HDFC Bank Personal Loan Highlights
|Interest rate||10.25% p.a. onwards|
|Loan Amount||Up to Rs. 40 Lakh|
|Eligibility Age||Minimum 21 years at time of application|
|Maximum 60 years at loan maturity|
|Eligible Income||Minimum Rs. 25,000 p.m.|
|Processing Fees||Up to 2.5% of loan sanctioned|
|Loan Tenure||12 to 60 months|
HDFC Bank offers personal loan with minimal documentation and speedy approvals, making it easy for individuals to easily access funds due to a financial emergency. You can avail a loan amount of up to Rs. 40 lakh that can be repaid within a tenure which ranges between 12 to 60 months.
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Features of HDFC Bank Personal Loan
- Loan Amount: HDFC Bank offers a personal loan amount starting from Rs. 1 lakh up to Rs. 40 lakh
- Flexible tenure: The tenure for HDFC Bank personal loan ranges from 12 to 60 months and can be selected by an individual as per his/her repayment ability
- Minimal Documentation: HDFC Bank’s personal loan application is quick and hassle-free as it requires only minimal documentation
- 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 of only Rs. 1999
- 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 of up to Rs. 8 lakh and
- 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.
HDFC Personal Loan Interest Rates
The interest rate offered by HDFC Bank on a personal loan starts at 10.25% p.a. However, the interest rate provided to an individual on a personal loan depends on multiple factors including credit score, age, employment, repayment history, current debt, etc.
- You should be a salaried doctor, CA, employee of private limited companies, employee from public sector undertakings including central, state and local bodies
- You should be at least 21 years and your maximum age should be 60 years
- You should have at least 2 years of minimum work experience and you should be working with your current employer for at least a year
- Your minimum monthly income should be Rs. 25,000 per month
Documents Required for Loan Application
- Identity proof: Copy of passport/voter ID card/driving license/Aadhaar
- Address proof: Copy of passport/voter ID card/driving license/Aadhaar
- Bank statement of previous 3 months (Passbook of previous 6 months)
- Two latest salary slip/current dated salary certificate with the latest Form 16
Read More: HDFC Personal Loan Documents
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How to Apply for HDFC Personal Loan with Paisabazaar?
Step 1: Fill out the online form on Paisabazaar with key details like income, required loan amount, city, phone number, etc.
Step 2: Check out offers from various banks ranked according to the chances of approval
Step 3: Select your desired lender or call Paisabazaar for assistance
Step 4: Submit your application which will be forwarded to your chosen lender
Step 5: Upload documents/schedule document pickup
Step 6: Bank’s executive will call for verification
Step 7: Approval and disbursal
Why Apply for Personal Loan at Paisabazaar
- Offers from Top Lenders: Paisabazaar has partnered with 40+ 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 and Other Charges
|Loan processing charges||Up to 2.50% of the loan amount subject to a minimum of Rs. 2,999 & 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 + GST|
|Amortization schedule charges||Rs. 200 + GST|
|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 + GST|
|Legal/incidental charges||As per actuals|
A Credit Score of 750 and above is favoured by most lenders Check Now
EMI Calculation for HDFC Personal Loan
|Loan principal @ interest|
|1 year||2 years||3 years||4 years||5 years|
|2 lakh @ 11.25%||Rs. 17,699||Rs. 9,344||Rs. 6,571||Rs. 5,193||Rs. 4,373|
|5 lakh @ 12%||Rs. 44,424||Rs. 23,536||Rs. 16,607||Rs. 13,166||Rs. 11,122|
|10 lakh @ 12.5%||Rs. 89,082||Rs. 47,307||Rs. 33,453||Rs. 26,579||Rs. 22,497|
|15 lakh @ 13%||Rs. 1,33,975||Rs. 71,312||Rs. 50,540||Rs. 40,241||Rs. 34,129|
Read About: How to calculate HDFC Bank Personal Loan EMI?
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Comparison of HDFC Personal Loan vs Other Lenders
|Particulars||HDFC Bank||Bajaj Finserv||Axis Bank||Citi Bank||ICICI Bank|
|Interest Rate||10.25% p.a. onwards||Starting from 13%||10.49% p.a. onwards||Starting from 9.99%||11.50% to 19.25%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 40 lakh||Upto Rs. 42 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 30 lakh||Upto Rs. 25 lakh|
|Processing Fee||Up to 2.50% of the loan amount||Up to 4.13% of the loan amount||Up to 1.50% of loan amount plus GST||Upto 3% of the loan amount||Upto 2.25% of loan amount plus GST|
HDFC Bank Customer Care
- You can call on HDFC Bank customer care number 61606161 (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
- You can write to the bank at HDFC Bank Ltd., Empire Plaza I, 1st Floor, LBS Marg, Chandan Nagar, Vikhroli West, Mumbai – 400 083
- You can visit the nearest branch of HDFC Bank as well
Important Points to Consider while Applying for a Personal Loan
- Loan amount: The lesser you borrow, the more conveniently and easily you would be able to pay back the amount. Remember to borrow as per your repayment ability as borrowing more than you can repay may lead you into a debt trap.
- Credit score: Your credit score is a reflection of your past loans and credit cards repayments. Therefore, having a high credit score can improve your chances of approval for a personal loan.
- Interest rates and Interest Payout: Interest rates have an impact on your instalment. Therefore, to have affordable EMIs, it is necessary to choose a bank offering the lowest interest rate. You can compare interest rates by various banks on Paisabazaar. However, also keep in mind that a longer tenure will result in a higher interest payout over the loan tenure
- Other fees and charges: Except from interest rate, there are many other fees and charges associated with a personal loan. These include processing fees, late payment fees, foreclosure charges, part prepayment fee, etc. It is important to ask your lender about all these charges to avoid any shock in the future
Q1. How much amount can be borrowed as a personal loan from HDFC Bank?
One can take a personal loan ranging from Rs. 1 lakh to Rs. 40 lakh. However, the bank does go through the financial status of the loan applicant like income, credit score, repayment capacity, etc. And on the basis of all these factors, the bank suggests the right loan amount to the loan applicant.
Q2. 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 a HDFC personal loan. However, these are often limited time offers provided to specific individuals.
Q3. 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.
Q4. 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.
Q5. 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
Q6. 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
Q7. 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.
Q8. 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.
Q9. 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.
Q10. Can I get an instant personal loan from HDFC Bank?
Yes, you can get an HDFC instant personal loan in 10 seconds without any documentation if you are a pre-approved HDFC Bank customer. Other customers can get a loan within 4 hours.