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HDFC Personal Loan Interest Rates

HDFC Bank offers personal loan at an interest rate ranging between 10.65% p.a. One can choose a repayment tenure between 1 year to 6 years. Apply for instant personal loan online at the lowest interest rate.

Updated:

HDFC Bank Personal Loan Interest Rate 2024

The HDFC Bank offers a Personal Loan to its customers or borrowers who require immediate funds in order to meet their immediate requirements. The interest rates for Personal Loans with HDFC Bank start at 10.65% and it has special rates for special customers and salaried employees working with reputed companies.  

HDFC Personal LoanSalariedSelf Employed
Loan AmountRs. 50,000 to Rs. 40 LakhsRs. 50,000 to Rs. 40 Lakhs
Lowest Interest Rate10.65%10.65%
Processing FeeUp to Rs. 4,999 + GSTUp to Rs. 4,999 or up to 2.5% of loan amount
Loan Tenure12 months to 60 months12 months to 60 months
Part Prepayment Charges13 - 24 months: 4% of principal outstanding  
25 - 36 months: 3% of principal outstanding 
> 36 months: 2% of principal outstanding
13 - 24 months: 4% of principal outstanding  
25 - 36 months: 3% of principal outstanding 
> 36 months: 2% of principal outstanding
Preclosure ChargesAllowed after 12 EMIs at 2% - 4% of principal outstandingAllowed after 12 EMIs at 2% - 4% of principal outstanding

Factors Affecting HDFC Personal Loan Interest Rate

The factors that affect the Personal Loan interest rates at HDFC Bank are:

  • The total amount which is borrowed by the applicant.
  • Repayment tenure of the loan.
  • HDFC’s internal list of reputed companies that fall into categories sequenced from high to low based on size of the company, reputation and goodwill of the company.
  • Borrower’s relationship with the bank.
  • The net monthly income of the borrower.
  • Repayment capacity of the borrower through CIBIL.
  • The HDFC Bank also offers Personal Loans to defense, government employees, and armed forces. The interest rates for these individuals differ from that of other applicants.

Features of HDFC Personal Loan Rates

  • HDFC Bank offers Personal Loan at lower interest rates for salaried as compared to self-employed individuals.
  • The rate of interest for a Personal Loan with HDFC Bank is 10.65%.
  • HDFC personal loan rates of interest are fixed in nature and do not change according to the fluctuations in the financial market.
  • Floating interest rates are not applicable on HDFC Personal Loan.

HDFC Bank Personal Loan Fees & Charges

Apart from the rate of interest, there are many other charges that are levied by the HDFC Bank on a Personal Loan.

  • Processing fees: HDFC personal loan processing fee is up to Rs. 4,999 with GST.
  • Overdue EMI interest: 2% per month on EMI per principal overdue.
  • Cheque bounce charges: Rs. 550 per instance
  • Cheque swapping charges: Rs. 500
  • Amortization schedule charges: Rs. 200

Key things about HDFC Personal Loan Interest Rates

  • 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.
  • The floating interest rate will change as per the change in the bank’s base lending rate.
  • To avail an 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 individuals and they offer the interest rate based on the applicant’s credit score.

Documents Required For HDFC Bank Personal Loan

  • Identity proof - A copy of any one of the below-mentioned documents: 
    • Passport
    • Voter ID Card
    • Driving License
    • Aadhaar 
  • Address proof - A copy of any one of the below-mentioned documents:
    • Passport
    • Voter ID Card
    • Driving License
    • Aadhaar
  • Bank statements of last 3 months 
  • Passbook of previous 6 months
  • 2 recent salary slips or current dated salary certificate 
  • Latest Form 16

HDFC Bank Personal Loan Balance Transfer

If you wish to lower the interest rate on your existing personal loan availed from another bank, you can opt for HDFC Bank personal loan balance transfer option. On transfer your personal loan balance to HDFC Bank, you can avail an interest rate of as low as 10.65%. You will have to pay a flat processing fee of up to Rs. 4,999 or up to 2.5% of loan amount.

HDFC Personal Loan Customer Care

You can connect with HDFC through following ways:

Toll-free Number : 1800 258 3838 (open from 8 a.m to 8 p.m on all days)

Mailing Address

HDFC Bank Ltd., New Bldg, "A" Wing 2nd floor,

26-A Narayan Properties, Chandivali Farm Road,

Off Saki Vihar Road, Chandivali,

Andheri (East), Mumbai- 400 072

HDFC Personal Loan Interest Rate FAQs

What is the minimum interest rate on HDFC Bank personal loan?

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The interest rate on HDFC Bank personal loan starts from 10.65% onwards.

What is the processing fee on HDFC Bank personal loan?

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HDFC Bank charges up to Rs. 4,999 or up to 2.5% of loan amount as processing fee.

What are the modes of payment available to me to repay HDFC Bank personal loan?

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You can repay the loan through post-dated cheques, ECS or through a standing instruction to debit your HDFC Bank account with the EMI amount.

What is the minimum and maximum personal loan amount?

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The loan amount varies between Rs. 50,000 to Rs. 40 Lakhs. and also you can avail Rs. 75 Lakhs*. The loan amount depends the bank’s lending policies and is influenced by your eligibility, income, nature of job and repayment capacity.