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HDFC Bank allows people to save big on the Interest rate. Personal loans are offered at a competitive interest rate and negotiable processing fee. Availing HDFC Personal loan interest rate, one is eligible to pay comparatively less amount for monthly EMIs. Get attractive interest rates on personal loans starting @ 10.50% on the amount upto Rs 40 lakhs with a flexible repayment tenure of 5 years. Apart from it, the bank charges a processing fee of upto 2.5%.
(Note: Interest Rate will depend on certain factors like credit score, repayment tenure, loan amount and no collateral/security is required to avail of HDFC Personal loan)
HDFC Personal Loan comprises different applicable charges in different circumstances and conditions. Interest rates, fees and charges are discussed below.
Fee/Charges | Amount to be paid |
Interest Rate | Salaried – 10.50% to 24% |
Processing charges | Upto Rs 4999/- |
Stamp Duty | Depending on state to state |
Payment delay charges | 18% P.a. + Applicable Govt Taxes on overdue Instalment amount |
Post Loan Disbursement charges | |
Repayment mode change charges | INR 500 |
Legal / Incidental charges | Standard charges may apply |
Payment Return charges | INR 450 per occurrence |
Repayment Schedule charges / Amortisation Schedule charges | INR 50 per occurrence |
Loan cancellation & Rebooking charges | Cancellation is only allowed with a lookup/cooling-off period. The interest rate applied will be borne by the customer. (Note: Processing fee, stamp duty and statutory charges are non-refundable and will not be waived off) Rebooking Charges – INR 1,000 + taxes applicable |
Delayed Installment payment charge. | 18% P.a. plus taxes applicable on overdue installment amounts. |
Premature Closure Charges | |
Premature Closure Charges (Full payment) | (Applicable on outstanding Principal amount) – Post-cooling period off / look-up period. Upto 24 EMI repayment – 4% of principal outstanding Post 24 and upto 36 EMI repayment – 3% of principal outstanding Post 36 EMI repayment – 2% of principal outstanding. |
Premature Closure Charges (Part-payment) | (Applicable on Part-payment amount) Partial premature payment is allowed post-payment of the first EMI. Post 1 EMI and upto 24 EMI repayment – 4% of the part-payment amount. Post 24 EMI and upto 36 EMI repayment – 3% of the part-payment amount. Post 36 EMI repayment – 2% of the part-payment amount. Partial premature payment is consented on upto 25% of the outstanding principal (allowed once in the financial year and twice in the whole tenure) |
Other necessary conditions | |
Loan amount | 50,000 to 40 Lakhs |
Repayment Tenure | Upto 5 years |
Monthly Salary / Income | 15,000 Per month |
Credit score | 700 and above |
There are certain factors that determine interest rates in HDFC personal loans, following below are some of them.
The repayment tenure or duration of a loan plays a crucial role in determining the interest rate of the personal loan. Shorter-term loans procure higher interest rates if compared with loans of higher tenure. The longer repayment tenure is suggested for lower monthly payable EMIs.
HDFC Bank analyses and evaluates the applicant’s repayment capacity before sanctioning the amount. If the applicant has good creditworthiness and a stable income, all these factors directly improve the repayment capacity and increase the chances of approval.
The interest rate charged on a personal loan greatly depends from profile to profile. The profile of the borrower plays an initial role in the whole process. Applicants with high credit scores get fast approval and faster disbursal, even at comparatively lower interest rates.
Whether it’s a personal loan or any other loan, the CIBIL score is the primary factor that should be perfect and available upto the needed criteria. A minimum credit score of at least 700 or above is required to get an HDFC Personal loan. The number ranges from 300-900, and the applicant whose number is closest to 900 will get sanctioned at a lower interest rate.
HDFC Bank definitely treats its existing bank account holders very well. The benefit of relations includes special offers, interest rates and charges. If an applicant has a good reputation in the bank’s eyes and is a responsible borrower with good repayment history will definitely get a subsidy in the interest rate charged.
One can use HDFC personal loan calculator to find out the payable interest rate. The manual calculation of interest rates can get a bit hectic and inaccurate. Interest offered by HDFC Bank on personal loans starts from 10.50% and goes upto 24%. Using a calculator the total payable amount will get sorted out.
HDFC Bank charges an interest rate of 10.50% to 24%, depending upon the individual.
HDFC Bank approves personal loans faster than other banks.
A credit score of 700 or above is considered good as per Credit bureau India Ltd.
A score of negative or -1 implies one doesn’t have a credit history. Also, Individuals don’t have credit accounts.
One can prepay HDFC personal loan only after 12 months of the loan procurement. Foreclosure charges are applicable only after 12 EMI payments.
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✅Minimum Documents ✅No Collateral ✅Instant Disbursal