off this festive season. And the bank is offering zero processing fee for two-wheeler loans.
      • 2020-10-02 : HDFC Bank to provide personal loans for medical bills at Apollo Hospitals up to ₹ 40 lakh
        HDFC announced a tie-up with Apollo Hospitals that will allow its clients to use unsecured loans of up to 40 lakh for health care expenses. The scheme would allow bank customers to have access to an emergency doctor at the hospital 24 hours a day without any charge.
      • 2020-10-01 : HDFC Bank is offering 2-year loan restructuring.
        HDFC started to provide customers with a two-year moratorium. Borrowers may not have to pay EMIs on loan during the moratorium period. Users facing a decrease in the daily cash flow following the outbreak of coronavirus can apply for a loan restructuring scheme. The credit card dues and EMIs also offer the option to refurbish credit cards.
      *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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