HDFC Personal Loan Interest Rate for Salary Account

Updated on: 23 May 2024 // 4 min read // Personal Loans
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 Are you a salaried individual whose finances are mostly planned around the salary credited into their bank account at the end of each month? If yes, you know how difficult any unplanned expense, emergency or sudden cash crunch can be. Any unexpected need for funds can rip off your savings in no time.

However, there is an easier way to deal with such financial needs. With HDFC Bank Personal Loan for salaried employees, you can easily fund any medical emergency, vacation, marriage, education or even a home renovation plan. These  from HDFC Bank help salaried employees tackle any extra expenses that may crop up.

HDFC personal loan interest rates for salary account holders differ from that of other borrowers.

Read below to know interest rates, features, documentation requirements, eligibility criteria and everything you need to know about HDFC personal loans for salaried borrowers.

HDFC Personal Loan Interest Rate for Salary Account Holders and Other Charges

The personal loan interest rate for salaried borrowers in HDFC ranges from 10.50% to 20.40% p.a. The interest rate varies based on the borrower’s credit score, income, gender, repo rate of RBI, MCLR (marginal cost based lending rate) of HDFC Bank, and other factors.

Apart from the interest rate, the bank also charges a processing fee of up to 2.50% of the sanctioned loan amount, subject to a minimum of Rs. 1,999 and a maximum of Rs. 25,000 for salaried customers.

Salaried borrowers can prepay their loan after 12 EMIs (equated monthly instalments) with prepayment charges of 2% to 4% of the prepayment amount.

Features of HDFC Personal Loan for Salary Account Holders

HDFC personal loan for salaried comes with the following attractive features:

  • Hassle-free access to funds: You don’t have to worry about money when making any financial plan or a big purchase in life. HDFC’s instant loan for salaried applicants is an easy source of money that helps you fund your dreams without any hassle.
  • No need to exhaust your savings: During the sudden need for money for an unplanned expense, a personal loan for salaried is a great option that helps you avoid exhausting all your savings.
  • Easy and instant disbursal: It takes less than 4 hours to get approval for a personal loan for salaried by HDFC Bank. The process is even more instant if you are a pre-approved HDFC Bank customer.
  • Competitive interest rates: The bank offers personal loans to the salaried class at an interest rate starting from just 10.50% p.a. The chances of getting competitive interest rates if you have a good credit history and CIBIL score
  • Flexible tenure: These loans come with flexible tenure of 12 to 60 months, making EMI repayment easy for salaried employees.
  • Minimal documentation required: The entire process is almost online, eliminating the need for extensive paperwork. The bank requires just a few basic documents including the identity proof, income proof and home address proof of the applicant. If you are a pre-approved HDFC Bank customer, you don’t even need to submit these documents.
  • The flexibility of purpose: HDFC personal loans for salaried can be used for multiple purposes including a family wedding, home renovation, funding children’s education, paying off previous debt, buying a mobile phone or other gadgets, going on a holiday, funding a medical emergency, and so on.
  • Prepayment: Salaried borrowers can prepay their loan amount in part or full after repayment of 12 EMIs. The bank allows part-payment of up to 25% of principal outstanding once in the financial year and twice during the entire loan tenure. This facility involves a prepayment charge of 2% to 4% of the prepayment amount.

HDFC Personal Loan Eligibility Criteria for Salaried Applicants

Salaried borrowers have to meet the following eligibility criteria to avail of the HDFC personal loan:

  • You must be a salaried employee at select private limited companies or public sector undertakings (including central, state and local bodies).
  • You must be aged 21 years or above when applying for the loan and up to 60 years when the loan matures.
  • You must have a job for at least the last 2 years, with a minimum of 1 year served with the current employer.
  • The minimum net monthly income required for an HDFC Bank Salary Account holder is Rs. 25,000 or above.

Documents Required by Salaried Applicants for HDFC Personal Loan

If you fulfil the above eligibility factors, you have to submit the following documents along with the personal loan application:

  • Identity proof and address proof: A copy of passport, voter ID card, driving license or Aadhaar card.
  • Bank statements for the previous 3 months or passbook for the previous 6 months.
  • Latest 2 salary slips or current dated salary certificate along with the latest Form 16.
  • Proof of end-use.


✅What does a personal loan for salaried mean? 

These are personal loans available for salaried applicants to help them meet their sudden, unforeseen financial expenses or to fund their travel, wedding or education plans. These loans can be used for a variety of purposes, with no restriction on end-use.

✅How can I apply for a personal loan for a salaried employee in HDFC Bank? 

You can apply for an HDFC personal loan for salaried online through the bank’s website, mobile app, or NetBanking facility. You can also visit the bank branch to apply for the loan offline.

✅What can an HDFC personal loan for a salaried person be used for? 

You can use a personal loan for salaried for an array of purposes like meeting urgent medical expenses, financing your vacation plans, funding higher studies, a wedding, debt consolidation, home improvement, and so on. There is no restriction on its end-use.

✅How quickly can I get HDFC personal loan for salaried?

Pre-approved salaried HDFC Bank customers can get a personal loan in just 10 seconds, while non-HDFC Bank customers can get funds in as little as 4 hours.

✅How much loan amount can I take as a salaried person?

You can get a loan amount of anywhere between Rs. 50,000 to Rs. 40 Lakhs under a personal loan for salaried employees in HDFC Bank.