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Are you planning to apply for a personal loan and wondering about the HDFC Bank personal loan interest rate? HDFC Bank provides competitive rates and flexible options, making it a popular choice for borrowers in India.
In this guide, we’ll break down all about HDFC personal loan Interest rates, factors affecting them, eligibility criteria, how to calculate the HDFC loan Interest rate and tips to secure the best deal. Let’s get started!
Table of contents
- What is the HDFC Bank Personal Loan Interest Rate?
- Factors Influencing HDFC Personal Loan Interest Rates
- Types of HDFC Personal Loans and Their Interest Rates
- Additional Charges on HDFC Personal Loans
- How to Calculate HDFC Personal Loans EMI?
- Eligibility Criteria for HDFC Personal Loans
- Documents Required for HDFC Personal Loans
- Tips to Get the Lowest HDFC Bank Personal Loan Interest Rate
- How to Apply for HDFC Bank Personal Loan?
- FAQs on HDFC Personal Loan Interest Rate
What is the HDFC Bank Personal Loan Interest Rate?
HDFC Bank provides personal loans with interest rates starting at 10.50% per annum and going up to 24% per year, depending on various factors. HDFC Bank personal loan interest rates are competitive in the market, offering affordable EMI options for loan amounts up to INR 40 lakh with repayment tenures ranging between 3 months and 6 years.
The exact HDFC personal loan interest rates you get depends on your financial profile, but HDFC Bank ensures quick disbursal—sometimes within 4 hours for existing customers who meet the exact requirements, making it a convenient option for urgent needs like medical emergencies, weddings, or home renovations.
Also Read: Check out all the benefits of HDFC Education Loan and familiarise yourself with the details.
Factors Influencing HDFC Personal Loan Interest Rates
Understanding what affects your interest rate can help you plan better. HDFC Bank evaluates several aspects of your financial profile to decide your rate. Here are the key factors that can influence HDFC Bank personal loan interest rates:
- Credit Score: A higher CIBIL score (ideally above 720-750) can help you secure a lower interest rate. It shows the bank you’re reliable with repayments.
- Monthly Income: Salaried individuals earning at least INR 25,000 every month or self-employed individuals with INR 50,000 monthly income are eligible. Higher income often means a better rate due to lower repayment risk.
- Employment Type: Salaried employees, especially from reputed MNCs, PSUs, or government sectors, may get preferential rates compared to self-employed applicants.
- Loan Amount and Tenure: Larger loans or longer repayment periods might come with slightly higher rates to offset the bank’s risk.
- Existing Relationship with HDFC: If you already have a savings account, credit card, or home loan with HDFC Bank, you might enjoy a concessional rate.
Types of HDFC Personal Loans and Their Interest Rates
HDFC Bank gives tailored personal loan schemes to meet diverse needs of its customers. Here’s a quick look at some popular types of HDFC Personal loans and and their interest rate range:
- Personal Loan for Salaried: 10.50% – 24%
- Personal Loan for Government Employees: 10.50% – 24%
- Balance Transfer Loan: Starts at 10.50%
- Home Renovation Loan: 10.50% – 24%
- Marriage Loan: 10.50% – 24%
- Travel Loan: 10.50% – 24%
Apart from these types of personal loans students can also go for HDFC Bank personal loan for education easily. No matter your purpose HDFC Bank ensures flexibility and competitive pricing.
Additional Charges on HDFC Personal Loans
Beyond the HDFC Bank personal loan interest rate, there are a few extra costs to consider. Knowing these upfront helps you budget effectively. Here’s what you’ll encounter when electing for an HDFC personal loan:
- Processing Fee: Up to 2.50% of the total loan amount (minimum INR 2,999, maximum INR 25,000).
- Prepayment Charges: 2%-4% of the outstanding principal, depending on when you prepay (e.g., 4% between 13 to 24 months).
- Cheque Bounce Fee: INR 550 per instance.
- Late EMI Payment: 2% every month on overdue amounts.
These additional charges on HDFC Personal loans are transparent, with no hidden surprises, ensuring you can plan your finances effectively.
How to Calculate HDFC Personal Loans EMI?
HDFC Bank has an EMI calculator on its official website link to help you estimate your monthly payments. Simply input:
- Loan amount (e.g., INR 5 lakh)
- Interest rate (e.g., 10.50%)
- Tenure (e.g., 3 years)
The calculator instantly shows your EMI, total interest payable, and overall cost. It’s free, user-friendly, and helps you choose a tenure that fits your budget.
Eligibility Criteria for HDFC Personal Loans
Apart from understanding the HDFC personal loan interest rate, one must also recognize that applying for a loan begins with meeting the bank’s basic requirements. HDFC Bank keeps the process simple to ensure accessibility for eligible borrowers. Here’s what you are required to qualify for HDFC personal loans:
- Borrower’s Age: 21 to 60 years
- Borrower’s Nationality: Indian citizen
- Borrower’s Income: Minimum INR 25,000 (salaried) or INR 50,000 (self-employed)
- Work Experience: Borrower should have minimum of 2 years of work experience, with 1 year at the current job
- Borrower’s Credit Score: Above 720-750
Also Read: Discover the best HDFC Scholarship to Study Abroad.
Documents Required for HDFC Personal Loans
To process your HDFC Bank personal loan application with low interest rates smoothly, HDFC Bank requires a few essential documents. Gathering these in advance can help speed up approval. Here’s what you’ll need to provide:
- Proof of Identity: Submit a copy of any one of these—Aadhaar card, Passport, Voter ID, or Driving License.
- Proof of Address: Provide a copy of documents like a Passport, Voter ID, Driving License, or Aadhaar card.
- Financial Documents: Include bank statements from the last 3 months, a passbook covering the past 6 months, or two recent salary slips (or a current salary certificate).
Having these ready ensures a hassle-free application process.
Tips to Get the Lowest HDFC Bank Personal Loan Interest Rate
Want to save on HDFC Bank personal loan interest rate? Follow these simple steps:
- Boost Your Credit Score: Pay bills and EMIs on given time to maintain a score above 750.
- Leverage Your Relationship: Existing HDFC customers often get better rates—check with the bank first.
- Compare Offers: Use online marketplaces to compare HDFC rates with other lenders.
- Opt for a Shorter Tenure: Shorter loan terms often come with lower rates and less interest overall.
- Check Pre-Approved Offers: Log into your HDFC account to see if you qualify for a special rate.
How to Apply for HDFC Bank Personal Loan?
Applying is a breeze! Visit the HDFC Bank official website, understand all details about HDFC Bank personal loan and its interest rate, properly fill out the online form, upload your documents, and get approval in minutes. Alternatively, visit a branch if you prefer in-person assistance.
The HDFC Bank personal loan interest rate of 10.50% to 24% makes it a versatile option for various financial needs. By understanding the factors that affect your rate and using tools like the EMI calculator, you can make an informed decision and manage repayments comfortably.
FAQs on HDFC Personal Loan Interest Rate
The HDFC Bank personal loan interest rate in 2025 ranges from 10.50% to 24% per year. This variation depends on your credit score, income level, and chosen loan tenure. It’s designed to offer flexibility for different financial needs.
You can borrow up to INR 40 lakh with an HDFC personal loan at lower interest rates, making it suitable for big expenses. The exact amount you qualify for depends on your income and eligibility criteria. It’s a great option for funding weddings or renovations.
HDFC Bank provides personal loans to salaried employees with interest rates beginning at 10.90% p.a.. This applies to government/PSU employees as well as those working in select private sector companies.
The HDFC Bank personal loan interest rates for self-employed and business owners are similar to those for other applicants. Personal loan interest rates start at 10.50% p.a., depending on eligibility criteria.
HDFC Bank offers repayment tenures between 3 months and 6 years, giving you plenty of flexibility. You can pick a term that aligns with your monthly budget using their EMI calculator. It’s all about making repayment manageable for you.
A CIBIL score above 720-750 is recommended to qualify for an HDFC personal loan with better rates. A higher score signals to the bank that you’re good at managing debt. This can lower your interest rate significantly.
Yes, HDFC charges a processing fee of up to 2.50% of the total loan amount, with a minimum of INR 2,999 and a maximum of INR 25,000. This fee covers the cost of processing your application. It’s a standard charge you should factor into your loan planning.
Yes, you can prepay your HDFC personal loan, but it comes with a fee of 2% to 4% of the outstanding principal. The exact charge depends on how long you’ve had the loan—higher in the early months. It’s a good way to save on interest if you have extra funds.
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