HDFC 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 10.50% p.a. to 24.00% 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
| Category | Details |
|---|---|
| Rack Interest Rate | 10.50% p.a. – 24.00% p.a. |
| Loan Amount | Rs.50,000 to Rs.40 lakh* |
| Benefits |
|
(*Loan amount can vary depending on your eligibility and is solely at HDFC’s discretion)
Fees and Charges
The various fees and charges that are levied by HDFC Bank are:
| Charge Type | Details |
|---|---|
| Loan Processing Fee | Up to Rs.4,999 |
| Pre-payment/Part-payment Charges |
|
| Overdue EMI Interest | 2% per month will be charged on the principal or EMI that is overdue |
| Stamp Duty and Other Statutory Fees | As per the laws of the state that the applicant resides in |
| Cheque Swapping Fee | Rs.500 |
| Amortization Schedule Fee | Rs.200 |
| Cheque Bounce Charges |
|
| Incidental or Legal Charges | At actual |
Eligibility Criteria for HDFC Personal loan
- 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.
- The minimum income required is Rs.25,000 per month.
- 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.
Documents Required to Apply for HDFC Loan
| Proof of identity | Aadhaar Card, Driving Licence, Passport, or Voter ID Card |
| Proof of address | Voter ID Card, Aadhaar Card, Passport, or Driving Licence |
| Other documents |
|
HDFC Personal Loan EMI Calculation
You can use BankBazaar HDFC Personal Loan EMI Calculator to check your monthly prepayment amount. All you need to do is enter your preferred loan amount, tenure, interest rate and processing fee Hit “Calculate” to check your EMI and processing fee.
Let’s take a personal loan of Rs.1 lakh for a tenure of 1 year. Assume that HDFC charges an interest rate of 10.5% p.a. For the repayment tenure, you must pay an EMI of Rs.8,815. The loan repayment schedule is given as follows:
| Year | Principal Paid(A) | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance |
|---|---|---|---|---|
| 2023 | Rs.15,949 | Rs.1,681 | Rs.17,630 | Rs.84,051 |
| Nov | Rs.7,940 | Rs.875 | Rs.8,815 | Rs.92,060 |
| Dec | Rs.8,009 | Rs.806 | Rs.8,815 | Rs.84,051 |
| 2024 | Rs.84,049 | Rs.4,096 | Rs.88,145 | Rs.0 |
| Jan | Rs.8,079 | Rs.735 | Rs.8,814 | Rs.75,971 |
| Feb | Rs.8,150 | Rs.665 | Rs.8,815 | Rs.67,821 |
| Mar | Rs.8,221 | Rs.593 | Rs.8,814 | Rs.59,600 |
| Apr | Rs.8,293 | Rs.521 | Rs.8,814 | Rs.51,306 |
| May | Rs.8,366 | Rs.449 | Rs.8,815 | Rs.42,941 |
| Jun | Rs.8,439 | Rs.376 | Rs.8,815 | Rs.34,501 |
| July | Rs.8,513 | Rs.302 | Rs.8,815 | Rs.25,988 |
| Aug | Rs.8,587 | Rs.227 | Rs.8,814 | Rs.17,401 |
| Sep | Rs.8,663 | Rs.152 | Rs.8,815 | Rs.8,738 |
| Oct | Rs.8,738 | Rs.76 | Rs.8,814 | Rs.0 |
Compare HDFC Personal Loan with Other Lenders
| Fees and Charges | HDFC Bank Personal Loan | Aditya Birla Capital | Bank of India Personal Loan | Citibank Personal Loan |
|---|---|---|---|---|
| Interest rate | 10.50% p.a. onwards | 14% p.a. -26% p.a. | 10.25% p.a. onwards | 10.75% p.a. onwards |
| Processing fee | 2.5% + GST | 2% + GST | 2% + GST | Up to 3.00% of the loan amount |
| Foreclosure charges | 2% to 4% of the outstanding loan amount | 4% of the outstanding loan amount | N/A | Up to 4% of the principal outstanding |
| Late payment fee | 2% of the overdue amount per month | 3% of the overdue amount per month | Contact the bank for details | N/A |
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.
FAQs on HDFC Bank Personal Loan
- How can I repay my HDFC loan?
You can repay your loan amount in Equated Monthly Installments (EMIs). The loan repayments can be done via post-dated cheques, ECS, or via a standing instruction to debit the repayment amount from your HDFC Bank account. - When can I take an HDFC top up loan?
You can take a top up loan from HDFC when you opt for a balance transfer with HDFC. - Can business owners take personal loans from HDFC Bank?
No, HDFC Bank only offers personal loans to salaried individuals. Applicants are required to be employed with a private, public sector, or government body at the time of taking the loan. - Can I avail a personal loan from HDFC Bank on a floating rate of interest?
No, HDFC Bank charges a fixed rate of interest for personal loans. - Does HDFC Bank allow part-payment of the loan amount and are there any conditions for the same?
For personal loans that were disbursed on or after 1 April 2018, you can make part-payments, provided you have paid at least 12 EMIs. - What are the conditions that are applicable when making part-payments?
- Part-payments can only be made twice during the entire loan tenure.
- Borrowers can only make a part-payment once in any given fiscal.
- Each part-payment cannot be more than 25% of the outstanding principal amount.
- What is the repayment tenure for personal loans issued by HDFC Bank?
If you take a personal loan from HDFC Bank, you will need to repay the due amount within 1 year to 5 years (12 to 60 months). - How to check HDFC personal loan status?
You can check the status of your HDFC personal loan application by visiting the website of HDFC bank. All you need to provide is the reference or proposal number along with the date of birth or mobile number. - Am I eligible for HDFC personal loan moratorium?
The COVID-19 crisis has posed a huge challenge for customers. Hence, based on RBI guidelines, HDFC offers its customers the option to opt for personal loan moratorium. All HDFC Bank customers who have taken personal loan prior to 1st March 2020 are eligible. Customers having overdues before 1st June 2020 are also eligible for personal loan moratorium. However, for the latter, requests shall be considered solely at HDFC’s discretion.
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