HDFC Bank Personal Loan – Interest Rate & Features – Dec 2021
|Interest rate||10.25% – 21.00% p.a.|
|Loan Amount||Up to Rs. 40 Lakh|
|Eligible Income||Minimum Rs. 25,000 p.m. (For Salaried Customers)|
|Processing Fees||Up to 2.50% of loan sanctioned|
|Repayment Tenure||12 months to 60 months|
Note: The above-mentioned interest rates may change and shall depend on the sole discretion of the HDFC bank and RBI. Interest rates are updated as on 6th Dec 2021.
HDFC Bank offers personal loan with minimal documentation and speedy approvals, making it easy for individuals to access funds to overcome their financial emergencies. You can avail loan amount of up to Rs. 40 lakh with the repayment tenure of 12 months to 60 months. HDFC Bank also offers instant and preapproved personal loans to its selected customers, claiming to disburse the loan amount in just 10 seconds to them and within 4 hours to other customers.
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Features of HDFC Bank Personal Loan
- Interest Rate: 10.25% onwards (p.a.)
- Loan Amount: From Rs. 1 lakh up to Rs. 40 lakh
- Flexible tenure: From 12 months to 60 months
- Personal Loan Security: One can secure his personal loan from HDFC Bank with Sarv Suraksha Pro. The benefits are:
- Credit Shield Cover equal to the outstanding loan amount
- Accidental Death/Permanent Disablement cover of up to Rs. 1 Lakh
- Personal Loan Balance Transfer: Low and revised interest rates by transferring the existing personal loan to HDFC Bank can be availed. With Personal Loan Balance Transfer, one can avail the following benefits:
- Interest rates as low as 10.40% on the existing loan amount transferred
- Flat processing fee starting at Rs. 3999 (plus GST)
- Insurance Cover with HDFC Bank Personal Loan: If you have a personal loan with HDFC Bank, you have the option to avail the following:
- Personal Accident Cover: Up to Rs. 8 lakh
- Critical illness cover up to Rs. 1 lakh for a nominal premium
- The premium of these policies will get deducted from the loan amount at the time of disbursal
- Applicable taxes shall be charged extra
HDFC Bank Personal Loan Interest Rate
The HDFC bank offers competitive interest rates on its personal loan that starts from 10.25% p.a.. The interest rates are offered on its collateral-free loans and the loan amount can be repaid in form of affordable EMIs.
- Minimum age should be 21 years & maximum up to 60 years
- Minimum net monthly income should be Rs. 25,000 for salaried customers
- Minimum 2 years of work experience
- Should be working with your current employer for at least 1 year
- Duly filled application form along with passport-sized photographs
- Identity and address proof: Copy of passport/voter ID card/driving license/Aadhaar card
- Bank statement of last 3 months (Passbook of previous 6 months)
- Two latest salary slips/current dated salary certificate with the latest Form 16
- Any other document required by the HDFC bank
Read More About: HDFC Personal Loan Documents
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Why Apply for a Personal Loan at Paisabazaar.com?
- Offers from Top Lenders: Paisabazaar has partnered with 30+ Banks/NBFCs/Fintechs to provide the best available loan offers from multiple lenders at one place.
- Compare & Choose: On Paisabazaar, you can check and compare personal loan offers from India’s largest banks, NBFCs and Fintechs, on your screen with a click of a few buttons.
- Personalized solutions & certainty of approval: On Paisabazaar, personal loan offers will be rank-ordered according to your credit score and other eligibility factors. This will help you choose the most-suited offer and provide you with the certainty of loan approval.
- Pre-Approved Loans: Once a part of the Paisabazaar ecosystem, you get personalised pre-approved personal loan offers based on your credit health from time to time. These loans come with low processing fees, low-interest rates and almost no documentation.
- Unbiased Advice: In case you have any queries or need assistance, Paisabazaar’s team of experts will guide you on every step, coordinate with lender Banks/NBFCs and help you get the most-suited personal loan.
- Complete Digital Process: As a digital-only organization, Paisabazaar.com offers you completely digital processes that help you avail personal loans from the comfort of your homes with zero to minimum paperwork and a completely digital experience.
- Document Pickup: Where physical documentation is needed, Paisabazaar representatives will pick documents from your home/office on a mutually agreed date and time once you apply for the loan. With this, you are not required to physically visit the lender to submit your documents as Paisabazaar will do the needful for you – At zero cost.
- End-to-end Assistance: Right from looking out for a loan option to getting the sanctioned loan amount in your bank account, Team Paisabazaar remains with you and works in the background with the lenders, to give you a wonderful experience.
Fees & Charges
|Loan processing charges||Up to 2.50% of the loan amount subject to a maximum of Rs. 25,000 for salaried customers|
|Prepayment in Part or full|
(Refer FAQ section for detailed terms)
|Salaried: No pre-payment in part or full permitted until repayment of 12 EMIs|
Part-payment allowed up to 25% of principal outstanding. This is allowed only once in a financial year and twice during the entire loan tenure.
(on principal outstanding) /Part-payment charges
[on part-payment amount]
|Salaried: 13-24 months – 4% of loan principal outstanding|
25-36 months – 3% of loan principal outstanding
>36 months – 2% of loan principal outstanding
|Overdue EMI interest||2% per month on EMI amount overdue|
|Floating rate||Not applicable|
|Charges for changing from floating to fixed rate of interest||Not applicable|
|Stamp duty & other statutory charges||As per state laws|
|Cheque swapping charges||Rs. 500|
|Amortization schedule charges||Rs. 200|
|Loan cancellation charges||NIL (However interest will be charged for the interim period i.e. period from date of loan disbursement to loan cancellation. Loan processing fees will be retained.)|
|Cheque bounce charges||Rs. 550/cheque bounce|
|Legal/incidental charges||As per actuals|
Note: GST and service tax are not added in the mentioned charges and will be levied extra by the HDFC Bank.
A Credit Score of 750 and above is favoured by most lenders Check Now
Comparison between HDFC Bank and other Banks/NBFCs
|Banks/NBFCs||Interest Rates (per annum)|
|HDFC Bank||10.25% – 21.00%|
|SBI||9.60% – 13.85%|
|PNB||7.90% – 14.50%|
|ICICI Bank||10.50% – 19.00%|
|Axis Bank||10.49% – 24.00%|
|Kotak Mahindra Bank||10.25% onwards|
|IndusInd Bank||11.00% onwards|
|IDFC First Bank||10.49% – 23.00%|
|Bajaj Finserv||13.00% onwards|
|Tata Capital||10.99% onwards|
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
HDFC Bank Customer Care
- You can call on HDFC Bank customer care number 6160-6161 (affix STD code of your city) for Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune.
- To know the HDFC Personal Loan customer care number in your city, click here
Q. How does having a Salary Account with HDFC help in availing Personal Loan?
If you have a prior relationship with HDFC Bank such as a salary account, you may be eligible for a preferential (lower) rate of interest and reduced processing fee when you apply for an HDFC personal loan. However, these are often limited-time offers provided to specific individuals.
Q. Is foreclosure of Personal Loan allowed?
Yes, you can choose to foreclose the loan any time after 12 months of taking the loan. In case of a foreclosure, charges of up to 4% of the principal amount outstanding are applicable.
Q. What are the charges one has to pay to change the mode of repayment/account for a Personal Loan?
For changing the mode of repayment/account for Personal Loan, a cheque, pay order or Demand Draft of Rs. 500 + GST favouring “HDFC Bank Ltd Loan Account No.” will be required along with the revised set of repayment instructions.
Q. Is it possible to make part-prepayment on HDFC Bank Personal Loan?
Yes, if you have booked a loan on or after April 1, 2018, you can pay off your HDFC Bank personal loan in parts after completion of the 12th EMI. Some of the key terms and conditions regarding this are as follows:
- Part-payment is only allowed twice during the loan tenure
- Part-payment is allowed once in a single financial year
- Each of the part payments should not exceed 25% of the principal outstanding
Q. How do I get the address changed in my loan account?
If you wish to change your address in the bank’s records, you can visit the nearest retail loan service centre and submit the necessary documents.
- Request form for address change
- Self-Attested copy of your revised address proof (Aadhaar, Driver’s License, Voter ID, etc.) for validation
Q. I am a self-employed individual. Can I apply for a personal loan at HDFC Bank?
No, HDFC Bank currently offers personal loans to only salaried individuals meeting the eligibility criteria. Self-employed individuals may, however, be eligible for a business loan from HDFC Bank.
Q. How can I calculate my HDFC Bank Personal Loan EMIs before applying for the loan?
To know your EMIs, you can take the help of Paisabazaar’s Personal Loan EMI Calculator. It is an online tool that can be used free of charge.
Q. What if I miss an EMI?
If you miss an EMI, you will be charged a late payment fee as well as penal interest on the applicable repayment amount. Your credit score may also get affected as a result of missing timely EMI payments.