HDFC Bank Personal Loan Highlights
|Interest rate||12.50% p.a. onwards|
|Loan Amount||Up to Rs. 25 Lakh|
|Eligible Income||Minimum Rs. 25,000 p.m.|
|Processing Fees||Up to 2.5% of loan sanctioned|
|Loan Tenure||Up to 60 months|
Table of Contents
Features of HDFC Bank Personal Loan
- Loan Amount: HDFC Bank offers a personal loan amount starting from Rs. 1 lakh up to Rs. 25 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 12.50% 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.
Best Personal Loan offers from top banks are just a click away Apply Now
HDFC Personal Loan Interest Rates
The interest rate offered by HDFC Bank on a personal loan starts at 12.50% 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
Know More: HDFC Personal Loan Eligibility
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
Know all about HDFC Bank Instant Personal Loan
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