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HDFC Personal Loan Interest Rate

Current HDFC Bank Personal Loan Interest Rate

Last Updated 14th Jul 2021

Interest Rate 10.25% - 22.00%
Tenure Upto 60 months
Processing Fee Upto 2.50% Min ₹ 999
Loan Amount ₹ 50,000 to ₹ 75 Lakh
Minimum Income ₹ 25,000
Eligible Age 21 to 60 years
Part Prepayment Charges Allowed after paying 12 EMIs with charges ranging from, 2-4% of the outstanding loan amount.
Foreclosure Charges Allowed after 12 months with charges ranging from, 2 - 4% of the outstanding loan amount.
  • Today’s HDFC Bank personal loan interest rate starts at 10.25%.
  • HDFC Bank offers the lowest personal loan rate of 10.25% to borrowers who are existing customers of the bank or are working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

HDFC Bank Personal Loan Rates and Charges

  • HDFC Bank offers personal loans to salaried individuals at a minimum rate of 10.25%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as HDFC Bank personal loan rates and charges. As listed below:
HDFC Bank Personal Loan Rates and Charges
Interest Rate 10.25% to 22.00%
Part Prepayment Charges Allowed after paying 12 with charges ranging from, 2-4% of the outstanding loan amount.
Foreclosure Charges Allowed after paying 12 months with charges ranging from, 2 - 4% of the outstanding loan amount.
Processing Fees Upto 2.50% Min ₹ 999
EMI Cheque Bounce Charges ₹ 550
Loan Cancellation Charges Nil

Interest rates on HDFC Bank Personal Loans Schemes

As on today, HDFC BankPersonal loan interest rates are in the range of 10.25% to 22.00%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on HDFC Bank personal loan remains unchanged at 10.25% as on 14 Jul, 2021. The last revision on HDFC Bank Personal Loan was announced on 14 Jul, 2021 when the rate was 10.25%. HDFC Bank 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.

The table below gives the interest rates on various popular personal loan schemes of HDFC Bank.

Scheme Interest Rates Loan Amount Loan Tenure
Golden Edge10.75% - 11.00% ₹ 10,00,000 - ₹ 14,99,999Upto 60 months

HDFC Bank Personal Loan Interest Rates for Salaried and Self-Employed-

Employment TypeLowest Rate Processing FeesPrepayment charges
Salaried Starting from 10.25% Upto 2.50% Min ₹ 999 2-4%
Self-Employed Professional Starting from 10.85% Rs. 499 NIL

HDFC Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of HDFC Bank 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 HDFC Bank ICICI Bank SBI
Rate of Interest Starting from 10.25% Starting from 10.50% 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 ₹ 999 Upto 2.25% of Loan Amount 1.00%
Maximum Loan Amount ₹ 75 Lakh ₹ 30 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 12 EMI's, 2-4% Not allowed Not allowed
Pre closure charges Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 5% Allowed after 6 EMI's, 3%

HDFC Bank Personal Loan Balance Transfer Interest Rates

HDFC Bank 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 of personal loan with HDFC Bank 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 HDFC Bank offers the lowest personal loan balance transfer rate of 10.40%.

How to Get Low Interest Rates on HDFC Bank Personal Loan?

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

  • Ensure that you are aware of the HDFC Bank 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 HDFC Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, HDFC Bank 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. HDFC Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is HDFC Bank personal Loan interest rate?

Today, the lowest interest rate on HDFC Bank Personal Loan is 10.25%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in HDFC Bank personal loan?

You can reduce the interest to be paid on HDFC Bank personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when HDFC Bank provides discounted personal loan offers

Is HDFC Bank personal a floating rate loan or fixed-rate loan?

HDFC Bankis offered at both fixed and floating rate. 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 HDFC Bank personal loan rate drop in 2021?

Presently, HDFC Bank offers personal loans at an interest rate starting at 10.25%. There has been no change in personal loan rates of HDFC Bank for a long time and continue to stand at 10.25%.

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

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

What is the lowest personal loan rate in HDFC Bank?

The lowest personal rate offered by HDFC Bank on a personal loan is 10.25%.

What is the interest rate charged by HDFC Bank on personal loan?

Personal loan interest rates in HDFC Bank are 10.25% to 22.00%. HDFC Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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. HDFC Bank 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 HDFC Bank personal loan scheme availed by you, before making any decision.

How does HDFC Bank calculate the interest on a personal loan?

The interest for HDFC Bank personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, HDFC Bank 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 HDFC Bank personal loan interest calculation.
  • Reducing rate method:  As per the HDFC Bank 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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HDFC Personal Loan News - Jul 2021
  • 2021-07-08 : HDFC Bank loan growth hit amidst covid-19 pandemic
    Private lender HDFC Bank numbers for the June quarter showed loan growth moderation and contraction in its retail credit book. The bank slowed its retail disbursements which were down 30% sequentially, reflecting the impact of the second Covid wave. The continued weakness in the retail segment led to retail segment share in total loans that include Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, Two-wheeler Loan, Car Loan, Education Loan and Top-up Loan slipping down to 45% from 47% in June quarter last year.
  • 2021-05-28 : HDFC Bank commits Rs 100 cr towards COVID relief in FY22
    HDFC Bank committed Rs 100 crore for setting up medical infrastructure for COVID-19 relief in 2021-22. The bank is planning to set up 20 oxygen plants in hospitals besides three 100-bed COVID care facilities as part of the plan.
  • 2021-04-19 : HDFC Bank Q4 net profit rises 18% YoY to Rs 8,186.5 crore
    In Q3FY21, HDFC Bank had reported a net profit of Rs 8,758.3 crore and an operating profit of Rs 15,186 crore. The bank advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan along with business and mudra loans aggregated to Rs 11,320 billion. Further, The bank’s deposits which include fixed and recurring deposits grew 16.3% at approximately Rs 13,350 billion as of March 31, 2021, as compared to Rs 11,475 billion year-on-year (YoY).
  • 2021-01-18 : HDFC Bank net profit rose by 18%
    HDFC Bank net profit grew by 18% over a year ago in the December-ended quarter on the back of improved net interest income. Advances which include home, personal, car, two-wheeler and gold loans along with business and mudra loans during the quarter rose 15.6% year-on-year to Rs 10.82 lakh crore. Deposits which includes FD and RD grew by 19% from last year to Rs 12.7 lakh crore. Further, The CASA ratio for the bank stood at 43%.
  • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
    HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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