HDFC Bank Personal Loan

Features of HDFC Personal Loan

  • No collateral or security required to avail a personal loan.
  • Loan disbursal within a day of applying for the loan.
  • HDFC personal loan interest rates range from 10.75% - 21.50% p.a.
  • Borrowers can opt for the ‘Sarv Suraksha Pro’ policy, which provides a credit shield cover, an accidental hospitalisation cover, and a permanent disability/accidental death cover.
  • Borrowers can also avail an optional insurance cover that will offer coverage against personal accidents and critical illnesses.

HDFC Bank Personal Loan Details

Rack Interest Rate10.75% to 21.50% p.a.
Loan AmountRs.50,000 to Rs.40 lakh
Benefits
  • Disbursal in 10 seconds for pre-approved customers and in four hours for other applicants
  • Minimal documentation required
  • The loan application can be submitted online through Creditupchar

Fees and Charges

The various fees and charges that are levied by HDFC Bank are:

Loan processing feeUp to a maximum of 2.5% of the loan amount, subject to a minimum fee of Rs.1,999 and a maximum fee of Rs.25,000
Pre-payment/Part-payment charges
  • 4% of the outstanding principal (loan tenure between 13 - 24 months)
  • 3% of the outstanding principal (loan tenure between 25 - 36 months)
  • 2% of the outstanding principal (loan tenure if over 36 months)
Overdue EMI interest2% per month will be charged on the principal or EMI that is overdue
Stamp duty and other statutory feesAs per the laws of the state that the applicant resides in
Cheque swapping feeRs.500
Amortization schedule feeRs.200
Cheque bounce chargesRs.550 per event
Incidental or legal chargesAt actual

Eligibility Criteria

  • You should be employed at a private company, a public sector company, or with a state, central, or local government body.
  • You should be over the age of 21 years. The maximum age is 60 years.
  • You should have an overall work experience of at least 2 years.
  • You should have been employed at their present organization for a minimum of 1 year.
  • Residents of Mumbai, Bengaluru, Delhi, Hyderabad, Chennai, Ahmedabad, Kolkata, Pune, and Cochin should have a minimum income of Rs.20,000 per month.
  • Residents of other cities should earn at least Rs.15,000 per month.

Documents Required

Proof of identityAadhaar Card, Driving Licence, Passport, or Voter ID Card
Proof of addressVoter ID Card, Aadhaar Card, Passport, or Driving Licence
Other documents
  • Bank statements for the last three months or passbook of the last six months
  • Latest salary slip or salary certificate
  • Form 16
  • Passport-size photograph


How the EMI calculation works for HDFC personal loan?

Let’s take a personal loan of Rs.1 lakh for a tenure of 6 months. Assume that HDFC charges an interest rate of 15.5% p.a. For the repayment tenure, you must pay an EMI of Rs.17,428. The loan repayment schedule is given as follows:

MonthsPrincipalInterestEMI (principal + interest)BalancePercentage of loan paid to date
1Rs.16,137Rs.1,292Rs.17,428Rs.83,86316.14%
2Rs.16,345Rs.1,083Rs.17,428Rs.67,51932.48%
3Rs.16,556Rs.872Rs.17,428Rs.50,96249.04%
4Rs.16,770Rs.658Rs.17,428Rs.34,19265.81%
5Rs.16,987Rs.442Rs.17,428Rs.17,20682.79%
6Rs.17,206Rs.222Rs.17,428Rs.0100.00%


Compare HDFC personal loan with loan from other lenders

Fees and chargesHDFC Bank Personal LoanAditya Birla CapitalBank of India Personal LoanCitibank Personal Loan
Interest rate10.75% p.a. onwards11% p.a. onwards12.90% p.a. onwards10.99% p.a. onwards
Processing fee2.5% + GST2% + GST2% + GST0.25% to 3.00% + GST
Foreclosure charges2% to 4% of the outstanding loan amount3% of the outstanding loan amountN/AUp to 4% of the principal outstanding
Late payment fee2% of the overdue amount per month2% of the overdue amount per monthContact the bank for detailsContact the bank for details

Before you apply for a personal loan from HDFC Bank, ensure that you go through the loan particulars, check your eligibility, and are familiar with the terms and conditions of the lender.

Visit HDFC Bank Personal Loan