|HDFC Personal Loan Interest Rates 2018|
|Interest rate||15.75% to 20% p.a.|
|Loan Amount||Min: Rs 50,000; Max: Rs 15 lakh.|
|Loan Tenure||Min.: 1 year; Max.: 5 years|
|Lowest EMI||Rs 2405 (Per lakh, for the maximum tenure of 5 years)|
|Processing Fee||Up to 2.50% of the loan amount (subject to a minimum of Rs. 1,000 & maximum of Rs. 25000)|
|Age||Between 21 to 60 years of age|
|Prepayment Charges||If loan is prepaid within 13-24 Months, prepayment charges will be 4% of principal outstanding loan amount; if prepaid within 25-36 months, 3% of principal outstanding loan amount and if paid within 36 months, 2% of the principal outstanding loan amount. No prepayment can be made before 12 EMIs are repaid.|
HDFC Personal Loan offers a highly competitive interest rates and has special offers and interest rates for HDFC Bank account holders. It also offers special loan offers for women employees. First time borrowers will be given low loan offerings. The personal loan is available on the basis of a person’s credit history like his repayment history on other loans and credit cards. The process to apply for the loan is simple and requires minimum documentation and a person can avail a personal loan for various needs.
EMI (Equated Monthly Instalment) is the payment made by a borrower to the lender each calendar month as the part payment of the loan availed by him/her. Both principal and interest can be paid off through EMIs in a specified period of time till the loan is realised in full by the lender.
Mathematically, the EMI amount can be calculated by using the formula mentioned below:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for principal (Loan amount), R stands for rate of interest per month and N stands for number of monthly instalments. If the annual rate of interest is 10%, the monthly rate of interest would be 10/(12 x 100).
Calculating EMI through this method can be a bit complex and you may instead use the HDFC EMI Calculator available on BankBazaar.com. You may enter a few required details and immediately compute the EMI amount as well as the amount of interest you will paying on your HDFC personal Loan.
For instance, Vandana takes a personal loan of Rs. 1 lakh from HDFC bank at 11.50% interest for a tenure of 3 years. By the end of third year, she will have to pay a total interest of Rs.18,714 on her loan divided over 36 EMIs of Rs.3,298 each. At the time of loan disbursal, she would also be required to pay the processing fee of Rs.2000 (Assumed to be 2% of the total loan amount). The total cost of loan incurred by her would be Rs.20,714. Her amortization table will look as follows.
|Year||Principal Paid(A)(In Rs.)||Interest Paid(B)(In Rs.)||Total Payment (A+B)(In Rs.)||Outstanding Loan Balance(In Rs.)|
The above table clearly shows the separate components of loan including the principal amount and the interest paid each year on the loan availed by Vandana. With BankBazaar’s EMI Calculator, you may easily compute the EMI, interest on loan, and the principal amount you will be paying each year through instalments.
|Fee||Amount to be Paid (For Salaried Individuals)||Amount to be Paid (For Businessmen/ Self-employed Individuals)|
|Rate of interest||15.75% to 20% (Salaried)||15.50% to 18.30%|
|Processing charges on loan||Up to 2.5% of total loan (Minimum- Rs.1,000 and Maximum - Rs. 25000)||Up to 2.5% of total loan (Minimum- Rs.1,000 and Maximum - Rs. 25000)|
|Prepayment||Pre-payment not permitted until 12 EMIs are repaid.||Pre-payment not permitted until 6 EMIs are repaid|
|Pre-payment charges||For Salaried individuals: If repaid between 1.1 Years to 2 Years - 4% of outstanding principal From 2.1 years to 3 Years - 3% of outstanding principal After 3 years - 2% of outstanding principal||07 Months to 2 years - 4% of Principal Outstanding From 2.1 years to 3 years - 3% of Principal Outstanding >3 years - 2% of Principal Outstanding|
|Charges for delay in EMI payment||At 24% p.a on the outstanding loan amount from date of default||At 24 % p.a on amount outstanding from date of default|
|Stamp duty and other charges||As per laws applicable by the state||As per laws applicable by the state|
|Cheque swapping charges||Rs.500||Rs.500|
|Amortization Schedule charges||Rs.200||Rs.200|
|Loan cancellation charges||No charges (However, interest for the period between the date of loan disbursement and cancellation of loan along with the processing fees would be retained).||No charges (However, interest for the period between the date of loan disbursement and cancellation of loan along with the processing fees would be retained).|
|Cheque bounce charges||Rs.550 for each cheque bounce||Rs.550 for each cheque bounce|
|Incidental/legal charges||At actual||At actual|
|Copy Charges for CIBIL Report||Rs.50 for each copy||Rs.50 for each copy|
HDFC personal loan interest rate varies from person to person due to various factors. Some major factors affecting the interest rates are as follows:
The interest rates are charged at the sole discretion of the bank and are subject to change.
Before applying for a HDFC Personal Loan, you must know the following factors:
Fixed interest rate is when a fixed rate is set on the personal loan and you have to pay a fixed amount of interest throughout the tenure.
Floating interest rate will change as per the change in the bank’s base lending rate.
To avail a HDFC Personal Loan, you need not have a guarantor or provide security.
When the repo rate goes up, your interest rate will also go up. This must be considered before choosing a floating interest rate.
HDFC banks offer personal loans to salaried individual and they offer the interest rate based on the applicant’s credit score.
You may avail a loan of Rs.50,000 to Rs.15 lakh depending on your earnings and the repayment capacity. To avail a bigger loan amount, you may also club your spouse’s earnings with yours.
You may avail a personal loan and repay the same in a period of 12 to 60 months depending on your credit profile.
Yes. You may check your loan eligibility in a matter of seconds using the HDFC Personal Loan Calculator available on BankBazaar’s web portal. All you need to do is put in a few details in our online tool and your report will be immediately generated. The online tool will help you know the amount of EMI amount and interest that your loan will incur depending on the tenure of loan as selected by you.
The primary documents needed to apply for a personal loan from HDFC will include identity proof, address proof and income proof.
Part prepayment is not permissible. The loan amount has to be prepaid in full or to be paid in instalments as per the contracted tenure.
Manually calculating loan EMIs can get complicated. The simplest method is to use BankBazaar’s free Loan EMI Calculator which gives you year by year and month by month breakup of the entire loan repayment schedule. It also helps you know the amount of interest you will be paying on your loan during the loan tenure.
Yes, you may surely apply for a personal loan through BankBazaar. We immediately process your loan application and submit it at your nearest HDFC Bank Branch. The representative from HDFC Bank then gets in touch with you to collect all relevant documents. After verification of documents and review of your CIBIL score is done, the bank disburses the loan. The whole process may take around 48-72 hours.
Personal loan can be repaid after a minimum of 12 EMIs are paid to the bank. However, foreclosure of loan amount will incur applicable charges. It is also to be noted that cash beyond Rs.49000 is not accepted for prepayment, full payment or loan closure. All payments above Rs.49000 are to be made via Demand Draft, Account Payee Cheque, or Pay order.
To change your residential details in HDFC records, you may visit your nearest Retail Loan Service Center and submit the below mentioned documents:
Additional charges are applicable in case the loan is defaulted or the mode of repayment is changed during the tenure of loan.
BankBazaar gives highest importance to data security. We don’t share any customer data with any third party government or private agency unless the party is directly involved in providing you the requested services.
The security cheques or the post-dated cheques which are not encashed towards loan repayment will be defaced by the bank. You may also get them returned to you by lodging a formal request to HDFC Bank within 45 days after the mode of repayment is changed.
CIBIL (Credit Information Bureau India Limited) serves credit granting financial institutions by providing them financial information about individuals including their creditworthiness. However, only members who submit their complete credit data may avail credit information reports from CIBIL.
Yes. Individuals having HDFC salary accounts get preferential interest rate and processing fee. The documentation required are minimal and the repayment can easily be made through a standing instruction to debit instalments from your account.
No, there is no need for security, collateral deposits, or guarantee in availing HDFC personal loans.
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