HDFC Personal Loan @ 10.50% p.a - Get Upto Rs. 75 Lakhs

HDFC Personal Loan

HDFC personal loan is designed to help customers meet their financial requirements without having to provide any collateral. HDFC Bank offers personal loans at competitive interest rates starting at 10.50% and flexible repayment terms, making it a popular choice among borrowers looking for quick and hassle-free financing.

Best HDFC Personal Loan Offer – Get Instant Loan Approval

HDFC Bank Personal Loan Key Highlights

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Parameter Details
Loan Amount

Rs. 50,000 to Rs. 75 lakhs

Interest Rate

Starting from 10.50% p.a.

Processing Fee

Up to 2.50% of the loan amount, subject to a minimum of Rs. 1,999

Repayment Tenure

12 to 60 months

Prepayment Charges

Up to 2% of the outstanding principal amount

Foreclosure Charges

Up to 4% of the outstanding principal amount

Late Payment Charges

2% per month on the outstanding EMI amount

Part Payment Charges

Not allowed

Co-borrower Allowed

No

Collateral or Security

Not required

Minimum Income

Rs. 25,000 per month (varies by city)

Credit Score

750 or above (varies by applicant profile and risk assessment)

**Please note that these details are indicative and subject to change based on the lender’s policies and your individual creditworthiness. It is recommended that you check with HDFC Bank for the latest and most accurate information before applying for a personal loan.

Category Interest Rate (per annum)
Salaried Individuals

10.50% – 21.50%

Self-Employed Individuals

10.75% – 21.30%

Self-Employed Professionals

10.75% – 21.30%

Doctors and Chartered Accountants

10.50% – 20.75%

**Please note that the interest rates are subject to change based on various factors, including the loan amount, repayment tenure, applicant’s credit score, and income. The rates may also vary depending on the lender’s policies and your individual creditworthiness. It is recommended that you check with HDFC Bank for the latest and most accurate interest rates before applying for a personal loan.

HDFC Bank Personal Loan comes with a range of features and benefits, including:

  1. Flexibility: HDFC Bank Personal Loan offers flexibility in terms of loan amount, repayment tenure, and interest rate.
  2. Quick Approval: HDFC Bank Personal Loan is approved within a few minutes and the disbursal is done within 2-3 working days after the approval.
  3. No Collateral Required: HDFC Bank Personal Loan is an unsecured loan, which means you do not have to pledge any collateral or security to avail of the loan.
  4. Easy Repayment: HDFC Bank Personal Loan offers easy repayment options, including auto-debit, post-dated cheques, and online payments.
  5. High Loan Amount: HDFC Bank Personal Loan offers a high loan amount of up to Rs. 75 lakhs, which can help you meet your financial requirements.
  6. Competitive Interest Rates: HDFC Bank Personal Loan offers competitive interest rates, starting from 10.50% per annum, which can help you save money on interest payments.
  7. No Hidden Charges: HDFC Bank Personal Loan comes with no hidden charges or fees, and all charges are disclosed upfront.
  8. Balance Transfer Facility: HDFC Bank Personal Loan also offers a balance transfer facility, which allows you to transfer your outstanding loan balance from other lenders to HDFC Bank at a lower interest rate.
  9. Online Application: HDFC Bank Personal Loan can be applied for online, making the application process quick and easy.

Overall, HDFC Bank Personal Loan is a convenient and affordable way to meet your financial requirements, whether it is for a medical emergency, home renovation, wedding expenses, or any other personal need.

Eligibility Criteria Salaried Individuals Self-Employed Individuals/Professionals
Minimum Age 21 years 21 years
Maximum Age 60 years at the time of loan maturity 65 years at the time of loan maturity
Minimum Net Monthly Income Rs. 25,000 (varies by city) Rs. 25,000 (varies by city)
Work Experience At least 2 years of total work experience At least 5 years of total work experience
Employment Stability Must be employed with current employer for at least 1 year Must be in business for at least 3 years
Credit Score 750 or above (may vary based on lender's policies and applicant's profile) 750 or above (may vary based on lender's policies and applicant's profile)
Minimum Loan Amount Rs. 50,000 Rs. 50,000
Maximum Loan Amount Up to Rs. 75 lakhs Up to Rs. 75 lakhs
Repayment Tenure 12 to 60 months 12 to 60 months
Co-borrower Allowed No Yes
Collateral or Security Not required Not required

**Please note that the eligibility criteria mentioned above are indicative and may vary based on the lender’s policies, applicant’s creditworthiness, and other factors. It is recommended that you check with HDFC Bank for the latest and most accurate eligibility criteria before applying for a personal loan.

Here are the documents required for HDFC Bank Personal Loan for salaried and self-employed individuals:

Documents Required Salaried Individuals Self-Employed Individuals/Professionals
Identity Proof

PAN card, Aadhaar card, Voter ID card, Passport, Driving License, etc.

PAN card, Aadhaar card, Voter ID card, Passport, Driving License, etc.

Address Proof

Aadhaar card, Voter ID card, Passport, Driving License, Utility bill, etc.

Aadhaar card, Voter ID card, Passport, Driving License, Utility bill, etc.

Income Proof

Latest salary slips, bank statements, Form 16, ITR, etc.

ITR, audited financials, bank statements, business continuity proof, etc.

Employment Proof

Offer letter, appointment letter, etc.

Business continuity proof, partnership deed, memorandum of association, etc.

Other Documents

Photographs, signature proof, etc.

Photographs, signature proof, etc.

Here are the processing fees and charges for HDFC Bank Personal Loan:

Charges Details
Processing Fees Up to 2.50% of the loan amount (minimum Rs. 1,999 and maximum Rs. 25,000)
Prepayment/Foreclosure Charges Nil
Part Payment Charges Allowed only once in a financial year up to 25% of the principal outstanding
Late Payment Charges 2% per month on the overdue amount
Cheque Bounce Charges Rs. 550 per instance
Amortization Schedule Charges Nil
Secure Fee Rs. 4,999 (applicable for online application only)
EMI Bounce Charges Rs. 550 per bounce event
Loan Cancellation Charges Nil
Stamp Duty Charges As per applicable state laws
Legal/Recovery Fees and Charges As per actuals
NOC/No Due Certificate Charges Nil
Duplicate No Objection Certificate Charges Rs. 500 per instance
Credit Report Copy Charges Nil

**Please note that the charges mentioned above are indicative and may vary based on the lender’s policies, applicant’s profile, and other factors. It is recommended that you check with HDFC Bank for the latest and most accurate charges before applying for a personal loan.

%

Principal amount

Loan EMI

Total Intrest Payble

Total Payment (Principal + Interest)


Let’s consider an example to understand how HDFC Personal Loan EMI and Amortization Schedule are calculated:

Loan amount: Rs. 5,00,000
Loan tenure: 5 years
Interest rate: 10.75% per annum
Processing fee: 2.50% of the loan amount (Rs. 12,500)

Using the above details, the EMI can be calculated as follows:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P is the loan amount, R is the interest rate per month, and N is the loan tenure in months.

Here, P = Rs. 5,00,000
R = (10.75/12)/100 = 0.00896 (monthly interest rate)
N = 5 x 12 = 60 (loan tenure in months)

EMI = [5,00,000 x 0.00896 x (1+0.00896)^60]/[(1+0.00896)^60-1]
= Rs. 10,991 (approx.)

So, the monthly EMI for a personal loan of Rs. 5,00,000 for 5 years at 10.75% per annum is Rs. 10,991.

The amortization schedule is a table that shows the breakup of each EMI into the principal and interest components, along with the outstanding balance after each EMI payment. Here is an example of an amortization schedule for the above personal loan:

Payment Month Opening Balance EMI Principal Component Interest Component Closing Balance
1 Rs. 5,00,000 Rs. 10,991 Rs. 8,932 Rs. 2,059 Rs. 4,91,068
2 Rs. 4,91,068 Rs. 10,991 Rs. 9,056 Rs. 1,935 Rs. 4,82,011
3 Rs. 4,82,011 Rs. 10,991 Rs. 9,181 Rs. 1,810 Rs. 4,72,830
4 Rs. 4,72,830 Rs. 10,991 Rs. 9,308 Rs. 1,683 Rs. 4,63,523
5 Rs. 4,63,523 Rs. 10,991 Rs. 9,436 Rs. 1,555 Rs. 4,54,087
... ... ... ... ... ...
58 Rs. 31,837 Rs. 10,991 Rs. 10,602 Rs. 389 Rs. 21,235
59 Rs. 21,235 Rs. 10,991 Rs. 10,756 Rs. 235 Rs. 10,479
60 Rs. 10,479 Rs. 10,986 Rs. 10,479 Rs. 7 Rs. 0

Here’s a comparison of HDFC Bank’s personal loan interest rates with those of 10 other banks and NBFCs in India, as of 2023. Please note that the interest rates may vary depending on the loan amount, tenure, and other factors.

Bank/NBFC Interest Rate Range Processing Fee Range Prepayment Charges Part-Payment Charges
HDFC Bank 10.75% - 21.30% Up to 2.50% of the loan amount Nil Up to 2% of the outstanding principal
ICICI Bank 11.00% - 21.00% Up to 2.25% of the loan amount Nil Up to 5% of the outstanding principal
SBI 9.60% - 15.65% Up to 1.50% of the loan amount Nil Nil
Axis Bank 12.00% - 24.00% Up to 2% of the loan amount Nil Up to 4% of the outstanding principal
Bajaj Finserv 12.99% - 16.00% Up to 3.99% of the loan amount Nil Nil
Tata Capital 10.99% - 19.50% Up to 2.50% of the loan amount Nil Up to 3% of the outstanding principal
Fullerton India 11.99% - 23.99% Up to 3% of the loan amount Nil Up to 7.5% of the outstanding principal
Kotak Mahindra Bank 10.50% - 24.00% Up to 2.5% of the loan amount Nil Up to 5% of the outstanding principal
IDFC First Bank 10.99% - 20.50% Up to 2% of the loan amount Nil Up to 4% of the outstanding principal
Standard Chartered Bank 10.50% - 19.00% Up to 3% of the loan amount Nil Nil
IndusInd Bank 11.00% - 16.75% Up to 2.5% of the loan amount Nil Up to 4% of the outstanding principal

***Please note that the interest rates and other charges mentioned above are subject to change at the discretion of the respective banks/NBFCs. It is always advisable to check with the lender for the latest and accurate information.

HDFC Bank offers a variety of personal loan options to cater to the diverse financial needs of its customers. The following are the types of personal loans offered by HDFC Bank:

  1. HDFC Bank Personal Loan for Salaried Individuals: This type of personal loan is specifically designed for salaried individuals who need funds for various purposes like home renovation, wedding expenses, medical emergency, etc.
  2. HDFC Bank Personal Loan for Self-employed Individuals: This personal loan is designed for self-employed individuals who need funds to expand their business, purchase equipment, or for any other personal expenses.
  3. HDFC Bank Personal Loan for Pensioners: This type of personal loan is exclusively designed for pensioners who need funds for medical expenses, home renovation, or any other personal expenses.
  4. HDFC Bank Personal Loan Balance Transfer: This type of personal loan is for individuals who have an existing personal loan with another bank and want to transfer the balance to HDFC Bank to take advantage of lower interest rates and better terms.
  5. HDFC Bank Personal Loan for Doctors: This personal loan is designed for medical professionals like doctors who need funds to expand their practice, purchase medical equipment, or for any other personal expenses.

Each of these personal loans has unique eligibility criteria, interest rates, and repayment terms. Therefore, it is essential to compare the features of each loan and choose the one that best suits your financial needs and circumstances.

If you have any queries or concerns regarding HDFC Bank’s personal loan, you can get in touch with their customer care team using the following contact details:

  1. HDFC Bank Personal Loan Customer Care Phone Number: 61606161 (Prefix your city code) or 1860 267 6161 (Local call rates apply)
  2. HDFC Bank Personal Loan Customer Care Email ID: support@hdfcbank.com
  3. HDFC Bank Personal Loan Corporate Office Address: HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, India

You can also visit the nearest HDFC Bank branch for any assistance related to your personal loan application, disbursal, or repayment. Alternatively, you can access the HDFC Bank website or mobile app to check your loan account details, repayment schedule, and other related information.

The terms and conditions of HDFC Bank’s personal loan are as follows:

  1. Eligibility Criteria: To be eligible for a personal loan from HDFC Bank, you must be an Indian citizen or resident, aged between 21 and 60 years, and have a stable income source. The eligibility criteria may vary depending on the type of personal loan you choose.
  2. Loan Amount: HDFC Bank offers personal loans ranging from Rs. 50,000 to Rs. 75 lakhs, depending on your eligibility and requirement.
  3. Interest Rate: HDFC Bank’s personal loan interest rates range from 10.50% to 21.50% per annum, depending on various factors like credit score, income, and repayment capacity.
  4. Repayment Tenure: The repayment tenure for HDFC Bank’s personal loan ranges from 12 to 60 months, depending on the loan amount and your repayment capacity.
  5. Processing Fee: HDFC Bank charges a processing fee of up to 2.50% of the loan amount, subject to a minimum and maximum limit.
  6. Prepayment and Foreclosure Charges: HDFC Bank allows prepayment and foreclosure of personal loans, subject to applicable charges.
  7. Security or Collateral: HDFC Bank’s personal loan is an unsecured loan, which means you do not need to provide any security or collateral to avail of the loan.
  8. Documentation: You need to provide the necessary documents like identity proof, address proof, income proof, and bank statements to apply for a personal loan from HDFC Bank.

It is essential to carefully read and understand the terms and conditions of HDFC Bank’s personal loan before applying for it. This will help you make an informed decision and avoid any confusion or misunderstanding in the future.

HDFC Bank does not explicitly state a minimum credit score requirement for availing a personal loan. However, a good credit score is generally considered one of the key factors that influence a lender’s decision to approve or reject a loan application.

Ideally, a credit score of 750 or above is considered good and may increase your chances of getting approved for a personal loan from HDFC Bank. However, other factors such as your income, employment history, repayment capacity, and existing debts will also be considered.

It is important to note that while a good credit score can help you get approved for a personal loan, a low credit score does not necessarily mean that your loan application will be rejected. HDFC Bank may consider other factors and offer you a loan at a higher interest rate or with stricter terms and conditions.

You can check the status of your HDFC Bank personal loan application or existing loan account using any of the following methods:

  1. HDFC Bank website: Visit the HDFC Bank website and go to the ‘Personal Loan’ section. Click on the ‘Track Your Application’ option, and enter your application reference number, mobile number, or date of birth to check the status of your loan application.
  2. HDFC Bank customer care: You can call HDFC Bank’s customer care at 61606161 (prefix your city code) or 1860 267 6161 (local call rates apply) and provide your loan application reference number to check your application status.
  3. HDFC Bank branch: You can visit the nearest HDFC Bank branch and provide your loan application reference number or loan account details to check the status of your personal loan.
  4. HDFC Bank mobile app: If you have an existing HDFC Bank loan account, you can download and log in to the HDFC Bank mobile app to check your loan account details, repayment schedule, and other related information.

It is advisable to keep your loan application reference number or loan account details handy while checking the status of your HDFC Bank personal loan. This will help you get the information quickly and easily.

The advantages of HDFC Bank’s personal loan are as follows:

  1. Easy Application: HDFC Bank’s personal loan application process is simple and hassle-free. You can apply for a loan online, over the phone, or by visiting the nearest HDFC Bank branch.
  2. High Loan Amount: HDFC Bank offers personal loans ranging from Rs. 50,000 to Rs. 75 lakhs, depending on your eligibility and requirement.
  3. Flexible Repayment Tenure: The repayment tenure for HDFC Bank’s personal loan ranges from 12 to 60 months, giving you the flexibility to choose a repayment period that suits your financial situation.
  4. Competitive Interest Rates: HDFC Bank’s personal loan interest rates are competitive and affordable, starting from 10.50% per annum. The rates may vary depending on various factors like credit score, income, and repayment capacity.
  5. No Collateral or Security: HDFC Bank’s personal loan is an unsecured loan, which means you do not need to provide any security or collateral to avail of the loan.
  6. Quick Disbursal: HDFC Bank offers quick disbursal of personal loans, with the loan amount credited to your bank account within a few working days of loan approval.
  7. Balance Transfer Facility: HDFC Bank also offers a balance transfer facility, allowing you to transfer your existing personal loan from another lender to HDFC Bank at a lower interest rate and better terms and conditions.
  8. Prepayment and Foreclosure Facility: HDFC Bank allows prepayment and foreclosure of personal loans, subject to applicable charges. This helps you save on interest costs and repay your loan faster.

These advantages make HDFC Bank’s personal loan an attractive financing option for meeting your various financial needs. However, it is important to carefully assess your repayment capacity and borrow only what you need to avoid falling into debt.

While HDFC Bank’s personal loan offers several benefits, there are also some drawbacks that you should be aware of before availing the loan. These include:

  1. Stringent Eligibility Criteria: HDFC Bank has stringent eligibility criteria for personal loans, including minimum income requirements, employment stability, credit score, and credit history. If you do not meet these criteria, your loan application may be rejected.
  2. High Processing Fees: HDFC Bank charges a processing fee of up to 2.50% of the loan amount, which can be high compared to other lenders.
  3. Prepayment and Foreclosure Charges: HDFC Bank charges prepayment and foreclosure charges on personal loans, which can make it expensive to repay your loan early or in full.
  4. Higher Interest Rates for Low Credit Scores: If you have a low credit score, HDFC Bank may charge a higher interest rate on your personal loan, making it more expensive to borrow.
  5. No Co-Borrower Allowed: HDFC Bank does not allow co-borrowers for personal loans, which can make it difficult for those with lower income or credit scores to get approved for a loan.
  6. Strict Repayment Schedule: HDFC Bank has a strict repayment schedule for personal loans, and missing payments can result in penalty charges and negatively impact your credit score.

It is important to carefully consider these drawbacks before availing of HDFC Bank’s personal loan and to compare the loan terms and conditions with other lenders to make an informed decision.

Yes, HDFC Bank offers instant personal loans to its existing customers who have pre-approved loan offers. The bank uses its internal credit scoring system to identify eligible customers and offer them pre-approved loans, which can be availed instantly without any documentation or physical verification.

The loan amount is disbursed directly into the customer’s bank account within a few minutes of loan approval. However, it’s important to note that not all HDFC Bank personal loans are instant, and the bank may take some time to process and disburse loans to new customers or those who don’t have pre-approved loan offers.

Yes, HDFC Bank offers pre-approved personal loans to select customers who meet the bank’s internal credit criteria. The bank identifies eligible customers based on their credit history, repayment behavior, income, and other factors, and offers them a pre-approved loan amount along with the interest rate, loan tenure, and other terms and conditions.

Customers who are eligible for pre-approved loans can avail the loan instantly without any documentation or physical verification. The loan amount is disbursed directly into the customer’s bank account within a few minutes of loan approval.

FAQs

You can take the following steps to reduce your HDFC personal loan interest rate:

  1. Improve your credit score: A higher credit score indicates a lower risk of default, and lenders are more likely to offer lower interest rates to borrowers with good credit scores. You can improve your credit score by paying your bills on time, maintaining a low credit utilization ratio, and avoiding too many credit inquiries.
  2. Opt for a shorter loan tenure: HDFC Bank charges a higher interest rate for longer loan tenures. If you can afford higher EMI payments, you can choose a shorter loan tenure to reduce your overall interest cost.
  3. Make prepayments: HDFC Bank allows borrowers to make prepayments or repay their loan ahead of schedule without any penalty charges. By making prepayments, you can reduce your outstanding loan amount and save on interest costs.
  4. Negotiate with the bank: If you have a good credit score and repayment history, you can negotiate with HDFC Bank for a lower interest rate. You can also compare the interest rates offered by other lenders and use it as a bargaining tool to get a better deal from HDFC Bank.

It’s important to note that the effectiveness of these steps may vary depending on your individual financial situation and the bank’s policies. Therefore, it’s advisable to consult with the bank representative before making any decisions.

HDFC Bank may sometimes offer processing fee waivers on personal loans as a part of special promotions or for certain categories of customers. For example, the bank may waive off processing fees for customers who are HDFC Bank account holders, or for employees of certain companies that have a tie-up with HDFC Bank.

However, it’s important to note that processing fee waivers are not guaranteed and may be subject to change without notice. If you are looking to get the processing fee waived, you can check with HDFC Bank representative if any such promotion or offer is available currently. Alternatively, you can also negotiate with the bank representative for a lower processing fee or try to compare the processing fees charged by other lenders and use it as a bargaining tool to get a better deal from HDFC Bank.

The minimum and maximum loan amount for HDFC Bank personal loans depends on the borrower’s eligibility based on their income, credit score, repayment capacity, and other factors. The minimum loan amount for HDFC Bank personal loans is Rs. 50,000, while the maximum loan amount can go up to Rs. 40 lakhs.

HDFC Bank provides various options for loan repayment to make it convenient for the borrowers. Here are the ways to repay your HDFC personal loan:

  1. ECS (Electronic Clearing Service): You can provide a standing instruction to HDFC Bank to deduct the EMI from your bank account automatically on the due date.
  2. Online Payment: You can make the EMI payment online through HDFC Bank’s website using Netbanking, debit card, or UPI.
  3. Mobile Banking: HDFC Bank’s mobile banking app allows you to make the EMI payment from your smartphone.
  4. Auto Debit: If you have an account with HDFC Bank, you can set up an auto-debit instruction to automatically deduct the EMI from your account on the due date.
  5. Cheque or Demand Draft: You can also make the EMI payment by dropping a cheque or demand draft at any HDFC Bank branch.

It’s important to make the EMI payments on time to avoid any penalty charges and maintain a good credit score. If you face any issues with the loan repayment, you can contact HDFC Bank customer care for assistance.

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