Thursday, February 9, 2023

HDFC Bank Personal Loan: Interest Rate @11%, EMI Calculator

HDFC Bank Personal Loan is available at attractive interest rates and flexible tenures. HDFC Personal Loan is designed to fulfill your financial needs. You can get personal loans up to Rs 40 lakh from HDFC Bank are available at interest rates ranging from 11% to 21% per annum with a flexible tenor of 60 months to suit your loan needs. You can use HDFC Bank personal loans for home renovation, family weddings, medical expenses, etc. Here we will give you detailed information about HDFC Bank personal loan features, benefits, and charges so that you will not face any problems in availing of a loan.

HDFC Bank Personal Loan Details

HDFC Bank Personal Loan Interest RateInterest rates start at 11%
Personal loan ProcessOnline and Offline Mode
Processing FeeProcessing Fees of Up to 2.5% will be deducted from the loan amount
Loan tenure12 to 60 months
Maximum Loan Amount50k to 40 lakhs at flexible EMIs
Age Limit21 to 60 years old.
CitizenshipIndian Citizen
Example LoanLoan Amount: Rs 1,00,000
Tenure: 12 months
Interest Rate: @11% Per annum
EMI Amount: Rs 8,838
Total Interest Payable: Rs 6,057
Processing Fees (incl. GST): Rs 2,950
Total Amount Payable: 1,06,057/- including Processing Fee +GST
HDFC Bank Personal Loan Customer Care Number1800 202 6161/ 1860 267 6161
Email[email protected]
[email protected]
HDFC Bank Corporate AddressHDFC House, H T Parekh Marg,
165-166, Backbay Reclamation,
Churchgate, Mumbai – 400 020

HDFC Bank Personal Loan Interest Rate

HDFC Bank is the largest bank in the private sector. HDFC Bank provides personal loans to people under various schemes. HDFC Bank offers personal loans up to Rs 40 lakh to customers at the lowest interest rate of 11% per annum. Customers apply for a personal loans online & offline. HDFC Bank decides the interest rate based on repayment history, income structure, credit score, Age, area, etc., which may differ from customer to customer.

Customer ProfileRate of Interest (p.a.)
Salaried10.99% onwards
Self-employed10.99% onwards
Personal Loan Overdraft15%

Factor affecting HDFC Bank personal loan interest rates

Age of the applicant: The interest charged on the personal loan can be more or less according to our Age. Younger applicants have to pay less interest as the risk involved is less, and older applicants may have to pay higher interest as the risk involved is more.

CIBIL Score: The credit score of the applicant is taken into consideration before determining the personal loan interest rate. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher.

Loan Tenure: In most cases, the applicant chooses the loan repayment term. The choice is in the hands of the applicant as to when he will repay the loan. The longer the tenure of the personal loan, the higher the interest.

Residential Location: The interest rate decided by the HDFC Bank can also be based on whether the applicant lives in an urban or semi-urban area. People living in city areas can get a personal loan at a low-interest rate.

Relationship with the lender: Your relationship with the bank also affects your interest rate. A good and long relationship can reduce your interest rate significantly. It takes a long time to build a good relationship.

Features of HDFC Bank Personal Loan

With HDFC Bank, you will get a personal loan of ₹50K to ₹40L at an interest rate of 11% with a flexible tenure of 60 months. HDFC Bank offers low-processing and collateral-free loans to meet your financial needs. Following are some of the reasons why you should take a personal loan from HDFC Bank:

Loan Amount: HDFC Bank offers you personal loans ranging from Rs 50,000 to Rs 40 lakhs with low-interest rates and flexible tenure, which you can use to finance your housing needs, medical expenses, family marriage, vehicle purchase, etc.

Pre-approved Loan: When you get a pre-approved personal loan offer from HDFC Bank, the loan amount is transferred to your savings account in 10 seconds.

Check Eligibility: If you need a personal loan, you can check your eligibility in 10 minutes.

Low-Interest Rate: To meet your financial needs HDFC Bank offers you a personal loan at an interest rate of 11% per annum.

Repayment Tenure: You get a flexible tenure of 5 years to repay the amount taken as a personal loan, which proves very beneficial for all the customers.

Low Processing Fee: You are charged a low processing fee on the loan amount get by you. A processing fee of 2.50% + GST of the sanctioned loan amount will be applicable. Maximum processing fees is Rs 25000/-

Without Security Loan: With HDFC Bank, You do not need to deposit security while taking a Personal loan. Here you get loans of 50 thousand to 40 Lakhs without a collector.

The process digitally: You do not need to submit documents manually if you apply for the loan online.

Personal Loan Security: Secure your loan with Sarv Suraksha Pro. Credit Shield Cover is equal to the outstanding loan amount, Accidental Hospitalisation cover of up to 8 lakhs, and Accidental Death/Permanent Disablement cover of up to 1 lakh.

Loan Disbursal: Even if you have not received the pre-approved loan offer, you will get the loan within 4 business days after document verification.

HDFC Bank Personal Loan Fees

HDFC Bank Personal Loan Rate of Interest11% to 21% per annum
Repayment instruction/Instrument return chargesRs. 500 + GST
Swap ChargesRs. 500 +GST
Penal Interest2% per month on the overdue installment.
Duplicate StatementRs. 250 + GST
No Dues Certificate (Duplicate Copy)Rs. 50 + GST
Stamp Duty ChargesAs per State Stamp Act
Pre-Payment ChargesSalaried – No pre-payment in Part or Full permitted until repayment of 12 EMIs
Part payment allowed up to 25% of the Principal Outstanding. It is allowed only once in the financial year and twice during the loan tenure.
Salaried- 13-24 months – 4% of principal outstanding, 25-36 months – 3% of principal outstanding
>36 months – 2% of principal outstanding
Loan Processing ChargesUp to 2.5% of the loan amount + GST

Eligibility for HDFC Bank Personal Loan

  • Minimum age – 21 years
  • Maximum age – 60 years
  • Non–salaried person maximum age – 60 years
  • Employees of government bodies/private companies with a service of at least 1 year
  • Employees of private limited companies, proprietorship firms, trust, and partnership firms with a service of at least 1 year continuously
  • NRI/PIO and the members of the staff are ineligible.
  • Insurance agents in the business for at least 2 years
  • Self-employed businessmen with at least 1 year of stable business
  • Self-employed professionals like doctors, engineers, company secretaries, architects, interior designers, etc with at least 1 year of a stable business.
  • Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.
  • HDFC Bank may also check the credit score and monthly income of its applicants, just like other lenders do while evaluating their loan eligibility.

HDFC Bank Personal Loan Documents Required

Proof of residence includes any of the following:

  • Valid passport
  • Voter id card
  • Driving license
  • Postpaid utility bill (gas bill and electricity bill)
  • Updated passbook or bank statement
  • Registered rent agreement

Proof of identity:

  • PAN card
  • Aadhar Card
  • Valid Indian passport
  • Voters ID card
  • Driving license
  • Employee ID cards issued by relevant authorities like the Govt or Defence or reputed corporate
  • Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI

For Salaried individuals

  • Last 3 months’ salary slips
  • Statement of account for last Six months of Bank

For Self-employed individual

  • Balance sheet and profit and loss account, computation of income for last 1 year
  • Income Tax Return – last 1 year for applicants, 26 AS, Traces
  • Business proof: Gomasta License, Registration Certificate, Service Tax Registration, etc.
  • IT Assessment Certificate, Income Tax Certificate (Form 16A)

Tips to Improve HDFC Bank Personal Loan Eligibility:

A high salary and credit score also improve your loan eligibility. Furthermore, there are certain steps you can take to ensure that your loan application is approved faster.

Maintain a healthy credit score: The higher your credit score, the higher your loan eligibility. Generally, a credit score of 750 and above is considered healthy by any of the credit bureaus. The bank sees you as a good customer and may also offer you a competitive interest rate.

Keep your EMIs within a limit: The total EMI of your existing loan should not exceed 40% of your take-home salary.

Avoid applying for multiple loans or credit cards: This will bring down your credit score as you will be seen as credit hungry. Therefore, you should apply for a loan or credit card only when necessary.

Don’t default on EMIs or delay your credit card payments: If you have existing loans, make sure to pay EMIs on time.

How to apply for an HDFC Bank Personal Loan?

For offline loan applications:

  • Visit your nearby HDFC Bank branch.
  • Submit the personal loan application and the required documents.
  • You can also get in touch with an HDFC Bank representative over a phone call.
  • Offline loan applications can be taking a few business days to process.

For Online Applications:

  • Visit the official website of HDFC Bank.
  • Now, fill in the personal, professional, and financial details as required by the lender and submit the form.
  • Once you submit the application form, HDFC Bank will check your eligibility and provide you with information about the eligible amount that you can avail of.
  • If you agree to process the application form, you will submit the required documents, which can also be uploaded online.
  • Finally, your documents will be processed by HDFC Bank, and on successful approval of the loan, the funds will be disbursed instantly into your bank account.

HDFC Bank Personal Loan Customer Care Number

By Phone: You can call on the company’s customer care number 1860-267-6161/ 1860-202-6161.

Email: You can also contact customer care via email. The email address for specific queries is below:

HDFC Bank Personal Loan FAQ:

What is Personal Loan?

Personal loans help you to borrow money for a price of a personal nature – be it for some other requirement such as an emergency, education, family marriage, or home renovation. With HDFC Bank, with various Personal Loans ranging from 50k to 40 Lakh, you can enjoy an interest rate of 11% p.a. with flexible functions ranging from 12 to 60 Months.

What is an EMI?

EMI Stands for Equated Monthly Installment. Which is the fixed amount paid for the repayment of your loan. It includes both the principal component and the interest amount. It gives you the convenience and benefit of repaying the personal loan amount in small and easy installments.

Who is Eligible for a Personal Loan?

If you want to get a personal loan of up to 40 lakhs, then you must be a resident of India. Your age should be between 21 years to 67 years. You are employed with a private, public limited company, or multinational company. Your minimum CIBIL score should be 750.

Can I get a 50000 loan from HDFC Bank?

Yes, you can get a personal loan of 50,000 to Rs 40 lakh at an interest rate ranging from 11% to 21% per annum with a flexible tenor of 60 months to suit your loan needs.

Is HDFC Bank good for a loan?

HDFC Bank Personal Loan offers a host of features that you can avail of and is a good option if you are looking for a personal loan. HDFC Bank Personal Loan is available at attractive interest rates and for long tenures to meet your financial needs. You can use this personal loan for home repairs, family weddings, medical emergencies, vehicle purchases, etc.

What is the interest rate of an HDFC Bank Personal Loan?

With HDFC Bank, you can avail of personal loans up to 40 lakhs at attractive interest rates. You can enjoy a minimum interest rate of 11% per annum.

What is the minimum CIBIL score required to avail HDFC Bank personal loan?

If you have a high credit score, you may also get a higher loan amount or lower loan rates. However, a score below 750 may reduce your chance of getting a personal loan or grant you a lower amount or a higher interest rate.

What is the minimum salary for HDFC Bank personal loan?

To avail HDFC Bank Personal loan, you need to have a minimum net income of ₹ 25,000 per month.

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