4,80,000 people visited this section in last 30 days. Apply Online

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Menu

HDFC Personal Loan Interest Rate

Current HDFC Bank Personal Loan Interest Rate

Last Updated 14th Apr 2021

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 ₹ 25,000
Age 21 to 60 years
Prepayment Charges Allowed after 12 EMI's, 2-4%
Foreclosure Charges Allowed after 12 months at 2 - 4%
  • Current HDFC Bank personal loan interest rate starts at 10.50%.
  • HDFC Bank offers special personal loan rates for borrowers who are existing bank customers or working in a reputed company.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Interest Rates on HDFC Bank Personal Loan

HDFC Bank personal loan interest rates depend upon a number of factors such as borrower’s occupation, credit score, employment history, loan requirement, etc. Apart, the HDFC Bank personal loan rates differ across different types of borrowers such as salaried employees, self-employed, pensioners and women borrowers. HDFC Bank offers personal loan to salaried individuals at a minimum rate of 10.50%.

Interest Rates of HDFC Bank Personal Loan Schemes

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 ₹ 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 ₹ 20,000 can apply for this loan
Description:
  • Get maximum loan upto ₹ 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 loan for Govt Employees & Private Job Employee

    While both salaried and self-employed professional can apply for a personal loan, salaried employees can avail HDFC Bank personal loan at a comparatively lower interest rate. This is because salaried applicants have stability in their jobs with a fixed source of income. However, the rates and eligibility criteria for Govt employees and Private Job employees may vary in HDFC Bank. The lowest personal loan rate for private employees is 10.50%.

    HDFC Bank Personal Loan Interest Rates for Salaried and 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

    HDFC Bank Personal Loan rate comparison with other banks

    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
    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 feel that they are paying high interest to the lender. Through this facility, you can continue your existing personal loan with HDFC Bank at a lower rate of interest. Thus you can switch the lender without closing the loan. Currently HDFC Bank offers the lowest personal loan balance transfer rate of Nil.

    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 a shorter or longer time period.
    • 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.

    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 extra interest as a compensation for any shortcoming.
    • Ensure that you maintain a good credit score above 700, so that the lender is ensured of your repayment capability and credibility.Thus, does not charge a higher rate.
    • Ensure maintaining a low credit utilization ratio that highlights that the ratio of your credit availability to expenses is well maintained.
    • Lastly, ensure that you do not apply for a personal loan with multiple lenders apart from HDFC Bank so that you do not seem credit hungry.

    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%.

    Interest Calculation Method for HDFC Bank Personal Loan

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

    • Flat rate method: As per the flat rate method calculator of HDFC Bank personal loan interest rate, the 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.

    The functioning of the above-mentioned methods for HDFC Bank personal loan can be understood with the help of the following table:

    ParametersFlat Rate Method Reducing Balance Method
    Loan amount₹ 4,00,000₹ 4,00,000
    Tenure36 months36 months
    Rate of Interest12%12%
    Total Interest payout₹ 1,44,000₹ 78,296
    Monthly EMI₹ 15,111₹ 13,286
    Savings₹ 65,704

    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
    Apr 2021 ₹ 18,550 ₹ 15,050 ₹ 3,500 ₹ 3,84,949
    May 2021 ₹ 18,550 ₹ 15,182 ₹ 3,368 ₹ 3,69,767
    Jun 2021 ₹ 18,550 ₹ 15,315 ₹ 3,235 ₹ 3,54,452
    Jul 2021 ₹ 18,550 ₹ 15,449 ₹ 3,101 ₹ 3,39,003
    Aug 2021 ₹ 18,550 ₹ 15,584 ₹ 2,966 ₹ 3,23,419
    Sep 2021 ₹ 18,550 ₹ 15,720 ₹ 2,830 ₹ 3,07,698
    Oct 2021 ₹ 18,550 ₹ 15,858 ₹ 2,692 ₹ 2,91,840
    Nov 2021 ₹ 18,550 ₹ 15,997 ₹ 2,554 ₹ 2,75,844
    Dec 2021 ₹ 18,550 ₹ 16,137 ₹ 2,414 ₹ 2,59,707
    Jan 2022 ₹ 18,550 ₹ 16,278 ₹ 2,272 ₹ 2,43,429
    Feb 2022 ₹ 18,550 ₹ 16,420 ₹ 2,130 ₹ 2,27,008
    Mar 2022 ₹ 18,550 ₹ 16,564 ₹ 1,986 ₹ 2,10,444
    Apr 2022 ₹ 18,550 ₹ 16,709 ₹ 1,841 ₹ 1,93,735
    May 2022 ₹ 18,550 ₹ 16,855 ₹ 1,695 ₹ 1,76,880
    Jun 2022 ₹ 18,550 ₹ 17,003 ₹ 1,548 ₹ 1,59,877
    Jul 2022 ₹ 18,550 ₹ 17,151 ₹ 1,399 ₹ 1,42,726
    Aug 2022 ₹ 18,550 ₹ 17,302 ₹ 1,249 ₹ 1,25,424
    Sep 2022 ₹ 18,550 ₹ 17,453 ₹ 1,097 ₹ 1,07,971
    Oct 2022 ₹ 18,550 ₹ 17,606 ₹ 945 ₹ 90,366
    Nov 2022 ₹ 18,550 ₹ 17,760 ₹ 791 ₹ 72,606
    Dec 2022 ₹ 18,550 ₹ 17,915 ₹ 635 ₹ 54,691
    Jan 2023 ₹ 18,550 ₹ 18,072 ₹ 479 ₹ 36,619
    Feb 2023 ₹ 18,550 ₹ 18,230 ₹ 320 ₹ 18,389
    Mar 2023 ₹ 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 is the current HDFC Bank personal loan interest rate per annum?

    HDFC Bank is the one of the leading personal loan lenders in India. Currently, it offers personal loans beginning from 10.50% per annum.

    What is HDFC Bank personal loan interest rate for existing customers?

    HDFC Bank offers pre approved loans to its existing customers with discounted rates and easier terms and conditions. HDFC Bank personal loan interest rate for existing customers begins from 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 - Apr 2021
    • 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.
    • 2020-11-12 : HDFC Bank launched SmartHub Merchant Solutions 3.0
      HDFC Bank has launched a comprehensive banking and payment solution for merchants, SmartHub Merchant Solutions 3.0. The product offers the facility of instant account opening and merchant setup, applying for a loan like home, personal, car, two-wheeler, and gold loan along with business and mudra loans. In addition to this, it also offers credit cards.
    • 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.
    *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
    Loader
    Please wait while your information is being processed...