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HDFC Personal Loan Interest Rate 2024

By Adnan Ali

Updated on: Jun 28th, 2024

8 min read

HDFC Bank offers Personal Loan at interest rates starting from 10.50% p.a. Bank is offering a loan amount of up to Rs 40 lakh for a repayment tenure of 6 years. Here we are providing the interest rates of various HDFC personal loan schemes and what factors determine the interest rate.

Interest Rate for Various HDFC Personal Loan Schemes

Types of Personal Loan	Rate of Interest (p.a.)
HDFC Bank Marriage Loan	10.50-20.40%
HDFC Bank Personal Loan for Home Renovation	10.50-20.40%
HDFC Bank Personal Loan for Teachers	10.50-20.40%
HDFC Bank Personal Loan for Salaried	10.50-20.40%
HDFC Bank Personal Loan for Government Employees	10.50-20.40%
HDFC Bank Personal Loan Balance Transfer	10.40%
Other HDFC Bank Personal Loans	10.50-24.00%

Interest rates last updated on 4th June 2024

HDFC Bank Personal Loan Factors

Banks consider numerous factors when finalising the interest rate. These factors include credit score, income, Employment stability and Relationship with lender.

Details of the HDFC Bank Personal Loan Interest Scheme

Following are some essential details of personal loans from HDFC Bank:

Interest Rate	10.50% to 20.40% p.a.
Loan Tenure	3 months - 6 years
Processing Fee	Up to 2.50% of the loan amount
CIBIL Score Requirement	Above 720
Minimum Salary Needed	Rs. 25,000 in net income
Prepayment	Up to 25% of the principal outstanding

Characteristics of the HDFC Personal Loan Scheme

The features of HDFC Bank personal loan are as follows:

Zero Collateral Requirements: You will not need to collateralise your valuable assets to get a loan. You will only have to maintain a CIBIL score above 720 and earn a minimum of Rs. 25,000 per month if you are a salaried individual or Rs. 50,000 per month if you are a non-salaried individual to get easy approval.
Quick Approval and Disbursal: Applicants can receive instant approval for their loan application and instant deposition of funds in their bank account. However, they must submit an error-free application and meet the eligibility criteria.
Competitive Interest Rates: The interest ranges between 10.75% p.a. and 24% p.a., so you can pay affordable EMIs to repay your credit. Moreover, the processing fees and the prepayment charges are not so high.
Credit Insurance Availability: Upon availing a personal loan, HDFC Bank offers you critical illness coverage of Rs. 1 lakh and personal accident coverage of Rs. 8 lakh.
Simple Application Process: The application process for HDFC Bank personal loans is extremely simple and hassle-free. All you will need to do is visit the official website. Even the document requirement for loan application is minimal.
Flexibility of Customisation: You can choose the loan amount, repayment tenure, etc., as per your requirements. To make the best decisions, you can use an online EMI calculator.

To avail these exclusive benefits on HDFC Bank personal loans, you can easily apply for them online. However, before that, you will need to be aware of the other charges and eligibility criteria associated with this loan.

Other Fees and Charges of the HDFC Personal Loan Scheme

Apart from the interest rate, you will need to pay some additional charges when applying for a loan. These charges include:

Particulars	Fees and Charges
Processing fees	Up to 2.50% of the loan amount, subject to a maximum of Rs. 25,000 and a minimum of Rs. 2,999 and for salaried customers
Prepayment Charges	4% of principal outstanding for prepayment between 13-24 months 3% of principal outstanding for prepayment between 25-36 months 2% of principal outstanding for prepayment above 36 months
Cheque Swapping Charges	Rs. 500
Amortisation Schedule Charges	Rs. 200
Delayed EMI Payment Charges	2% per month on EMI/principal overdue
Cheque Bounce Charges	Rs. 550 per cheque bounce

Remember, there are no hidden charges when applying for a personal loan at HDFC Bank.

Eligibility for the Personal Loan Scheme from HDFC Bank

To avail a personal loan at HDFC, you need to fulfil certain eligibility criteria. These include:

Age Range: You age must be between 21 and 60 years
Citizenship: You should be a citizen of India
Employment: You can be a salaried person or a self-employed person
Job Experience: At least 2 years (1 year minimum experience with current employer)
Monthly Income: Your minimum monthly income should be Rs. 25,000 if you are a salaried person and Rs. 50,000 when you are self-employed

Documents Required When Applying for an HDFC Loan

Following are some crucial papers that you will need to submit when applying for a loan:

Identity Proof Documents: Aadhaar card, voter ID card or driving licence
Address Proof Documents: Utility bills, rental agreement or passport
Bank Account Documents: Bank statements of the previous 3 months or passbook of the previous 6 months
Income Proof Documents: Latest salary slips of past 2 month or salary certificate with the latest Form 16

HDFC Bank Personal Loan EMI Calculator

You can use an online HDFC Bank personal loan EMI calculator to determine the monthly instalments and ensure that you pay your EMIs on time and never default on loan repayment. The process to use this calculator are as follows:

Visit the official HDFC Bank EMI Calculator page.
Move the sliders or enter the required values manually.
Finally, click on the ‘Calculate’ button to determine your monthly instalments.

Once done, the EMI amount will be visible on your screen. You can get several benefits from using an online EMI calculator. These include:

Easy-to-use online calculator
Free of cost
Instant and error-free results

Types of HDFC Bank Personal Loan

To cater to the diverse monetary requirements of borrowers, HDFC Bank offers different types of personal loans. These include:

Loan Type	Purpose	Loan Amount	Loan Tenure
HDFC Bank Golden Edge Personal Loan	This type of credit is perfect for people with a minimum income of Rs. 75,000. With these funds, they can plan their marriage, vacation, wedding, higher education and a lot more.	Rs. 10 lakh to Rs. 40 lakh	3 months to 6 years
HDFC Bank Travel Loan	People who love exploring new places can avail of this credit type to plan their journey with ease.	Up to Rs. 40 lakh	1 to 5 years
HDFC Bank Marriage Loan	Planning a lavish wedding incurs substantial expenses. With a marriage loan, you can easily plan your dream wedding.	Rs. 50,000 to Rs. 40 lakh	1 to 5 years
HDFC Bank Personal Loan for Home Renovation	Remodelling your home is essential, not only to enhance its look but also to increase its longevity.	Up to Rs. 40 lakh	1 to 5 years
HDFC Bank Personal Loan for Women	Women applicants who wish for extra funds to finance their education or marriage can avail of a personal loan for women.	Rs. 50,000 to Rs. 40 lakh	1 to 5 years
HDFC Bank Personal Loan for Teachers	Teachers can apply for this type of loan to get additional funds for personal needs or when there is a cash crunch.	Up to Rs. 40 lakh	3 months to 6 years
HDFC Bank Personal Loan for Government Employees	Government employees can meet their personal financial requirements by availing of this type of loan.	Up to Rs. 40 lakh	Up to 6 years
HDFC Bank Personal Loan for Salaried	Salaried people working in top MNCs or private or public sector companies can apply for this type of credit.	Rs. 50,000 to Rs. 40 lakh	1 to 5 years
HDFC Bank Personal Loan for Students	Students who wish to pursue higher studies to excel in their career can avail this type of credit.	Up to Rs. 40 lakh	1 to 5 years
HDFC Bank Personal Loan for Medical Emergency	This is a perfect solution for people whose family members are going through a medical emergency, and they need funds for proper treatment.	Rs. 50,000 to Rs. 40 lakh	1 to 5 years

HDFC Bank Personal Loan Customer Care

You can call the personal loan customer care number to get necessary assistance whenever you face any issues. The customer care numbers are as follows:

1860 267 6161
1800 202 6161

Knowing about HDFC bank personal loan interest rates, features and other details will help you make the best decisions regarding your credit. Since a loan is a long-term commitment, learning everything about it before applying will help you make an informed decision. This way, you can repay your loan on time without any hassle.

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Frequently Asked Questions

What is the current HDFC personal loan interest rate?

At present, the HDFC Bank personal loan interest rate ranges between 10.75% p.a. and 24% p.a (fixed). You can negotiate with the lender to avail a lower interest rate and make sure to reduce your interest rates when repaying credit.

What is the EMI for a Rs. 12 lakh loan for 5 years?

If the interest rate is 10.75% p.a. on loan repayment, you will need to pay an EMI of Rs. 25,942 per month for the above personal loan. You can simply use an online HDFC personal loan EMI calculator to determine the EMI for varied loan amounts, interest rates and tenure.

What is the EMI for a Rs. 30 lakh personal loan?

The EMI for a Rs. 30 lakh personal loan for 5 years at 10.75% p.a. is Rs. 64,854. However, if the interest rate is 21% p.a. and the tenure remains 5 years, the monthly instalments turn out to be Rs. 81,160.

What is the EMI of Rs. 5 lakh in HDFC?

If you are planning to take a loan of Rs. 5 lakh from HDFC Bank at an interest rate of 10.75% p.a. over a tenure of 5 years, you will have to pay Rs. 10,809 as EMI. If you find it convenient to pay this instalment, you can go ahead with the application process.

What is the EMI for a Rs. 7 lakh loan for 5 years?

Approximately, you will have to pay a monthly instalment of Rs. 15,133, upon availing a personal loan of Rs. 7 lakh for 5 years at 10.75% p.a. interest rate. Remember the EMI will change upon variation in the interest rate of your personal loan.

What is the EMI for a Rs. 20 lakh personal loan?

To repay a loan of Rs. 20 lakh over 5 years at an interest rate of 10.75% p.a., you will need to pay an EMI of Rs. 43,236. Make sure that you can arrange for this amount every month before applying for a loan.

Can business owners take personal loans from HDFC Bank?

Yes, self-employed people can take a personal loan from HDFC Bank. However, they will have to meet the specified eligibility criteria. These criteria primarily include minimum earnings of Rs. 50,000 per month.

Can I avail a personal loan from HDFC Bank on a floating rate of interest?

No, you cannot get a personal loan from HDFC Bank at floating interest rates. However, you can get credit at fixed interest rates that are not affected by changes in market conditions.

Does HDFC Bank allow part-payment of the loan amount and are there any conditions for the same?

Yes, HDFC Bank allows you the flexibility to part prepay your credit. However, you can prepay only up to 25% of the outstanding loan amount. Also, you can make part prepayments only once during the financial year and twice during the entire tenure of your loan.

How to check HDFC personal loan status?

To check the status of your HDFC personal loan, visit the HDFC Netbanking portal, mobile banking app, or a nearby physical branch. You can even call the customer care number from your registered mobile number and know the status.

How to contact HDFC personal loan customer care?

You can call the customer care numbers 1860 267 6161 or 1800 202 6161 from your registered mobile number for enquiry. These numbers are open 24/7. Therefore, you can call them whenever you face any issues.

Which documents should I bring with me when I visit HDFC Bank?

When applying for a personal loan at HDFC, you will need to carry identity proof, address proof, bank statements and income proof. So, make sure to carry these documents when going to HDFC Bank to apply for a loan.

Can I negotiate the interest rate on my HDFC Bank personal loan?

Yes, you can request HDFC Bank to negotiate the interest rate if you find that the EMIs have become too high for you. The interest rates depend on numerous factors. Therefore, lenders consider them when negotiating interest rates.

How long does it take the HDFC Bank to disburse a personal loan?

Usually, you can expect the loan amount within 4 working days of applying for the loan. You can get the money in just 10 seconds if your loan is pre-approved. However, make sure that you meet the eligibility criteria and fill out the application form accurately.

About the Author

Adnan Ali

Senior Content Writer

I am a curious person, and Finance is at the top of my list of interests. With more than 5 years of experience in fintech, I am an expert in lending, investment and personal finance. I believe the Devil lies in details, so I dig a lot before writing anything and armed my writing pieces with figures and facts. Read more

Quick Summary

HDFC Bank offers personal loans at interest rates starting from 10.50% p.a. with various schemes available. Factors determining interest rates include credit score and income. HDFC personal loan details such as tenure, processing fee, and eligibility criteria are furnished. Additional charges like prepayment fees and document requirements are also highlighted, ensuring a transparent process for loan applicants.