HDFC Personal Loan Interest Rates
Interest Rate

Starting @ 11.25%

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Processing Fee

Upto 2999

Loan Tenure

1-5 years

Lowest EMI Per Lakh

₹ 2,187 for 5 years

Prepayment Charges

Nil charges for floating rates loans

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HDFC Bank Personal Loan

The HDFC Bank offers a Personal Loan to its customers or borrowers who require immediate funds in order to meet their immediate requirements. There are many advantages of a Personal Loan from HDFC Bank such as:

  • There are options to part pre-pay the Personal Loan after paying 12 EMIs.

  • There are a number of branches in India and you can use the services anywhere.

  • HDFC bank provides Personal Loans at affordable interest rates.

  • There are special offers and schemes for the employees from reputed corporations.

  • Based on the income and credit score, one can have higher loan amount eligibility.

  • There are over 4,972 branches of HDFC bankin India, you can avail the services anywhere.

The interest rates for Personal Loans with HDFC Bank start at 11.25% and it has special rates for special customers and salaried employees working with reputed companies. The interest rates for self-employed individuals is higher.

HDFC Personal Loan Highlights

HDFC Personal Loan Salaried Self Employed

Loan Amount

50,000 to 40 Lakhs

50,000 to 40 Lakhs

Lowest Interest Rate

11.25% - 21.25%

13.00% - 21.25%

Processing Fee

Up to 2.50% of the sanctioned loan amount (Minimum 1,999 & Maximum 25,000)

Up to 2.50% of the sanctioned loan amount

Loan Tenure

12 months to 60 months

12 months to 60 months

Part Prepayment Charges

Allowed after 12 EMIs, 2-4%

Allowed after 12 EMIs, 2-4%

Preclosure Charges

Allowed after 12 EMIs, 2 - 4%

Allowed after 12 EMIs, 2 - 4%

HDFC Bank Personal Loan Details

Reason to Take a Loan: Usually Personal Loans are taken in order to fulfil urgent financial requirements. The HDFC Bank provides a Personal Loan for any personal expenses such as vacation, travel, medical emergency, education, and other personal needs.

Key Features

  • HDFC Bank Personal Loan is available for salaried as well as self-employed individuals.

  • The person who borrows the loan must be within the age group of 21 years and 60 years.
  • The limit for the principal amount for the Personal Loan ranges from 50,000 to 40 Lakhs.

  • The Personal Loan period with HDFC Bank is 12 months to 60 months.

  • The rate of interest for a Personal Loan with HDFC Bank ranges from 11.25% to 21.25%.

  • HDFC Bank has the lowest EMI with regard to Personal Loans, which is 2,187 per Lakh.

Special Schemes: There are special offers and schemes for individuals who fall in the special category of borrowers for the bank. A few of the special Personal Loan schemes are:

  • Special Personal Loan to Pensioners
  • Personal Loan Diva for Women Customers or borrowers

  • Special Personal Loan for Doctors
  • Golden Edge Personal Loan
  • Personal Loan for salaried professionals from reputed companies

HDFC Personal Loan Top Up

Top up which is given on Personal Loans is an additional extra loan which can be availed from your bank on your existing loan or even at the time of transfer of the balance of the Personal Loan to a new lending agency. You can avail a top up on your Personal Loan from HDFC Bank if you have a regular and timely repayment track record on your current Personal Loan. Most of the times, the top up loans are available at a similar rate of interest as that on your running Personal Loan. Presently the interest rate applicable on HDFC Bank Personal Loan top up starts at 11.25%.

Factors Affecting HDFC Personal Loan Interest Rate

The factors that determine the Personal Loan interest rates with regard to HDFC Bank are:

  • Loan Amount: The total amount which is borrowed by the applicant from the lending agency is called as loan amount. Usually, banks offer a lower rate of interest for the higher loan amount. The HDFC Bank offers a loan between 50,000 and 40 Lakhs.

  • Loan Tenure: Generally, the Personal Loans are of the shorter period which ranges from around 12 months to 60 months since they are taken to fulfill the urgent financial requirements.

  • Employer Category: HDFC Bank maintains an internal list of reputed companies that fall into groups or categories that are sequenced from high to low categories based on size of the company, reputation and goodwill of the company, and the relationship the company maintains with the bank. The salaried employees who work in these companies get an attractive discount scheme and reduced rate of interest on their loans.

  • Salary: The salary or the monthly income states your capability to repay the Personal Loan that is availed. The rate of interest levied by the bank also differs on the basis of your net monthly income.

  • Relationship with the Bank: On the basis of how an individual or an account holder maintains a relationship with the bank, special offers and interest rates are offered to them. In addition, the account holders who have managed their accounts well and made all the payments timely in the past will also get a benefit of the low rate of interest.

  • Repayment Capacity:It is very important that the HDFC Bank finds out and gauges the repayment capacity of the loan applicant before giving a Personal Loan. The bank checks the applicant's capacity to repay the loan on the basis of their credit score and past payments. It also verifies the credibility of the borrower through CIBIL, which captures the details of the Credit Card payments, loan payments and so on.

The HDFC Bank also offers Personal Loans to defense, government employees, and armed forces. The interest rates for these individuals differ from that of salaried employees from corporates.

HDFC Bank Personal Loan Charges

Apart from the rate of interest for a Personal Loan, there are many other charges that are levied by the HDFC Bank and one needs to get detailed information about the same before applying for a Personal Loan with the lending institution.

  • Part Payment Charges: HDFC Bank allows pre-paying the loan amount in parts but only after the payment of 12 EMIs. The charges for the same are 2% to 4%.

  • Pre-closure Charges: In case you want to repay your complete principal loan amount before the completion of the loan tenure then it is known as pre-closure of the loan and there are certain charges for the same. The bank allows a pre-closure of the entire loan after 12 EMIs at pre-closure charges of 2% to 4%.

  • Processing Fee: HDFC charges a processing fee of up to 2.50%.
  • Other charges: There are few other charges which the bank takes such as EMI bounce charges, late EMI payment charges, loan cancellation charges and so on.

HDFC Personal Loan: How to Apply

If you want to get a Personal Loan from HDFC Bank, then the procedure is simple and easy to follow. All you have to do is to apply for a Personal Loan online at MyMoneyMantra or visit HDFC Bank's website or any branch nearby and manually fill the loan application form. Your Personal Loan application will be processed and the bank representatives will get in touch with you immediately to take the process ahead.

MyMoneyMantra helps you sail through the whole process with ease and gentle assistance throughout.

You can also compare the Personal Loan interest rates of HDFC Bank with other banks and financial institutions online at MyMoneyMantra. Once you apply for a Personal Loan online, then you can check the status of your Personal Loan application online.

Documents Required

For salaried employees

  • A duly filled Personal Loan application form

  • Identity Proof (Driving License or passport or voter ID or PAN card)

  • Residential address proof (registered rent agreement or utility bill up to 3 months or Passport or License)

  • 2 passport size photographs
  • Income Tax PAN copy
  • Income documents - Previous 2 years Form 16 or past 3-month salary slip or bank statement showing salary credited and EMI debited for 3 months.

The Benefits of Personal Loans

Instant funding

With the use of technology and other online tools, it is very quick and simple to apply for a Personal Loan with HDFC Bank. The lending agencies will also reciprocate within a very short time and the process is very smooth and user-friendly. Within no time your loan application process is completed and the funds are transferred in your bank account to help you fulfill your immediate financial needs.

Personal Loans are unsecured

As you know that the Personal Loan are unsecured in nature and hence you do not need to mortgage any security or collateral to avail the same. Most of the lending agencies and banks ask for a loan agreement before they can proceed ahead with your Personal Loan application.

Minimal documentation required

These days the online procedure has become so easy and user-friendly that minimum documents are needed to apply for a Personal Loan. The complete procedure of documentation is simplified. Everything is clearly mentioned on the bank's website and one needs to follow the same.

Frequently Asked Questions on HDFC Personal Loan

How much time is taken by HDFC Bank to decide on my Personal Loan request?

Ans - The turnaround time for HDFC Bank with regard Personal Loan is around 3 days as soon as your request is approved, the amount is disbursed within 4 hours into your bank account.

Why should you take a Personal Loan from HDFC Bank?

Ans - HDFC Bank offers Personal Loan at an interest rate starting at 11.25% with the lowest EMI of 2,187 per Lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to HDFC Bank.

How much interest is charged by HDFC Bank on Personal Loan?

Ans - There are many reasons why we should avail a Personal Loan from HDFC Bank such as it has flexible payment options, the procedure is hassle-free, and the rate of interest ranges from 11.25% to 21.25%, and one can get the funds within 4 hours of the loan approval. The HDFC Bank also gives you an option to avail its services from anywhere in India and the interest rates for the salaried employees and the special customers are much lower than the others.

What is the lowest EMI per one Lakh on a Personal Loan availed by a customer from HDFC Bank?

Ans - The HDFC Bank Personal Loan procedure is very simple and hassle-free. It helps you to get the funds within a very period once the loan is approved. The lowest EMI on a Personal Loan availed from HDFC Bank is 2,187 per one Lakh.

What is the minimum and maximum tenure or the period of a Personal Loan with HDFC Bank?

Ans - HDFC Bank has a flexible payment option for the Personal Loan EMIs and you can repay your Personal Loan within a period of 12 months to a maximum of 60 months.

How much Personal Loan amount I can borrow from HDFC Bank?

Ans - Being the most flexible bank when it comes to its customers, HDFC Bank provides you a Personal Loan of minimum 50,000 to a maximum amount of 40 Lakhs. This will take place with very easy and minimum documentation.

What will be done with the post-dated cheques, if I request to change the mode of repayment or the account for my Personal Loan?

Ans - The Post Dated Cheques (PDCs) or the security cheques which are submitted towards the Personal Loan repayment and that which have not been encashed till date, will be retained by the bank.Further, if you wish to have your old PDCs then you need to raise a request with the banking services either online or in-person within a period of 45 days from the date of application of a change in the Personal Loan repayment instructions. Also it should be noted that if you do not raise a request within 45 days then the de-faced cheques will be destroyed by the bank.

How can I repay my Personal Loan?

Ans - The Personal Loan which is availed from HDFC Bank can be repaid with flexible payment options. You can either pay your planned EMIs through post-dated cheques or you can also pay the EMIs through ECS or a standing instruction to the HDFC Bank to debit your account with the EMI amount every month.

You can also use the online EMI calculator from HDFC Bank's website in order to plan your EMIs in such a way that you do not face a financial crunch.

Is age an eligibility factor to get Personal Loan from HDFC Bank?

Ans - Yes, age is a very vital factor when applying for a Personal Loan with HDFC Bank as it helps to decide the eligibility of the applicant to avail a Personal Loan. One should be at least 21 years of age at the time of approval of a Personal Loan and 60 years of age at the time of Personal Loan maturity.

Is part-prepayment of a Personal Loan allowed with HDFC Bank?

Ans - Yes, part pre-payment of the Personal Loans is allowed for all the loans which are booked on or after 1st April 2018. However, you can choose to close your loan in parts by pre-paying the loan amount in advance after successfully paying 12 EMIs. The part pre-payment charges are at 2% to 4%. Kindly note that:

  • The part payment is allowed only one time in a single financial year.

  • The part payment is allowed only twice during the entire loan tenure.

  • At any given time, each part pre-payment will not exceed 25% of the principal outstanding amount of the Personal Loan.

Are there pre-payment charges on a Personal Loan from HDFC Bank?

Ans - HDFC Bank allows pre-paying the loan amount in parts but this is allowed after 12 EMIs duly paid. The charges are at 2% to 4%.

Can I add my spouse's income while applying for Personal Loan from HDFC Bank?

Ans - Yes, you can add your income or earnings along with your partner's income in order to increase the loan eligibility and get a higher Personal Loan amount sanctioned.

What is Guarantor?

Ans - From a bank's point of view, a Guarantor is equivalent to a borrower of the loan since he/she guarantees to pay for someone who has failed to pay his/her Personal Loan. A guarantor is a person who signs a loan contract and agrees to pay the loan in lieu of the borrower who fails to satisfy the payment obligation.

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