HDFC Bank Personal Loan

HDFC Bank, one of the largest private sector banks, offers numerous personal loan schemes. The absence of end-use restriction allows you to use the funds acquired through a personal loan to meet varying financial requirements. 

However, before submitting an application, you must have in-depth knowledge about the HDFC Personal Loan to make a well-informed decision. Read on to learn about the HDFC Personal Loan interest rate and other details.

Disclaimer: The above terms are subject to change at the bank’s discretion.

The personal loan interest rate is one of the critical factors you should consider while taking any personal loan, including the HDFC Bank Personal Loan. The HDFC Personal Loan interest rate differs depending on a few factors, such as the type of loan you avail and the loan terms. 

Given below is a table that lists HDFC Personal Loan interest rates for various types.

Disclaimer: The interest rates are subject to change at the bank’s discretion.

The maximum HDFC Personal Loan you can avail is up to ₹40 Lakhs. Generally, interest rates for the personal loan vary depending on the loan terms and your overall eligibility. You should compare each loan offer to find one that suits your needs.

Along with the interest rate, there are other charges and fees levied on the HDFC Personal Loan. Apply after comparing the total cost (interest + additional charges). This will enable you to avail the most affordable option. 

Here is an overview of the common charges levied:

Disclaimer: These charges are subject to change at the bank’s discretion.

You should carefully check these charges and compare them to ensure that your total cost of borrowing is affordable. 

An EMI calculator gives you accurate estimates of your borrowings. This easy-to-use online Personal Loan EMI calculator  is available for free, allowing you to optimise your personal loan. So, when it comes to personal loans, including the HDFC Personal Loan, apply after you compare.

The EMI amount for an HDFC Personal Loan depends on various factors. For manual calculations, you can use the formula mentioned below:

Equated Monthly Instalment = [P x R x (1+R) ^N]/[(1+R)^N-1]

Here:

• P refers to the principal amount

• R refers to the interest rate

• N refers to the number of monthly instalments payable

So, for instance, if you avail ₹40 Lakhs against a 10.5% interest rate for the repayment tenure of 5 years, you will need to pay ₹85,976 per month.

However, a manual calculation can lead to human errors, and as such, using the EMI calculation becomes a better alternative.

There are numerous types of HDFC Personal Loans. Some of the top personal loans include:

• Marriage Loan

With this Wedding Loan, you can finance any of your wedding requirements. With quick disbursal, flexible tenure, and a loan of up to ₹40 Lakhs, you can plan your wedding without any compromises.

• Emergency Loan:

During an emergency, availing affordable and quick financing can help. With instant disbursal and competitive interest rates, the Personal Loan for Medical Emergency is a great option that helps you prioritise the emergency. 

• Home Renovation:

Home renovations can be costly, and as such, saving up for it can take some time. If you want to renovate your home right away, choose a home renovation loan. You can get the funds for any of your renovating needs, like furniture, fixtures, kitchen remodelling, and more.

• Travel:

With a personal loan for travel, you can go on your dream trip without any delay. Instant disbursal, competitive rates, and flexible repayment tenure help ensure that you can enjoy your trip and pay for it without straining your finances.

• Teachers:

Recognising the added responsibility that teachers have, HDFC Bank offers a personal loan specially curated for their needs. Similar to the regular personal loan, this loan has a competitive interest rate and flexible tenure, allowing you to meet your needs.

You must always make a note of the eligibility parameters set by the lender to improve your approval chances. As a request for a new credit line results in a hard inquiry, rejected applications can affect your CIBIL score. Here are the HDFC Personal Loan eligibility criteria:  

• An applicant must be an Indian citizen.

• If you are a salaried individual, you must be age group of 21 to 60 years 

• If you are self-employed, you must be in the age group of 21 and 65 years

• As a salaried applicant, you must have job experience of at least 2 years with 1 year in the current job

• Your minimum monthly income should be ₹25,000

As there is no collateral involved, a lending institution will measure the risk factors - like a chance of a borrower defaulting – based on your income stability. To back your claim of repayment capacity, you will need to produce documents like:

• Identity proof

• Proof of residency

• Passport-sized image

• A filled-up application form

• Bank statements of the past three months/ passbook records of the last six months

• Form 16

• Salary slips/certificates 

However, if you are a KYC-compliant existing customer of the bank, the documents required for a personal loan from HDFC Bank may be fewer.

In order to submit an application for HDFC personal loan, follow these Steps. 

• Step 1: Open the official website of HDFC Bank

• Step 2: Click on ‘Apply Online’

• Step 3: Navigate to the ‘Product Required’ field

• Step 4: Opt for ‘Personal Loan’

• Step 5: Fill in the personal and financial information

• Step 6: Click on ‘Get Quote’

• Step 7: Provide the OTP received on the registered mobile number

• Step 8: Click on ‘Submit’

• Step 9: Provide the necessary information regarding existing lines of credit, if any

• Step 10: Choose the best-suited offer from the displayed ones

Consequently, you will need to submit the documents required for a personal loan from HDFC Bank for the verification procedure. After the paperwork is adequately done, the bank will release the funds. 

HDFC Bank provides comprehensive and 24x7 customer care assistance to ensure a streamlined personal loan borrowing procedure. So, you can use chatbots or WhatsApp to get further assistance. Alternatively, you can call the customer care team or visit the branch. 

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