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HDFC Bank offers personal loans at attractive interest rates, flexible repayment tenures, and minimum processing charges. HDFC Bank personal loan interest rates will vary with the loan amount, loan tenure, and some other factors as well.
HDFC Personal Loan Interest Rates are competitive and vary between 10.5% to 21%. So, the EMIs are quite affordable and allow you to save money. Existing customers can also avail discounts on the interest rates offered on HDFC personal loans. However, interest rates depend on factors such as credit score, income, job stability, and loan amount.
Kotak Mahindra Bank
IDFC First Bank
12.00% to 40.00%
12.25% to 30.00%
Not all the personal loan applicants with HDFC Bank will receive the same interest rate. The rates are determined by various factors. Following are the factors that play an important role in determining your interest rate.
Credit Score: Having a good credit score will help you get the best interest rates and enables you to access credit effortlessly. If you have a poor credit score, it is not entirely impossible to avail a loan, but the interest rate will be high.
Income: Lenders are willing to offer a personal loan at a low interest rate when you have better repaying ability. Hence your income plays a crucial role in determining the interest rate. Higher your income, lower will be your interest rate on a personal loan.
Reputed Employer: Working in a reputed organisation can certainly get you a good deal on your personal loan.For lenders, a reputed employer means a better job stability. If you are working in a company that is listed by the bank, chances are higher that you will get a better interest rate. A salaried employee will get a different rate of interest as compared to a self-employed individual.
Relationship with the lender: Existing customers of HDFC Bank get a better interest rate on HDFC personal loans. As compared to non-HDFC bank customers. The bank considers existing customers as reliable candidates for a personal loan. Hence the rate of interest will be lower. Moreover, the time taken to process the loan is also shorter than the new customer who may have to go through a lengthy documentation process.
Loan tenure: Loan amount is an important factor determining the amount of loan borrowed. Higher the loan amount borrowed, higher the interest rate
Borrowing Category: HDFC Bank also gives personal loans to government employees, armed forces, and defense. The interest rates for these individuals vary from that of other applicants. The interest rates also differ between salaried and self-employed individuals.
The interest rates may be subject to change depending on the sole discretion of the bank.
There are two ways in which you can compute the HDFC personal loan interest. One is the formula method, and the other one is using the personal loan EMI calculator.
Let us understand with an example:
Example: Suppose Mr. A takes a loan for Rs. 50,000 at an interest rate of 10% for 12 months, then the interest paid per month and the monthly EMIs can be computed easily by using an EMI calculator. All you have to do is to enter the loan amount, interest rate, and the tenure and the calculator will display the interest paid every month, the monthly EMIs and the outstanding balance after every month.
Loan Amount : Rs. 50,000
Total Interest Due: Rs. 2,750
Processing Fee:Rs. 0
Total Amount Payable: Rs. 52,750
Sometimes customers may need additional funds to supplement the amount offered through a personal loan. To meet this need, they can avail of the HDFC Top up loan facility. Customers can top up their loans up to Rs. 50 lakhs or up to their existing loan amount, whichever is lesser. The interest rate given on the HDFC top up personal loan ranges between 9.15 % p.a. to 9.65 % p.a.. The tenure depends on the duration of the existing loan.
If you wish to lower the interest rates on your current personal loan, you can choose to transfer your personal loan to HDFC Bank from another lender. The interest rates on balance transfer is as low as 11.49% and there will be a process fee of Rs. 3,499 levied.
Salaried - 10.50% to 21.00%
Loan processing charges
Upto 2.50% of the loan amount subject to a minimum of Rs. 2,999 and a maximum of Rs. 25,000 for salaried customers.
For the Salaried
Between 13-24 Months - 4% of Principal Outstanding
Between 25-36 Months - 3% of Principal Outstanding
Over 36 Months - 2% of Principal Outstanding
No Due Certificate/No Objection Certificate (NOC)
Duplicate of No Dues Certificate/NOC
Overdue EMI interest
2% on EMI per month/principal overdue
Charges for converting from fixed to floating rate of interest
Stamp duty & other statutory charges
As per applicable laws of the state
Credit assessment charges
Cheque swapping charges
Amortization Schedule charges
Loan cancellation charges
Nil, but the client will be levied interest for the interim period between the date of disbursal of loan and loan cancellation. The processing fees will be retained.
Cheque bounce charges
Rs. 550/- per cheque bounce
1. What is the minimum interest rate on HDFC Bank personal loans?
The interest rate on HDFC Bank personal loans starts from 10.50% onwards.
2. What is the processing fee on HDFC Bank personal loans?
HDFC Bank charges up to 2.50% of the loan as processing fee, subject to a minimum of Rs.1000 and a maximum of Rs.25000.
3. What are the modes of payment available for me to repay HDFC Bank personal loan?
You can repay the loan through post-dated cheques, ECS or through a standing instruction to debit your HDFC Bank account with the EMI amount.
4. What is the minimum and maximum personal loan amount?
The loan amount is based on the bank’s lending policies and is influenced by your eligibility, income, nature of the job, and repayment capacity..
5. Do I need to provide collateral to secure HDFC Bank personal loan?
There is no requirement to provide any security or collateral of any sort.
6. Is the salary account from HDFC Bank useful to get a personal loan?
Yes, individuals with HDFC salary accounts benefit from lower interest rates and processing charges. Minimal documentation is required and you can set up an auto deduct instruction to automatically debit money from your account.
7. What is the current rate of interest on HDFC Bank personal loans?
The current rate of interest on HDFC Bank personal loans is 10.5% to 21%.
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