HDFC personal loan interest rates begin from 10.25 percent onwards. The final rate of interest offered to the applications differs according to the monthly income, credit score, job profile, employer’s profile etc., of the applicant.
Comparison in between the HDFC bank and other NBFCs/banks
| Lenders | Rate of interest (per annum) |
| HDFC Bank | 10.25 – 21.00 percent |
| State Bank of India | 9.60 – 13.85 percent |
| Punjab National Bank | 7.90 – 14.50 percent |
| ICICI Bank | 10.50 – 19.00 percent |
| Kotak Mahindra Bank | 10.25 percent onwards |
| Axis Bank | 10.25 percent onwards |
| IDFC First Bank | 10.49 – 23 percent |
| IndusInd Bank | 11.00 percent onwards |
| Tata Capital | 10.99 percent onwards |
| Bajaj Finserv | 13.00 percent onwards |
HDFC personal loan interest rates and charges
| Fees | Charges |
| Processing charges | Up to 2.50 percent of the loan is subject to a maximum of Rs 25,000 for the salaried individuals. |
| Stamp duty & other statutory charges | According to the state laws |
| Overdue EMI interest | 2 percent per month on principal/EMI overdue |
| Incidental/legal charges | At actual |
| Amortization schedule charges | Rs 200 |
| Cheque bounce | Effective from July 1st, 20211st return at Rs 4502nd in month Rs 5003rd onwards Rs 550 (10 percent discount for the senior citizen) |
| Loan cancellation charges | NIL |
| Cheque swapping charges | Rs 500 |
| Prepayment in full or part | Salaried – Zero prepayments in full or part permitted until the repayment of twelve EMIs. Part-payment permitted up to 25 percent of principal outstanding. This is permitted just once in a financial year & twice during the loan tenure. |
| Prepayment Charges(on principal outstanding) Part-payment Charges [on part-payment amount] | Salaried – 13 – 24 months – 4 % of principal outstanding,25-36 months – 3% of principal outstanding>36 months – 2% of principal outstanding |
HDFC bank personal loan types
COVID personal loan
∙ Purpose: COVID linked treatment and expenses.
∙ Repayment tenure: Up to five years.
∙ Loan amount: Up to Rs 5 lakh.
Marriage loan
∙ Purpose: To mitigate the personal expenses of your marriage.
∙ Repayment tenure: 1 – 5 years
∙ Loan amount Rs 50,000 to Rs 40 lakh
∙ Processing charges: Up to 2.5 percent of the loan amount subject to a maximum of Rs 25,000 and a minimum of Rs 1,999 for salaried customers.
Travel loan
∙ Purpose: To mitigate the travel expenditures of the applicant.
∙ Loan amount: Up to Rs 40 lakh.
∙ Processing charges: Up to 2.5 percent of the loan amount, which is subject to a maximum of Rs 25,000 and a minimum of Rs 1,999 for the salaried customers.
∙ Loan repayment tenure: Up to 5 years.
Emergency loan
∙ Purpose: To mitigate any emergency expenditures like education expenditure, medical expenditure, wedding, or any unforeseen emergency.
∙ Repayment tenure: Up to five years
∙ Loan amount: Rs 50,000 – Rs 40 lakh
∙ Processing charges: Up to 2.5 percent of the loan amount, which is subject to a maximum of Rs 25,000 and a minimum of Rs 1,999 for the salaried customers.
Debt consolidation loan
∙ Processing charges: Up to 2.5 percent of the loan amount subject to a maximum of Rs 25,000 and a minimum of Rs 1,999 for the salaried customers.
∙ Purpose: For making the repayment towards different dues.
∙ Loan amount: Up to Rs 40 lakh.
∙ Loan repayment tenure: up to 5 years
Personal loan for the home renovation
∙ Purpose: To mitigate the expenditures linked to kitchen remodelling, sprucing, replacement of furniture, change in the electrical wiring, installation of the new fittings and fixtures and other home linked renovations.
∙ Loan amount: Up to Rs 40 lakh
∙ Loan repayment tenure: Up to 5 years
∙ Processing charges: Up to 2.5 percent of the loan amount, which is subject to a maximum of Rs 25,000 and a minimum of Rs 1,999 for salaried customers.
Personal loan for students
∙ Purpose: For the student to meet higher studies.
∙ Loan amount: Up to Rs 40 lakh
∙ Repayment tenure: Up to 5 years
∙ Processing charges: Up to 2.5 percent of the loan amount, which is subject to a maximum of Rs 25,000 and a minimum of Rs 1,999 for salaried customers.
Personal loan for teachers
∙ Purpose: For the teachers at government or private colleges and schools to mitigate any added overheads.
∙ Processing charges: Up to 2.5 percent of the loan amount, which is subject to a maximum of Rs 25,000 and a minimum of Rs 1,999 for salaried individuals.
∙ Loan amount: Up to Rs 40 lakh
Personal loan for women
∙ Purpose: To mitigate the financial requirements of women like travel, wedding, education, or other emergency expenditures.
∙ Repayment tenure: Up to 5 years.
∙ Loan amount: Rs 50,000 to Rs 40 lakh.
∙ Processing charges: Up to 2.5 percent of the loan amount, which is subject to a maximum of Rs 25,000 and a minimum of Rs 1,999 for the salaried customers.
Personal loan for the salaried
∙ Purpose: To mitigate the financial exigency for the salaried individuals.
∙ Repayment tenure: Up to five years.
∙ Processing charges: Up to 2.5 percent of the loan amount, which is subject to a maximum of Rs 25,000 and a minimum of Rs 1,999 for salaried individuals.
∙ Loan amount: Rs 50,000 to Rs 40 lakh.
Personal loan for government employees
∙ Purpose: The purpose is to meet the financial requirements of the government employees in situations of medical emergency, wedding, travel expenses etc.
∙ Loan amount: Up to Rs 40 lakh.
∙ Loan repayment tenure: Up to 6 years
∙ Processing charges: Up to 2.5 percent of the loan amount, which is subject to a maximum of Rs 25,000 and a minimum of Rs 1,999 for the salaried individuals.
Balance transfer option:
Purpose: for the existing personal loan of other banks or NBFC to avail HDFC personal loan at lower HDFC personal loan interest rates.
Processing charges: Beginning at Rs 3,999
HDFC bank personal loan eligibility criteria
∙ Private sector, public sector, central, state, and local bodies employees.
∙ Age: 21 to 60 years
∙ Applicant with nearly 2 years work experience and 1 year with the present employer
∙ Minimum net monthly income equals Rs 25,000
Documents needs for HDFC personal loan
∙ ID proof (driving license, Aadhaar card, passport, voter ID)
∙ Latest salary certificate/salary slip with the form 16
∙ Bank statement for previous three months (an updated passbook showing past 6 months transactions)
You can easily check your HDFC bank personal loan status once you have submitted your request for a personal loan through the HDFC app or by directly calling the branch for information about your status.
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