HDFC Bank personal loan is available at a starting interest rate of 10.50% per annum for a loan amount of up to Rs.40 lakhs. The loan repayment tenure offered to borrowers varies between 3 months to 6 years. They also grant HDFC Xpress personal loans and pre-approved instant personal loans to selected existing customers with instant loan disbursement.
Current personal loan borrowers of other banks or NBFCs can also avail HDFC personal loan balance transfer facility.
HDFC Bank Personal Loan Overview
|Loan Amount||Up to Rs.40 Lakhs|
|Interest Rates||10.50 % to 25.00% per annum|
|Processing Fees||Upto 4,999 + Applicable GST|
|Loan Tenure||3 months to 72 months|
|Age Limit||21 to 60 years|
|Minimum Income||Rs.25,000 per month|
|Documents Required||NIL- Pre-approved Personal Loan
Non Pre-approved customer- last 3 month’s bank statements, 2 month’s latest salary slip, and KYC documents
Benefits or Features of HDFC Bank Personal Loan
- Get a personal loan in a limited time- You can check eligibility online quickly and select branches, you can get funds in 10 seconds if you are a pre-approved HDFC Bank customer. Other applicants can get a loan within 4 working days.
- You can protect yourself with insurance- HDFC Bank also provides insurance facilities to borrowers. Terms and conditions of the insurers shall also apply. This policy is offered by HDFC Ergo GIC Ltd.
- Personal Loan for your every single need- No matter why you want a personal loan from HDFC Bank, They can customize the offering for you and you can use it for any purpose.
- Save your money with a balance transfer facility- Applicants can reduce their personal loan EMI by doing a balance transfer to HDFC Bank.
- Get 24X7 assistance everywhere- For any help and queries regarding your loan, you can reach out to them via WhatsApp no – 70700 22222, Webchat, and PhoneBanking.
Eligibility Criteria of HDFC Bank Personal Loan
The personal loan eligibility calculation of HDFC Bank includes six factors to set your eligibility standards, which are geographic location, monthly income, ownership of property, old credits, employer, and credit history.
- Individuals employed by private limited companies, public sector undertakings, including central, state, and local bodies.
- The borrower’s age limit exists between 21 to 60 years of age.
- Applicants who have had a job for at least 2 years, with a minimum of 1 year experience with the present employer.
- Those people earn a minimum of Rs.25,000 net income per month.
- HDFC Bank personal loan eligibility also depends on the credit score of applicants.
Note:- Learn 10 assured ways to improve your credit score quickly.
HDFC Bank Personal Loan Interest Rate and Other Fees or Charges
HDFC Bank personal loan interest rates start from 10.50% per annum. The final interest rates offered to the loan applicant would differ according to the CIBIL score, monthly income, job profile, employer’s profile, etc.
|Loan Amount||Rs.50,000 to Rs.40,00,000|
|Interest Rate||10.50% to 25% per annum|
|Loan Processing Fees||Up to Rs.4999/-|
|Stamp Duty & Other Statutory Charges||As per applicable state laws|
|Overdue EMI interest||2% p.m. on EMI or principal overdue|
|Legal Charges||At actuals|
|Repayment Schedule Charges||Rs.50 per instance|
|Repayment mode change charges||Rs.500|
|EMI or Payment Return Charges||Rs.450|
|Loan Cancellation & Rebooking Fees||NIL for loan cancellation, Rs.1000/- for rebooking.
Note: The client would be charged interest for the period between the date of disbursement and loan cancellation
|Cheque Bounce Charges||First, return at Rs.450 plus tax
Second in a month Rs.500 plus tax
Third onwards Rs.550 plus tax
10% discount for senior citizens
Rs.550 per cheque bounce
|Pre-payment in Part/ Full||Salaried – Pre-payment in part or full only permitted after repayment of 12 EMIs
Part-payment is allowed up to 25% of the principal outstanding amount. It is allowed only one time in the financial year and two times during the whole loan tenure.
on principal outstanding/ Part-payment Charges
13 to 24 months – 4% of principal outstanding,
25 to 36 months – 3% of principal outstanding
More than > 36 months – 2% of principal outstanding
Mandatory Documents Required for HDFC Bank Personal Loan
- Identity proof (Passport/voter ID/driving license/Aadhar card)
- Address proof (copy of passport/voter ID card/driving license/Aadhar card)
- Bank statement of earlier 3 months (borrower’s passbook of last 6 months)
- Two latest salary slips or recently dated salary certificates with the latest Form 16
- Proof of end usage
5 Easy Steps to Avail HDFC Bank Personal Loan
Here is a five-step simple guide to getting a personal loan from HDFC Bank.
Step 1. Determine your necessity- Figure out crucial reasons to avail of a personal loan and for how much amount.
Step 2. Check your present loan eligibility- You must need to check your current eligibility standards to meet HDFC Bank’s pre-defined criteria.
Step 3. Calculate EMIs- Applicants can use an online EMI calculation tool to check estimated loan repayments every month. HDFC bank personal loan EMI starting at Rs.1878 per lac * (T&C apply).
Step 4. Submit loan application- You can apply for HDFC personal loan via netbanking, online (official website), or by visiting the HDFC branch.
Step 5: Submit mandatory documents- You will need to submit mandatory documents such as income proof (bank statements, salary slips, or IT returns), address proof, and ID proof.
HDFC Bank disburses funds for pre-approved loans to existing customers very fast, and for Non-HDFC Bank customers within 4 working days.
Different Types of HDFC Bank Personal Loans
They provide various types of personal loans which are designed to fulfill your diverse monetary needs easily.
1. Marriage Loan
- A wedding loan is offered to meet all wedding-related expenses.
- Loan tenure- 1 year to 5 years
- Processing Fees or charges- Up to 2.50% of the loan amount (minimum of Rs.1,999 and a maximum of Rs.25,000 for salaried customers)
2. Personal Loan for Salaried
- HDFC Bank offers instant personal loans for salaried individuals to finance their necessary personal needs
- Loan repayment tenure- 1 year to 5 years
- Processing charge- Up to 2.50% of the loan amount (minimum of Rs.1,999 and a maximum of Rs.25,000)
3. Medical Emergency Personal Loan
- An emergency loan offered by HDFC Bank is basically a personal loan that can be used to finance unforeseen expenses or losses.
- Processing fees- Up to 2.50% of the loan amount (minimum of Rs.1,999 and a maximum of Rs.25,000)
4. Travel Loan
- A travel loan is provided to meet the travel/holiday expenses of the borrower.
- Loan repayment tenure- Upto 5 years
- Processing Fees- Up to 2.50% of the loan amount (minimum of Rs.1,999 and a maximum of Rs.25,000 for salaried customers)
5. Home Renovation Personal Loan
- Personal loan for home repair finances all expenses related to home renovation such as kitchen makeover, old furniture replacement, installation of new fixtures & fittings, etc.
- Loan amount- Up to Rs.40 lakhs
- Loan tenure- Up to 5 years
6. Personal Loan for Teachers
- This loan is for teachers of private or government schools and colleges to meet any additional expenditure
- Personal loan amount- Up to Rs 40 lakh
- Processing fees- Up to 2.50% of the loan amount (minimum of Rs.1,999 and a maximum of Rs.25,000 for salaried customers)
7. Personal Loan for Women
- HDFC Bank provided personal loans to women to fund their needs such as education, travel, wedding, or any other expense.
- Loan amount- Rs.50,000 to Rs.40 lakhs
- Processing Fees- Up to 2.50% of the loan amount (minimum of Rs.1,999 and a maximum of Rs.25,000)
8. Personal Loan for Government Employees
- HDFC bank offers personal loans for government employees to individuals employed in government sectors for meeting their different financial needs.
- Loan tenure- Up to 6 years
- Processing charges- Up to 2.50% of the amount (minimum of Rs.1,999 and a maximum of Rs.25,000)
9. Personal Loan Balance Transfer
- They offer a balance transfer facility to existing personal loan borrowers of other banks/NBFCs for transferring their existing loans to HDFC bank at lower interest rates.
- Processing fee- Starting at Rs.3,999 + Applicable GST
HDFC Bank Personal Loan: Pros and Cons
Following are the pros and cons of availing of a personal loan from HDFC Bank as per ratings and reviews of existing or former users.
|The App contains basic and useful information||So many random errors|
|Multiple features are available||The App is not working properly|
|User can save their money with personal loan balance transfers||Too many ads|
|An insurance scheme is also available|
|They provide 24X7 assistance anywhere|
Ratings and Reviews of HDFC Bank MobileBanking App
The rating given by the users for HDFC Bank MobileBanking App is great on google playstore, more than 1 crore users downloaded their app. You can read the below table for a quick App review.
|2.||Number of App Downloads||Above 5 Crore|
|3.||Number of Users Review||10,85,587|
|5.||App Size||61 MB|
|6.||OS Required||Android 9.0 and above|
|7.||App Permissions||Camera, Contacts, Location, Microphone, Telephone, SMS, Storage, Other|
HDFC Bank Personal Loan Customer Care Details
- HDFC Bank Helpline Number- 1800 202 6161 / 1860 267 6161 (Accessible PAN India) or you can chat with the bank’s virtual assistant called EVA for quick solutions.
- Loan services days and timings- Services are available between 8:00 a.m. to 8:00 p.m. on all days (including Sundays and Bank Holidays).
- For complaints registration- 1800 258 3838
- The helpline number for customers travelling abroad can reach them at +9122 61606160
Note – Charges or fees may be applicable as per your tariff plan with your service provider.
HDFC Bank offers personal loans to salaried or self-employed individuals at a starting interest rate of 10.50% p.a. The Interest rate is low, so you can avail of a personal loan from HDFC Bank. It is better to avail personal loan from HDFC through offline mode. Their ratings and reviews on google playstore are amazing, users are happy with products or services but dissatisfied with the App. But, it is a suggestion. You always need to compare all lenders before availing of HDFC Bank personal loan.
Thank you for reading!
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