Get the best deal on a personal loan with HDFC Bank. Offering competitive interest rates, low processing fees, and flexible loan amounts up to Rs. 40L with repayment tenure of 1 to 5 years. 100% paperless approval.
HDFC Bank Personal Loan : Overview
HDFC Bank Personal Loan is a financial product offered by HDFC Bank that provides customers with funds for personal or emergency needs. The loan offers attractive interest rates, ranging from 10.75% to 21.50% per annum, with a fixed interest rate. The processing fee for the loan is up to 2.50% of the loan amount, and it is a one-time fee. The loan amount offered can be up to Rs.40L and the tenure for repayment can range from 1 to 5 years. The approval process for the loan is 100% paperless, making it convenient for the customers. HDFC Bank Personal Loan has received a 4.0/5.0 rating from 20619 users.
| Bank Name | Interest Rate Range | Processing Fee Range | Loan Amount | Tenure Range |
|---|---|---|---|---|
| HDFC Bank Personal Loan | 10.75% – 21.50% | Up to 2.50% (One time fee) | Up to Rs.40L | 1 – 5 Years |
Features
- Competitive interest rates – HDFC Bank offers interest rates starting from 10.75%
- Flexible loan amount – up to Rs. 40 Lakhs
- Tenure options – 1 to 5 years
- Processing fee – Up to 2.50% with a one-time fee
- 100% paperless approval – online application and disbursal process
- High loan eligibility – based on factors such as income, employment history, and credit score
- Quick and easy disbursal – with minimal documentation required
- Customizable repayment options – choose from a range of EMI options to suit your needs
- Transparent terms and conditions – clear terms and conditions for the loan with no hidden charges
- 24×7 customer support – round-the-clock assistance for all loan related queries.
Benefits
- Quick and easy approval process with 100% paperless transactions.
- Wide range of loan amount up to Rs. 40L.
- Flexible repayment tenure of 1 to 5 years.
- Competitive interest rates ranging from 10.75% to 21.50%.
- Transparent and fixed interest rate structure.
- Convenient repayment options through ECS, PDC, or Auto Debit.
- No hidden charges, just a one-time processing fee up to 2.50%.
- Personalized loan solution to meet individual financial needs.
- Dedicated customer support available 24×7.
- Easy balance transfer and top-up options available.
Eligibility Criteria
To be eligible for an HDFC Bank personal loan, applicants must meet the following criteria:
- Age: 21 years or above, with a maximum age of 60 years for salaried individuals and 65 years for self-employed individuals.
- Income: Minimum of Rs.20,000 per month (Rs.25,000 for applicants from Madhya Pradesh)
- Employment: Should be employed at a private company, public sector company, or with a state, central, or local government body with a minimum overall work experience of 2 years and present employment of at least 1 year.
Fees and charges
Fees and charges associated with HDFC Bank Personal Loan include:
| Charge | Details |
|---|---|
| Loan processing fee | Up to 2.5% of loan amount, max. fee Rs.25,000 |
| Pre-payment/Part-payment charges | 4% (13-24 months), 3% (25-36 months), 2% (over 36 months) |
| Overdue EMI interest | 2% per month on overdue principal or EMI |
| Stamp duty and statutory fees | As per state laws |
| Cheque swapping fee | Rs.500 |
| Amortization schedule fee | Rs.200 |
| Cheque bounce charges | 1st return: Rs.450 + taxes, 2nd return in month: Rs.500 + taxes, 3rd return onwards: Rs.550 + taxes |
| Incidental or legal charges | At actual |
Documents Required for HDFC Personal Loan
- Proof of identity: Aadhaar Card, Driving License, Passport, Voter ID Card
- Proof of address: Aadhaar Card, Driving License, Passport, Voter ID Card
- Bank statements (last 3 months) or passbook (last 6 months)
- Latest salary slip or salary certificate
- Form 16
- Passport-sized photograph
HDFC Personal Loan EMI Calculation
Use the BankBazaar HDFC Personal Loan EMI Calculator to determine your monthly payment amount by entering the loan amount, tenure, interest rate, and processing fee. Then, hit “Calculate” to see your EMI and processing fee.
As an example, consider a personal loan of Rs.1 lakh for a 1-year tenure with an interest rate of 10% p.a. from HDFC. The monthly EMI for the repayment period would be Rs.8,792. The following table shows the loan repayment schedule:
| Month | Principal Paid (A) | Interest Paid (B) | Total Payment (A + B) | Outstanding Loan Balance |
|---|---|---|---|---|
| Sep | 7,958 | 833 | 8,791 | 92,042 |
| Oct | 8,025 | 767 | 8,792 | 84,017 |
| Nov | 8,091 | 700 | 8,791 | 75,926 |
| Dec | 8,159 | 633 | 8,792 | 67,767 |
| Jan | 8,227 | 565 | 8,792 | 59,540 |
| Feb | 8,295 | 496 | 8,791 | 51,245 |
| Mar | 8,365 | 427 | 8,792 | 42,880 |
| Apr | 8,434 | 357 | 8,791 | 34,446 |
| May | 8,505 | 287 | 8,792 | 25,941 |
| Jun | 8,575 | 216 | 8,791 | 17,366 |
| July | 8,647 | 145 | 8,792 | 8,719 |
| Aug | 8,719 | 73 | 8,792 | 0 |
HDFC Personal Loan with Other Lenders Comparison
| Fees and Charges | HDFC Bank Personal Loan | Aditya Birla Capital | Bank of India Personal Loan | Citibank Personal Loan |
|---|---|---|---|---|
| Interest rate | 10.50% p.a. onwards | 14% p.a. – 26% p.a. | 10.75% p.a. – 12.65% p.a. | 9.99% p.a. – 16.49% p.a. |
| 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 | 4% of the outstanding loan amount | N/A | Up to 4% of the principal outstanding |
| Late payment fee | 2% of the overdue amount per month | 3% of the overdue amount per month | Contact the bank for details | N/A |
HDFC Bank Corporate Address
| HDFC Bank | Corporate Address |
| HDFC House, H T Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai – 400 020 |
FAQs on HDFC Personal Loan
| Question | Answer |
|---|---|
| How can I repay my HDFC loan? | Repayments can be done via cheques, ECS, or standing instruction from an HDFC Bank account. |
| When can I take an HDFC top up loan? | After opting for a balance transfer with HDFC. |
| Can business owners take personal loans from HDFC Bank? | No, only offered to salaried individuals. |
| Is the interest rate floating or fixed? | Fixed. |
| Can I make part-payments and under what conditions? | Twice during tenure, max 25% of outstanding principal, may incur charge. |
| What is the repayment tenure? | 1-5 years (12-60 months). |
| How can I check my loan status? | Online using reference/proposal number and DOB/mobile. |
| Am I eligible for loan moratorium due to COVID-19? | Yes, based on RBI guidelines and HDFC discretion. |
| How to contact HDFC personal loan customer care? | Call the listed city numbers between 8am and 8pm. |
HDFC personal loan customer care
| City | Customer Care Number |
|---|---|
| Pune | 020 – 6160 6161 |
| Mumbai | 022 – 61606161 |
| Kolkata | 0522 – 6160616 |
| Jaipur | 033 – 61606161 |
| Indore | 0141 – 6160616 |
| Hyderabad | 040 – 61606161 |
| Delhi and NCR | 011 – 61606161 |
| Cochin | 0484 – 6160616 |
| Chennai | 044 – 61606161 |
| Chandigarh | 0172 – 61606161 |
| Bangalore | 080 – 61606161 |
| Ahmedabad | 079 – 61606161 |
Note: Call hours are 8 a.m. to 8 p.m. on all days including Sundays and bank holidays.
An 18% Goods and Services Tax (GST) applies to banking services and products starting July 1, 2017.
Other loan products from HDFC
- HDFC Retail Agri-Loans
- HDFC Bank Tractor Loan
- HDFC Loan Against Property
- HDFC Agriculture Loan
- HDFC Loan against Securities
- HDFC Loan Against Rent Receivables
- HDFC Insta Jumbo Loan
- HDFC Insta Loan