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    HDFC Personal Loan Interest Rates

    HDFC bank offers low-interest rate personal loans to ensure the borrowers pay low Equated Monthly Instalments and save money. Existing customers can get additional discounts on HDFC personal loan interest rates and processing fees.

    We found 1 HDFC Personal Loan Interest Rates
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 21.25% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    HDFC Personal Loan Interest Rates is Rated as "Great!" by 15929 Users

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    Personal Loan BYTES FROM OUR KITCHEN
    HDFC Personal Loan Interest Rates 2018
    Particulars Salaried
    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.
    Foreclosure Charges NA

    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.

    How to calculate Interest/EMI on HDFC Personal Loan?

    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.)
    2017 9,492 3,697 13,189 90,508
    2018 30,750 8,823 39,573 59,757
    2019 34,478 5,094 39,572 25,279
    2020 25,278 1,101 26,379 0

    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.

    HDFC Bank Personal Loan – Rates of Interest and Additional Charges

    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

    Factors affecting HDFC Personal Loan Interest Rates

    HDFC personal loan interest rate varies from person to person due to various factors. Some major factors affecting the interest rates are as follows:

    • Loan tenure: Shorter term loans may attract a higher rate of interest when compared to loans having a higher tenure.
    • Repayment capacity: HDFC Bank checks a person’s repayment capacity before offering him a loan and before deciding the interest rate. Borrower’s income, his assets and his creditworthiness is looked into before the bank offers a rate to him. CIBIL Score gives detailed information his repayment capacity as it has all the details of the previous loans he had taken and repaid and it also gives information on how he is paying off his credit card bills.
    • Borrowing class: The borrower’s age also plays a crucial role in deciding the interest rate. HDFC Bank offers personal loan to the salaried individuals only.
    • Relationship with the bank: HDFC Bank offers special offers, interest rates and charges for the existing HDFC Bank account holders. Women are offered a special loan, HDFC Bank Personal Loan Diva, this is a tailor-made loan and has more than 100 Diva offers across premium brands and products. This makes it vital for the applicant to have a very good rapport with the bank to avail special discounts and offers. You may even get a discount on the processing charges or the bank might reduce your interest rate to those who have managed to show commitment to making their payments on time in the past.

    The interest rates are charged at the sole discretion of the bank and are subject to change.

    Key things about HDFC Personal Loan Interest Rates

    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.

    HDFC Personal Loan interest rate FAQs

    1. What is the minimum or maximum amount of personal loan I can secure from HDFC Bank?

      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.

    2. What will be the timeline provided to me for repaying my loan amount?

      You may avail a personal loan and repay the same in a period of 12 to 60 months depending on your credit profile.

    3. Is there a way to check my eligibility before I apply for a personal loan from HDFC?

      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.

    4. What is the documentation needed to apply for HDFC Personal Loan?

      The primary documents needed to apply for a personal loan from HDFC will include identity proof, address proof and income proof.

    5. Can I prepay my loan amount in part?

      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.

    6. How can I know the EMI amount that has to be paid on my personal loan?

      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.

    7. Can I apply for a personal loan through BankBazaar website? How long would the whole process take?

      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.

    8. Is it allowed to repay one’s personal loan earlier?

      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.

    9. What is the procedure to change the address in my loan account?

      To change your residential details in HDFC records, you may visit your nearest Retail Loan Service Center and submit the below mentioned documents:

      • Address Change Request Form.
      • Self-attested proof of new address and original address proof for validation.
      • In case a representative is acting on your behalf, a letter of authorization duly signed by you is required along with your original KYC documents.
    10. What are the additional charges applicable on loan repayment?

      Additional charges are applicable in case the loan is defaulted or the mode of repayment is changed during the tenure of loan.

    11. Is my personal and financial data safe with BankBazaar?

      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.

    12. If I change the mode of payment for my personal loan, what will be done with my post-dated cheques?

      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.

    13. How important is CIBIL score in determining my loan eligibility?

      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.

    14. Does salary account with HDFC of any help for availing personal loan?

      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.

    15. Is there a need for a security or collateral to get a personal loan from HDFC Bank?

      No, there is no need for security, collateral deposits, or guarantee in availing HDFC personal loans.

    HDFC Personal Loan Interest Rates Reviews

    • HDFC Bank Personal Loan
      "Better"
      0.5 4.5/5 "Excellent!"
      There was delay in the loan process and HDFC have taken around one month. The rate of interest and charges are little bit high compared to others. I have submitted the documents online and also to the executive. I can do pre closure with extra charges and part payment can be done after one year. The loan duration is 2 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been quite a good experience i had with this loan and the loan amount which they had provided has been sufficient as well. The interest rate which they where offering has been nominal with the market rate, and there is some pre closure charges with them and there has also been some processing fee with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Interest rate should be standard"
      0.5 4.0/5 "Great!"
      I am not happy with HDFC, comparatively the rates are bit high. Its okay for me, the processing fee is also higher in HDFC, They told some interest but I got some other interest rate. I want to discuss with them and after august it will be one year then I close it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Commitment should be proper"
      0.5 4.0/5 "Great!"
      HDFC bank service is good, therefore I have taken the personal loan from that bank. But I felt loan department customer support is not good because earlier they told one interest around 11.99 finally they quoted me around 13% of interest its not fine.
      Was this review helpful? 1
      , kanchipuram
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Economical loan"
      0.5 5.0/5 "Blown Away!"
      Even when the interest rate was higher, they have reduced the same. They have given me a interest rate of 8% when i applied the top up option, they have increased upto 11% when i contact the customer care, they have reduced the same. In HDFC, they are responding the customer in a proper way.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Good in the whole process"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from HDFC Bank a year ago. It has been good till date and I have not faced any inconvenience. The process to get the loan was good and the customer services and response is good too. The rate of interest and processing charges is minimal.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had taken this loan almost two years back and i am still paying the EMI's. The experience was quite good but i have asked for a tenure period of five years but they had given with three years which i am not happy with. The interest rate with them was around 10.99% and there has been some charges like GST.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      I have taken the amount Rs. 3 lakhs, its sufficient. I felt HDFC interest rate is very higher side, they gave me 18% of interest on the personal loan, but there was no procession fee, meanwhile they have taken some time for disbursement. Anyway there was no difficulties on documents part.
      Was this review helpful? 0
      , midnapore
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was excellent and have received the personal loan from HDFC BANK on time. The rate of interest and charges are higher. I have already submitted the documents online and again hard copy is given to the executive. The loan duration is 5 years. The process was immediate and good.
      Was this review helpful? 0
      , indore
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Better loan experience"
      0.5 5.0/5 "Blown Away!"
      I have applied the personal loan with HDFC bank but they have declined the loan because recently i have bought the other loan with them. They have offered me a interest rate of 13% and I'm okay with it. They have deducted the processing fee which is convenient to me. Overall, i'm satisfied with the HDFC services.
      Was this review helpful? 0
      , patna
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Very Good banking process"
      0.5 5.0/5 "Blown Away!"
      Because of the need and easiest process i have selected the HDFC bank. I have applied the loan amount of Rs. 5 lakhs and they have sanctioned the same amount. They have given me a interest rate of 12.99% and I'm okay with it. They have deducted me a processing fee of Rs. 8000. I have not faced any issue with HDFC banking.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had applied for a Personal loan with HDFC bank and i remember my application was processed on time. There was no delay and there was less documentation. As i carry a HDFC salary account it was easy for me to apply. Interest rates are not there, as it is 0% EMI scheme.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from HDFC BANK through online channel. The customer service was okay. I am satisfied with the interest rate and they have charged processing fee which was nominal. The loan duration is 3 years. I can do part payment and pre closure after one year without any penalty.
      Was this review helpful? 0
      , karnal
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken the personal loan from HDFC Bank. The process was good and I received the loan in a week. The loan amount provided was as required. The rate of interest is of 16% and there was a processing fee too. They need to work on the rates as they are higher than the other banks.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Very Good Bank"
      0.5 5.0/5 "Blown Away!"
      Since its a international bank and it has a very good customer care support hence i have chosen the bank for my personal loan. They have given me a interest rate of 14% for the loan amount of Rs. 2 lakhs. There is a processing fee of 0.5%. Total tenure period of the loan is 24 months.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Average "
      0.5 4.0/5 "Great!"
      I felt the rate of interest and charges are bit high compared to other banks. They have provided a interest 10% to 11% for the personal loan. They have charged processing 5000 or 7000 rupees from the loan amount. The loan duration is 2 years. There was no explanation about the pre closure and part payment. The documentation process was easy.
      Was this review helpful? 0
      , tirupur
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Good. Can be more proactive"
      0.5 4.0/5 "Great!"
      The process was on time with HDFC Bank. The documents was collected on at my door step. I also received the personal loan as needed. I was initially informed of a rate of 10.99% and later I got a rate of 11.25% and a processing fee was taken. There is a lock in period for one year to close the loan. The customer service could have more knowledge on the details to answer back to my question. There was no welcome call after the loan was disbursed giving me details about the EMI and due date. I had to follow up.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I had a good experience with HDFC Bank. I took my personal loan through online channel. The rate of interest is little bit high and the processing fee was nominal. The documents are submitted online and executive came for verification. The loan duration is 60 months. They took 10 days to process the loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      The experience with them has been quite good where the loan amount was satisfied. The interest rate with them has been nominal when compared with the market rate. There has not been any hidden charges which they had made and their customer support team has been helpful as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Good and fast process"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank experience is good for the personal loan. The process is very good and I received the loan in one day and as needed. The rate of interest is of 15% and there was a processing fee. They also took a fee for the insurance, as a security in case I do not get to repay the loan.
      Was this review helpful? 0
      , siliguri
      Reviewed on Jan 18, 2019
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