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Review of HDFC Bank Personal Loan

Review of HDFC Bank Personal Loan

  • By Saral Credit
  • October 04, 2022

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.

  1. Hassle-free processing- You can apply for a personal loan digitally on the website or via Net Banking or by visiting your nearest branch. The complete process for loan application is fast and the documentation is minimal.
  2. Speedy loan disbursal- You could get a personal loan in very less time if you’re a HDFC bank customer but if you are another bank’s customer it will take more time to approve comparatively.
  3. Funds for every purpose- It can be one of the leading benefits of a personal loan so that you can use your funds for any motive you like – wedding, holiday, gadget, small business investment, home renovation, etc.
  4. Providing collateral securities against the loan not needed- Personal loans is an unsecured loan which means that you do not have to pledge collateral such as your home, assets, FDs, and shares to get the loan.
  5. Stress-free documentation - You can acquire a loan with the submission of the following documents. i.e., ID proof, address proof, bank statement, and income proof. If you have pre-approved offers for a personal loan, you may not even submit any documents until asked for them.
  6. Pocket-friendly EMIs payments- You can pay off all your personal loan debt in stress-free installments or EMIs. The payment terms are flexible, and you can choose a loan tenure that allows you to optimize your monthly expenses according to your necessities. For EMIs payments you need to note down the summary of your income and expenses.

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

  • Rs.50,000 to Rs.40,00,000

Loan Tenure

  • 1 year to 5 years

Interest Rates

  • 10.50% per annum to 21% per annum

Processing Fees

  • Up to Rs4999/-

Prepayment charges or part payment charges

  • Loan tenure of 13 to 24 months - 4% of principal outstanding
  • Tenure of 25 to 36 months - 3% of principal outstanding
  • Tenure of more than 36 months - 2% of principal outstanding

Stamp duty and other legal charges

  • As per the laws of the state of the borrower’s residential address

Overdue EMI interest

  • 2% per month on EMI / Principal Overdue

Legal charges or Incidental Charges

  • At actual


Amortization or Repayment Schedule Charges

  • Rs.50/- Per Instance

Repayment mode change charges

  • Rs.500/-

EMI / Payment  Return Charges

  • Rs.450/-

Loan Cancellation Charges or Rebooking Charges

  • NIL for cancellation of Loan (interest for the interim period would be charged between the date of loan disbursement and loan cancellation). Rs. 1000/- for loan rebooking.

Cheque bounce charges

  • 1st return: Rs.450 + applicable taxes per instance
  • 2nd return in a month: Rs.500 + applicable taxes per instance
  • 3rd return or more: Rs.550 + applicable taxes per instance

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?

  • The borrower needs to repay the Monthly EMI of Rs.43985, the total Interest charged by the is Rs.639113, and the total payable amount is Rs.26,39,113.

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

  1. 3 months previous bank statement of (Passbook of previous 6 months)
  2. Two latest previous salary slip or recently dated salary certificate with the latest Form 16
  3. Passport size photograph


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



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


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.



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


Free to use the amount for any legal purpose


Available in various cities


Interest rates and other charges are competitive


HDFC Bank App Ratings & Review

  • Rating given by more customers is decent for HDFC Bank App; So many users download their app. Customers are satisfied with HDFC Bank personal loan products but face problems with their services and technology as UI and UX is not as per user requirements.

Google Playstore Rating


Downloads By the customers


No of the users give reviews


Content rating


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.

  • During loan tenure part payment is allowed twice.
  • It is allowed only once in a single financial year.
  • Each part payment will not exceed 25% of the principal outstanding amount.

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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