HDFC Bank provides a diverse range of personal loan options to cater to various financial needs. Their offerings include standard personal loans, pre-approved loans for existing customers, and personal loan transfers. The bank also features specialised products like the Golden Edge Personal Loan for high-income individuals. The application process is streamlined, with quick approval and disbursal times, particularly for pre-approved customers.
HDFC Bank provides various interest rates for its personal loan schemes, as outlined below.
Types of Personal Loan | Rate of Interest (p.a.) |
---|---|
HDFC Bank Marriage Loan | 10.50-20.40% |
HDFC Bank Personal Loan for Home Renovation | 10.50-20.40% |
HDFC Bank Personal Loan for Teachers | 10.50-20.40% |
HDFC Bank Personal Loan for Salaried | 10.50-20.40% |
HDFC Bank Personal Loan for Government Employees | 10.50-20.40% |
HDFC Bank Personal Loan Balance Transfer | 10.65% |
Other HDFC Bank Personal Loans | 10.50-24.00% |
Source: Paisabazaar; rates as of 23 July 2024
The following fees and charges are applied by HDFC Bank on personal loans:
Fees | Charges |
---|---|
Processing Charges | Up to ₹4,999 |
Stamp Duty and other statutory charges | As per the laws of the state |
Overdue EMI Interest | 2% per month on EMI/principal overdue |
Legal/Incidental Charges | At actuals |
Amortisation Schedule Charges | ₹200 |
Cheque Swapping Charges | ₹500 |
Cheque Bounce Charges | 1st return at ₹450 + taxes 2nd in a month ₹500 + taxes 3rd onwards ₹550 + taxes 10% discount for senior citizens ₹550 per cheque bounce |
Loan Cancellation Charges Rebooking Charges | NIL ₹1000 |
Pre-payment in Part/Full | Part-payment allowed up to 25% of Principal Outstanding. It is allowed once in the financial year and twice during the loan tenure. |
Pre-payment Charges on Principal Outstanding/Part Payment Charges | Salaried: 13-24 months- 4% of outstanding principal 25-36 months- 3% of outstanding principal >36 months- 2% of outstanding principal |
Source: Paisabazaar
₹
%
Months
A CIBIL score above 720 is typically required for loan approval.
Yes, stamp duty is mandated by the Indian government and must be paid.
You can track the status of your personal loan using the Loan Status Checker on HDFC Bank website.
HDFC Bank offers personal loans up to ₹40 Lakh. However, depending on your eligibility, you may be able to secure up to ₹75 Lakh.
Processing fees cover the costs of processing and sanctioning the loan. These fees are generally non-waivable, but special offers may occasionally be available.
Special offers on interest rates or processing fees may be available periodically. Contact your local branch or Relationship Manager for details on current offers.
While insurance is not mandatory, it is recommended to safeguard your loan against unforeseen events. The cost of insurance is not included in your EMI and must be arranged separately.
Processing fees generally cover the costs incurred by the bank. These fees are typically not waived, though promotional offers may apply.
Repayment is made through Equated Monthly Instalments (EMIs), which can be set up via Electronic Clearing Service (ECS) or by setting up a standing instruction to debit your HDFC Bank account.
The interest rate on a personal loan is based on various factors including your CIBIL score, repayment history, loan amount, and tenure. You can use the Personal Loan EMI Calculator to estimate your EMI payments.
Under the Golden Edge program, if you’ve paid at least 12 EMIs, you may foreclose your loan in full or partially without any prepayment charges if you use your own funds. Eligibility for this offer requires an income of ₹75,000 or more and a loan amount greater than ₹10 Lakh.