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Get attractive rates on HDFC personal loans starting at 10.75% p.a. HDFC offers loans of up to Rs.15 lakh with flexible tenures of up to 5 years. The bank charges a processing fee of up to 2.5% of the loan amount.
No collateral or security required to avail a personal loan.
Loan disbursal within a day of applying for the loan.
HDFC personal loan interest rates range from 10.75% - 21.30% p.a.
Borrowers can opt for the ‘Sarv Suraksha Pro’ policy, which provides a credit shield cover, an accidental hospitalisation cover, and a permanent disability/accidental death cover.
Borrowers can also avail an optional insurance cover that will offer coverage against personal accidents and critical illnesses.
Coronavirus has been branded a pandemic by World Health Organisation (WHO). The global markets have suffered and the governments all over the world have taken steps in order to fight this deadly disease. The banks in India are no different, and in order to fight Covid-19, HDFC Bank just like other Indian Banks have taken some serious steps. We will list down some of the highlights:
As per the orders from the Reserve Bank of India (RBI), HDFC Bank has decided to offer 3 months moratorium to its customers on the payment of EMIs falling due between March 1, 2020 to May 31, 2020.
If you have availed any loan from the bank prior to March 1, 2020, then you will not be required to pay your EMIs and may request for moratorium. Agri Loans, Microfinance, Corporate, and SME Loans customers are also eligible.
If you choose the EMI moratorium, then you will not be required to pay any EMIs till May 31, 2020. However, you will continue to accrue interest on your outstanding principal amount during the moratorium period. The tenure will also be increased.
You can also choose not to request for moratorium. You will continue to pay your EMIs on the due date. It is recommended you continue to pay your EMIs on time if you have not requested for moratorium.
The amount will be debited from your account if you have not applied for moratorium. However, if the amount has been debited from your account and have applied for moratorium, then the bank will refund the EMI debited from your account.
If you avail the moratorium, then there will be a levy of interest at the contracted rate on the outstanding loan amount for the EMI moratorium period.
You can avail the EMI moratorium by calling the numbers 022-50042333, 022-50042211 or by simply visiting the official website of HDFC Bank to avail moratorium.
If you have availed more than one type of loan from the bank, you can opt for moratorium for both. However, it must be noted that separate rate of interest will be levied on both the loans separately.
If you have already paid your EMIs till date, you can still avail moratorium for the unpaid EMIs.
If you have opted for moratorium, then your credit score or ratings will not be affected.
Moratorium is available for credit cards and loans on credit cards.
If you have regularly paid your credit card bills on time, then you are eligible to avail moratorium.
If you wish to avail credit card moratorium, then you will have to first of all defer the payment of your credit card bills during the current period, and turn off the autopay option from your net banking or mobile banking account.
Interest rate will be levied on your unpaid credit card bill as per the contracted rate on the card. If you apply for 3 months moratorium, then you will not be required to pay your credit card bills till 31 May 2020. However, it is recommended that you pay your bills on time so as to avoid interest rate being levied.
It is important to understand that moratorium is merely the deferring of the payment of your outstanding loan or credit card amount and not a waiver on rate of interest. You will have to pay the minimum amount due or total outstanding along with accrued interest charges on the due date after 31st May 2020.
HDFC Bank Personal Loan Details
Rack Interest Rate
10.75% to 21.30% p.a.
Loan Amount
Rs.50,000 to Rs.15 lakh*
Benefits
Disbursal in 10 seconds for pre-approved customers and in four hours for other applicants
Minimal documentation required
Insurance options available
*Amount can vary depending on your eligibility and is solely at HDFC’s discretion
Fees and Charges
The various fees and charges that are levied by HDFC Bank are:
Loan processing fee
Up to a maximum of 2.5% of the loan amount, subject to a minimum fee of Rs.1,999 and a maximum fee of Rs.25,000
Pre-payment/Part-payment charges
4% of the outstanding principal (loan tenure between 13 - 24 months)
3% of the outstanding principal (loan tenure between 25 - 36 months)
2% of the outstanding principal (loan tenure if over 36 months)
Overdue EMI interest
2% per month will be charged on the principal or EMI that is overdue
Stamp duty and other statutory fees
As per the laws of the state that the applicant resides in
Cheque swapping fee
Rs.500
Amortization schedule fee
Rs.200
Cheque bounce charges
Rs.550 per event
Incidental or legal charges
At actual
Eligibility Criteria
You should be employed at a private company, a public sector company, or with a state, central, or local government body.
You should be over the age of 21 years. The maximum age is 60 years.
For HDFC salary accountholders, the minimum income required is Rs.25,000 per month and for others it’s Rs.50,000 per month.
You should have an overall work experience of at least 2 years.
You should have been employed at their present organization for a minimum of 1 year.
Documents Required
Proof of identity
Aadhaar Card, Driving Licence, Passport, or Voter ID Card
Proof of address
Voter ID Card, Aadhaar Card, Passport, or Driving Licence
Other documents
Bank statements for the last three months or passbook of the last six months
Latest salary slip or salary certificate
Form 16
Passport-size photograph
HDFC Personal Loan EMI Calculation
You can use BankBazaar HDFC Personal Loan EMI Calculator to check your monthly prepayment amount. All you need to do is enter your preferred loan amount, tenure, interest rate and processing fee Hit “Calculate” to check your EMI and processing fee.
Let’s take a personal loan of Rs.1 lakh for a tenure of 6 months. Assume that HDFC charges an interest rate of 15.5% p.a. For the repayment tenure, you must pay an EMI of Rs.17,428. The loan repayment schedule is given as follows:
Months
Principal
Interest
EMI (principal + interest)
Balance
Percentage of loan paid to date
1
Rs.16,137
Rs.1,292
Rs.17,428
Rs.83,863
16.14%
2
Rs.16,345
Rs.1,083
Rs.17,428
Rs.67,519
32.48%
3
Rs.16,556
Rs.872
Rs.17,428
Rs.50,962
49.04%
4
Rs.16,770
Rs.658
Rs.17,428
Rs.34,192
65.81%
5
Rs.16,987
Rs.442
Rs.17,428
Rs.17,206
82.79%
6
Rs.17,206
Rs.222
Rs.17,428
Rs.0
100.00%
Compare HDFC Personal Loan with Other Lenders
Fees and charges
HDFC Bank Personal Loan
Aditya Birla Capital
Bank of India Personal Loan
Citibank Personal Loan
Interest rate
10.75% p.a. onwards
11% p.a. onwards
12.90% p.a. onwards
10.99% p.a. onwards
Processing fee
2.5% + GST
2% + GST
2% + GST
0.25% to 3.00% + GST
Foreclosure charges
2% to 4% of the outstanding loan amount
3% of the outstanding loan amount
N/A
Up to 4% of the principal outstanding
Late payment fee
2% of the overdue amount per month
2% of the overdue amount per month
Contact the bank for details
Contact the bank for details
Before you apply for a personal loan from HDFC Bank, ensure that you go through the loan particulars, check your eligibility, and are familiar with the terms and conditions of the lender.
You can repay your loan amount in Equated Monthly Installments (EMIs). The loan repayments can be done via post-dated cheques, ECS, or via a standing instruction to debit the repayment amount from your HDFC Bank account.
When can I take an HDFC top up loan?
You can take a top up loan from HDFC when you opt for a balance transfer with HDFC.
Can business owners take personal loans from HDFC Bank?
No, HDFC Bank only offers personal loans to salaried individuals. Applicants are required to be employed with a private, public sector, or government body at the time of taking the loan.
Can I avail a personal loan from HDFC Bank on a floating rate of interest?
No, HDFC Bank charges a fixed rate of interest for personal loans.
Does HDFC Bank allow part-payment of the loan amount and are there any conditions for the same?
For personal loans that were disbursed on or after 1 April 2018, you can make part-payments, provided you have paid at least 12 EMIs.
What are the conditions that are applicable when making part-payments?
Part-payments can only be made twice during the entire loan tenure.
Borrowers can only make a part-payment once in any given fiscal.
Each part-payment cannot be more than 25% of the outstanding principal amount.
You may have to pay a part-payment charge to the lender when making such a payment.
What is the repayment tenure for personal loans issued by HDFC Bank?
If you take a personal loan from HDFC Bank, you will need to repay the due amount within 1 year to 5 years (12 to 60 months).
How to check HDFC personal loan status?
You can check the status of your HDFC personal loan application by visiting the website of HDFC bank. All you need to provide is the reference or proposal number along with the date of birth or mobile number.
Am I eligible for HDFC personal loan moratorium?
The COVID-19 crisis has posed a huge challenge for customers. Hence, based on RBI guidelines, HDFC offers its customers the option to opt for personal loan moratorium. All HDFC Bank customers who have taken personal loan prior to 1st March 2020 are eligible. Customers having overdues before 1st June 2020 are also eligible for personal loan moratorium. However, for the latter, requests shall be considered solely at HDFC’s discretion.
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I have taken personal loan from HDFC bank as I need some loan for personal reason. It was nice because the loan was sanctioned on time.The interest rate is 13%. The tenure of the loan is for 4 years but it have completed only 1.5 years. I got my loan easily without any delay.
I taken a personal loan from HDFC bank on 2 years back. The tenure period of 3 years. An interest rate is high of 12%. The amount was sufficient and processing fee deducted of 3K. EMI need to pay of 7,175 rupees. I use to get remainder message. There is no option of pre closure. They have sanctioned the loan by 1 week. For first and second month I faced some payment issue so I visited to bank then it was resolved.
Since I don't have a salary slip which i unable to get it from my company, personal loan application got closed by bank. Person from HDFC bank called me and informed that my loan has been closed. The customer service was good but the rate of interest is very high.
The rate of interest was very high 10.45% for personal loan from HDFC Bank. So i request to close this loan because i alreay taken a loan from other bank with the normal interest. Customer service and responsive was good, need to work on interest rate.
I have applied HDFC personal loan through online. They are asking many documents to submit but i am not interested to provide any documents to them hence banker closed the loan process. In future I will go to the bank directly and I will apply this loan . For an emergency purpose only I chosen this bank.
I have applied Hdfc bank personal loan through online .There was lack of information from online customer service ,i have not availed the loan since i have requested some information they have gather my details and without any information they have told application is on process this was the issue.
I have applied for HDFC Bank personal loan through online .I am unable to avail this loan since dont have payslip.I have not submitted any of my documents.I have got proper notification from bank end and there was no drawbacks faced .Everything was good to me when applied for this loan.
I have not taken Hdfc bank personal loan since no proper response from bank end .The rate of interest and the processing fee was not shared .I have submitted documents and the loan process was explained by the agent .Since no proper acknowklegement from bank i have not taken this loan.
I have not faced any difficulties when applied for HDFC Bank personal loan .The rate of interest and processing fee was an issue .The reason was not shared to me for what purpose this loan was not sanctioned and documents are not submitted. There was no callback and follow up from bank end .
I got a call on time from HDFC bank for a personal loan application. The loan amount was sufficient which was expected 3L and applied for the same, since already I had taken one loan so to close the payment I have chosen this loan with tenure period of 4 years. I have no idea about interest. I got an amount from other source hence closed this process from my end.
I have applied for HDFC personal loan through online .I have not availed this loan since the rate of interest was very high .There was good cooperation from bank end .The agent shared all the details about the loan process.There was proper callback and follow up from bank end .I have submitted the documents through the agent .The service was average according to my experience.
I have applied for HDFC Bank personal loan through online .This loan was not availed since there was no requirement and told me this was a pore approval loan and the application was processed .I have not got any details about rate of interest and the processing fee , I am not satisfied with the overall service .
To apply a personal loan, I chosen HDFC through online. At initial the process was done on time but from banker there is no much calls or follow up .The amount was sufficient with tenure period of 5 years so I opted for the same. The rate of interest was high. Since at that time I was busy and unable to provide the documents on time. This loan got closed from banker end.
The verification process was done on time from HDFC which I applied a personal loan through online. But in between I faced some issue, hence closed the loan process from my end, though their response was good. The loan amount which was fine but an interest rate offered of 17% which is high.
On 2 years before I got a personal loan from HDFC bank so I opted for the same. I got the loan amount of 4L with tenure period of 4 years. On starting of the month I use to pay EMI amount of 10K. The rate of interest is 11%. The processing fee was deducted of 3K. They have provided pre closure option locking period of 6 months with some charge.
I got a call on delayed after 2 days from HDFC bank, but the process was done on smooth. I requested the loan amount of 3L but they have offered lesser than that. While during the verification my company was not listed in their category so the loan process was closed from bank. The tenure period of 3 years and an interest rate of 14.5% which was high.
Once I processed a personal loan from HDFC bank via online not even a single call I received from bank for verification process. The amount was good and offered up to 12L with tenure period of either 2 or 3 years. But their service was not proper and they haven't shared the reason for closed status.
For my personal need I chosen HDFC bank to apply a personal loan. I got a call on time and the process was done on smooth. The amount was sufficient with tenure period of 5 years. The rate of interest was nominal, but later realized not required to process for further hence closed the loan process from my end.
HDFC has deducted processing fee of almost 7K which is high for the amount of 2L. I received a call on time from bank for the verification process and it was done smoothly. They have sanctioned the loan by 10 days after deduction have received 1.93L for 4 years tenure. The rate of interest is 10%. I use to pay EMI of 5,200 rupees. They didn't inform pre closure option.
The loan which i was taken from HDFC Bank, instantly got approved. The loan amount was Rs. 1L and the interest rate was normal. EMI i am paying Rs. 4935 for the tenure period for 2 years. Fore closure charge is there and still one year to complete the loan.
Details
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