In today’s consumerist society, new spending needs emerge practically every day. With the help of all personal loan providers, you don’t need to skip plans and are always prepared to tackle unexpected circumstances.
HDFC Bank offers personal loans up to Rs40 Lakhs to its customers with flexible repayment tenure of up to 5 years.
Prime Features of HDFC Bank Personal Loan
Here are some of the key benefits of personal loans which HDFC Bank claims to have.
HDFC Bank Eligibility Criteria for Personal Loan
The following individuals are eligible to apply for a personal loan with HDFC Bank:
Current Occupation |
Individuals must be employees of private limited companies, and public sector undertakings, including central, state, and local bodies. |
Age Limit |
Individuals aged between 21 years to 60 years. |
Work Experience |
Borrowers who have had a job for at least 2 years, with a minimum of 1 year with the present employer. |
Monthly Income |
Individuals who earn a minimum of 25,000 net income per month. |
HDFC Bank Personal Loan- Interest Rate, Loan Amount, Loan Tenure, Processing Fees, and Other Charges
Check the details of HDFC Bank interest rates, loan amount, loan tenure, and other additional charges and fees and charges to avail loan from HDFC bank.
Personal loans provided by HDFC Bank are available for salaried individuals and self-employed professionals within the age group of 21 to 60 years. The borrower can avail of a loan amount up to Rs.40,00,000 for a tenure of 1 year to 5 years.
Loan Amount |
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Loan Tenure |
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Interest Rates |
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Processing Fees |
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Prepayment charges or part payment charges |
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Stamp duty and other legal charges |
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Overdue EMI interest |
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Legal charges or Incidental Charges |
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Amortization or Repayment Schedule Charges |
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Repayment mode change charges |
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EMI / Payment Return Charges |
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Loan Cancellation Charges or Rebooking Charges |
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Cheque bounce charges |
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Illustration- If the interest rate is 11.50% and the loan tenure is 60 months, and the applied loan amount is 20Lakhs. What will be the monthly EMI and total interest payable?
Documents Required for HDFC Bank Personal Loan
The following is the list of documents you need to submit before availing of a personal loan from HDFC Bank.
Identity Proof |
Passport/voter ID card/driving license/Aadhar card |
Address Proof |
Aadhar card/Passport/voter ID card/driving license |
Other Mandatory Documents |
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6 Steps for HDFC Bank Personal Loan Application Process
Here are a six steps ultimate guide on how to get a personal loan from HDFC Bank. The borrower will have to follow all these steps carefully.
Step 1: Define your requirement- Firstly you need to figure out the purpose of the personal loan and how much amount you needed. Your applied loan amount decision would be based upon your purpose.
Step 2: Check your loan eligibility- Once you know your purpose and loan amount, you should check your eligibility. You can use the free eligibility checking calculator on HDFC Bank Personal Loan official website to find out your personal loan affordability. HDFC banks offer loan amount up to 40 Lakhs.
Step 3: Calculation of EMIs- You can use an online EMI calculating tool to know your approximate every month’s loan repayments. You can alter the interest rate and tenure in the calculator to match your monthly income. HDFC Bank offers pocket-friendly EMIs on all kinds of personal loans and EMIs starting at Rs.1878 per lakh* (Terms &Conditions applied).
Step 4: Ways to approach the bank- You can apply for a personal loan with HDFC Bank in many ways: Via Net Banking, HDFC Bank’s official website, or by visiting the nearest branch.
Step 5: Submit all mandatory documents- Find out the necessary documents required for a Personal Loan. Generally, you will need income proof (bank statements, salary slips or IT returns), address proof (Aadhar card, passport, voter id, driving license), Identity proof, and passport size photographs. Hand over all hard copies of your personal loan documents at the bank.
Step 6: Loan amount disbursement- After completion of all previous processes you need to wait for funds to be credited to your account. HDFC Bank disburses funds for pre-approved loans or HDFC bank customers fast as compared to Non-HDFC bank customers.
Different Types of Personal Loan Offered by HDFC Bank
HDFC Bank offers different types of personal loans and these are as follows: -
Types Of Personal Loans |
Personal Loan Details |
Wedding loan |
HDFC Bank provides you marriage loan to fund your dream wedding. To meet expenses like a makeup artist, caterer, choosing choreographers, wedding dress or venue, etc. |
Personal loans for salaried |
HDFC Bank offers personal loans for salaried employees to meet the urgent cost of an emergency situation. These loans surely help salaried employees for controlling any additional expenses. |
Medical emergency |
These loans are available to provide sudden finance to meet all expenses of hospitals. |
Debt consolidation loan |
They provide a personal loan of up to Rs.40 lakhs to consolidate your debt to simplify payments. It will help in reducing your debt burden frequently. |
Personal loan women |
HDFC Bank offers loans to women for helping women to meet their growing financial needs. Women can use this fund for any purpose as per their choice like higher education, travel or wedding plans, or emergency expenses. |
Home renovation loan |
You can take a personal loan anytime for Home Renovation from HDFC Bank and meet all home expenses. With this, you can also improve the value of your home for sale in the future. |
Personal loan for government |
HDFC Bank offers personal loans for government employees and it is just the solution to your financial problems that will help you live your own way. The loan for government employees helps provide for their personal necessities. |
Travelling loan |
With the help of HDFC Bank personal loan for travelling, you can take that long pending trip with your family, friends, and loved ones without worrying about funds. |
Personal loans for teachers |
Teacher’s salaries are limited. If any teacher is in need of extra funds for personal purposes, HDFC Banks provides loans for teachers for every purpose. |
Table for Personal Loan Comparison: HDFC Bank with Other Banks
Before applying for a personal loan you need to compare the charges of different personal loan providers. Check the below table to know the interest rates, process fees, foreclosure charges, and late payment fees HDFC with other banks.
Other fees and charges |
HDFC Bank |
ICICI Bank |
Citi Bank |
Axis Bank |
Interest rate |
10.5%-21% p.a. |
10.75% to 19% p.a. |
9.99% to 16.49% p.a. |
10.25% to 21%p.a. |
Processing fees |
Up to 2.5%+GST |
Up to 2.50%+taxes |
0.25%-3.00% + GST |
1.5% to 2%+ GST |
Foreclosure charges |
2% to 4% of the outstanding loan value |
3%+taxes on outstanding loan amount |
Up to 4% of the principal outstanding amount |
5% for 0 to 12 months 4% for 13 to 24 months 3% for 25 to 36 months 2% for greater than 36 months |
Late payment fees |
2%p.m. of the outstanding amount |
24% per annum |
N.A. |
24% per annum |
Pros and Cons of HDFC Bank Personal Loan
As per the views of the respective borrowers you need to know the complete aspect of anything, Look at below the pros and cons of availing of a loan from HDFC Bank.
PROS |
CONS |
Higher loan amount |
Not user friendly (UI or UX) in web and app |
Choice of tenure |
Services are not up to the mark |
The loan amount range is diverse |
Most of the time you need to visit a branch |
Collateral/security is not needed |
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Free to use the amount for any legal purpose |
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Available in various cities |
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Interest rates and other charges are competitive |
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HDFC Bank App Ratings & Review
Google Playstore Rating |
4.4* |
Downloads By the customers |
1Crore+ |
No of the users give reviews |
9,24,254 |
Content rating |
3+ |
App Size |
73 MB |
Frequently Asked Questions for HDFC Bank Personal Loans
1. What are the types of personal loans offered by HDFC Bank?
Marriage loans, personal loans for salaried, personal loans for medical emergencies, debt consolidation loans, personal loans for women, home renovation personal loans, travelling loans, personal loans for the government, and personal loans for teachers.
2. What is the HDFC Bank personal Loan tenure?
They generally offer personal loans for up to 5 years; however, it depends on the basis of various programs. For government employees, it is for 7 years, for government school teachers, it would be for 6 years, etc.
3. What is the minimum credit score required to apply for a personal loan with HDFC Bank?
HDFC Bank needs a minimum credit score of 650 to be eligible for personal loans offered by them. The credit score may vary from bank to bank.
4. What are the personal loan documents for self-employed individuals?
Along with the common documents such as ID proof and address proof, Self-employed individuals need to provide recent bank statements or tax returns, or a lease agreement for their business.
5. How can I foreclose my personal loan?
You can repay your loan any time after 12 months of taking the loan and have already paid 12 EMIs along with applicable foreclosure charges. Your loan can be foreclosed by issuing a Demand draft or cheque at the branch.
6. Is part-prepayment of a personal loan allowed in HDFC Bank?
Yes, for loans booked on or after April 1, 2018, you can foreclose your loan account in part after the completion of 12 EMIs from the date of loan disbursement.
Note-Part payments attract charges as per applicable Terms and conditions.
Brief Summary: - HDFC bank provides personal loans for alternative purposes to the employees of private limited companies, public sector undertakings, including central, state, and local bodies. They offer loans at competitive interest rates and loan tenure with a high loan amount to their customers. Also, this bank serves lots of customers.
The HDFC Bank Personal Loan scores on its product, loan amount and charges but could improve on its service level, mobile application and website interface.
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