HDFC Bank Personal Loan
HDFC Bank Personal Loan Details
Below are the key details of the HDFC personal loan:
| Loan amount | Up to Rs. 40 Lakhs; Basis the loan requirement, one can avail up to Rs. 75 Lakhs (subject to eligibility norms) |
| Interest rate | 9.90% to 24% p.a. |
| Nature of interest rate | Fixed-rate of interest at the reducing balance method |
| Processing fee | Up to Rs. 6,500 + GST |
| Tenure | 12 to 60 months |
| CIBIL score | Above 720 |
| Age | 21 to 60 years |
| Minimum net monthly income | At least Rs. 25,000 |
| Loan disbursement TAT | Within 10 seconds |
Features & Benefits of HDFC Personal Loan
- You can get an HDFC Bank instant personal loan amount up to Rs. 40 Lakhs. Basis the loan requirement, you can avail up to Rs. 75 Lakhs (subject to eligibility norms).
- Pre-approved personal loans are available to select existing customers, with instant disbursal in just 10 seconds.
- Personal loan top-up and balance transfer facilities are available.
- HDFC Bank personal loan interest rates are highly affordable, ranging from 9.90% to 24% p.a. The bank charges a fixed rate of interest at the reducing balance method.
- The loan amount can be used for virtually any purpose, including a wedding, home renovation, medical emergency, travel, etc.
- The loan can be repaid within tenures of 12 to 60 months.
- Get hassle-free financing without pledging any collateral. Loan approval is based solely on the borrower’s income and creditworthiness.
- HDFC personal loans are processed swiftly, often within seconds or just a few days post-approval.
- Under the Golden Edge program, the bank offers the customer a loan of above Rs. 10 Lakhs with an option to foreclose the loan in part or in full without any prepayment charges (if paid from own sources). This facility is available after the payment of a minimum of 12 EMIs. The customer must be earning an income of Rs. Rs. 75,000 or above to be eligible.
- You can use the HDFC Bank personal loan calculator to know your EMIs even before applying for the loan.
HDFC Personal Loan Interest Rate
The charges associated with the HSBC Personal Loan are as follows:
HDFC personal loan interest rates are competitive. The bank charges a fixed interest rate ranging from 9.90% to 24% per annum at the reducing balance method. Reducing personal loan interest rate is a method of calculating the interest rate on the outstanding loan amount each month. The EMI under this method includes the interest payable on the total due loan amount. The final interest rates applicable to the loan may vary according to the borrower’s credit score, monthly income, job profile, loan amount, employer’s profile, and other factors.
Compare HDFC Bank Personal Loan with Other Banks
| Lenders | Loan Amount | Interest Rate | Tenure |
|---|---|---|---|
| HDFC Bank | ₹1 Lakh to ₹50 Lakhs | 9.99%% to 14% p.a. | 6 to 60 months |
| Axis Bank | ₹50,000 to ₹40 Lakhs | 9.99% to 22.00% p.a. | 12 to 84 months |
| Unity Small Finance Bank | Up to ₹5 Lakhs | 16.00% to 30.00% p.a. | 6 to 36 months |
| IDFC First Bank | Up to ₹10 Lakhs | 9.99% to 23.99% p.a. | 9 to 60 months |
| IndusInd Bank | ₹50,000 to ₹50 Lakhs | 10.49% p.a. | 12 to 84 months |
| Kotak Mahindra Bank | ₹50,000 to ₹35 Lakhs | 10.99% to 16.99% p.a. | 12 to 72 months |
| Yes Bank | ₹1 Lakh to ₹40 Lakhs | 11.25% to 21.00% p.a. | 12 to 60 months |
| DBS Bank | ₹50,000 to ₹50 Lakhs | 10.99% to 30.00% p.a. | 12 to 72 months |
| ICICI Bank | ₹50,000 to ₹50 Lakhs | 10.85% to 16.65% p.a. | 12 to 72 months |
| Federal Bank | Up to ₹25 Lakhs | 11.49% to 14.49% p.a. | Up to 48 months |
HDFC Personal Loan Eligibility Criteria
You can avail of a personal loan from HDFC Bank if you meet the following HDFC Bank personal loan eligibility:
- Employees of private limited companies and public sector undertakings (including central, state, and local bodies).
- Individuals between the age group of 21 to 60 years.
- Individuals who have had a job continuity of at least 2 years, with a minimum experience of 1 year with the current employer.
- Individuals earning a minimum net monthly income of at least Rs. 25,000 (Rs. 75,000 per month for the Golden Edge program.
- A credit score of above 720 is considered good for sanctioning a personal loan at HDFC Bank.
Document Required for HDFC Personal Loan
If you meet the HDFC personal loan eligibility, you can apply for the loan by submitting the documents mentioned below:
- Identity proof and address proof: Copy of Passport/ Voter ID Card/ Driving License/ Aadhaar Card
- Bank statements: Bank statements of the last 3 months or passbook of the previous 6 months
- Income documents: Latest 2 salary slips or current dated salary certificate with the latest Form 16
How to Apply for an HDFC Personal Loan
If you want to get an HDFC Bank personal loan, apply online easily by following the steps mentioned below:
- Check your HDFC Bank personal loan eligibility by clicking the ‘View Loan Eligibility’ button on the product page on our web portal.
- If you meet the eligibility criteria of the Bank, apply for the loan online by mentioning some basic details and filling up the form.
- Upload the required documents.
- Submit the form, and our personal loan experts will get in touch with you.
- Once you have applied for the loan, you can check your HDFC Bank personal loan application status through our experts or bank professionals.