HDFC Bank offers an opportunity that makes your every dream come true, it also helps you deal with an emergency without any financial issues. HDFC Bank offers a personal loan that can be availed for the amount of Rs. 50,000 and up to Rs. 40 lakh. The HDFC Bank Personal Loan interest rate is starting from at least 10.50% p.a. for the tenure period varying from 12 months up to 60 months.
Details of HDFC Bank Personal Loan
|Particulars||Salaried/Self Employed applicants|
|Interest Rate||Starting from 10.75% p.a. up to 21.50% p.a.|
|Processing Fee||2.50% of the loan amount (Min Rs.2,999 & Max. Rs. 25,000)|
|Loan Tenure||1 year to 5 years|
|Loan Amount||Rs. 50,000 to Rs.40 lakh|
|Salary/Income||15,000 onwards (Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin)|
|Credit Score||Above 750|
|Lowest EMI per lakh||Rs.2,187|
|Pre-Payment/Foreclosure Charges||♦ Allowed after 12 EMI’s
♦ 13 to 24 months: 4% of the outstanding principal balance
♦ 25-36 months: 3% of outstanding principle
♦ Above 36 months: 2% of outstanding principle
|Overdue EMI Interest||2% per month on EMI|
HDFC Bank Personal Loan interest rates
The interest rate of HDFC Bank personal loans is starting from 10.50% p.a. The specific interest rate depends upon the applicant’s credit score, bank’s internal criteria, etc. Thus, the bank currently offers personal loans to salaried individuals across government institutions and corporates. Here are some key factors that influence the interest rates of HDFC Bank.
Features of HDFC Bank Personal Loan Scheme
- If you are a customer of HDFC Bank and apply for a personal loan, the loan amount will get approved within 10 seconds. If you meet the required criteria and applied for a loan, you will get the loan amount credited to your bank account within 4 hours post the approval of your loan.
- As an HDFC Bank user, you will get approval for a personal loan by visiting the official site of the bank.
- Availing of a personal loan from HDFC Bank, you can protect yourself by availing of the insurance cover provided by the bank. You can opt for the personal accident cover loan of up to Rs. 1 lakh. In case, something happens to you due to an accident or you get hospitalized due to a critical illness, you can claim to cover the amount.
- Being a customer of HDFC Bank, you can enjoy various special benefits, charges, and offers, if you avail of a personal loan including from HDFC Bank for the first time, you can choose the repayment tenure and the EMIs that the user has to pay will be cheap and affordable.
The interest rate of different types of HDFC Bank Personal loan
At present, the bank doesn’t categorize its loan offers based on either end-use or applicant type. Thus, in all cases HDFC Bank Personal loan interest rate starts at 10.75% p.a.
Factors affecting HDFC Bank Personal Loan
- Loan Tenure: The short-term loans may attract a higher rate of interest when the user compared to loans having a higher tenure.
- Repayment facility: HDFC Bank offers a personal loan to check a person’s repayment capacity before offering the loan amount and deciding the interest rate. The applicant’s income, assets, and creditworthiness are looked into before the bank offers a rate of interest to him.
- Relationship with the bank: HDFC Bank offers special offers, interest rates, and charges for the existing HDFC Bank account holders. Women are offered a special loan, HDFC Bank Personal Loan Diva, which is a tailor-made loan and has more than 100 Diva offers across premium brands and products. This loan makes it vital for the applicant to have a very good rapport with the bank to get special discounts and offers. In this case, you may get a discount on the processing charges.
- Borrowing class: The applicant’s age also plays a crucial role in deciding the interest rate. HDFC Bank offers personal loans to salaried individuals only.
- When the repo rate goes up, your interest rate will also go up. It is considered before choosing a floating interest rate.
- HDFC Bank offers personal loans to salaried individuals and they offer interest rates based on the individual’s credit score.
Other fees and charges of HDFC Bank Personal Loan
- The cheque swapping charge is Rs. 500.
- The amortization schedule charge is Rs. 200.
- The cheque bounce charge is Rs. 550.
Hope, the above-mentioned information of HDFC Bank helps you to select the loan amount, interest rate, tenure period, and more. Apart from this, you can check the details of processing fees and charges of the bank and avail of the loan. You can also check the credit score before applying for a loan. HDFC Bank offers the best personal loans scheme to their customers. For more details contact the customer care executive or visit the official website of HDFC Bank.