HDFC Personal Loan | Interest Rates, Eligibility, Process to Apply

HDFC Personal Loan offers a quick and hassle-free way to meet your financial needs. With competitive interest rates starting at 10.85%, flexible repayment tenure of up to 72 months, and minimal documentation, HDFC Bank personal loans are ideal for salaried employees and professionals. Whether you need funds for a wedding, medical emergency, travel, or home renovation, HDFC makes it easy to apply online or at your nearest branch. Enjoy benefits like pre-approved loans, no collateral, and balance transfer options with lower EMIs. Secure your loan further with optional insurance like personal accident cover and Sarv Suraksha Pro, providing financial protection for you and your family.

About HDFC Bank

HDFC Bank is India’s largest private bank and one of the world’s biggest by market value. Also called, Housing Development Finance Corporation Bank, HDFC was founded in August 1994 and started operations in January 1995. It was among the first financial institutions in India to get approval for a private sector bank. As of September 30, 2024, the distribution network of HDFC Bank was at 9,092 branches and 20,993 ATMs across 4,088 cities / towns, providing widespread access and banking convenience nationwide.

Benefits of HDFC Personal Loans

HDFC Bank Personal Loan Fees, Charges & Interest Rates

HDFC Bank offers personal loans designed to meet various financial needs. Here’s everything you need to know in the table below, thereby, explained the step-by-step process with an example:

Rate of Interest	10.85% to 24.00% (Fixed Rate)
Loan Processing Charges	Up to ₹ 6,500/- + GST
Tenure	03 Months to 72 Months
Documents Required	No Documents for Pre-approved Personal Loan
	For Non Pre-approved – Last 3 Months Bank statements, 2 Latest Salary Slip and KYC

Please note: In addition to the stated charges, there are also Stamp Duty & Other Statutory Charges, charged as per applicable laws of the state. You can visit here to learn more about HDFC Bank Personal Loan Interest & Charges.

Let’s try to understand it this way. If Ravi applies for a personal loan of ₹1,00,000 from HDFC Bank, here’s how it would work:

How to Calculate HDFC Bank Personal Loan EMI & Interest Rates?

• Loan Amount to Ravi: ₹1,00,000
• Interest Rate: Let’s assume 12% per annum. (Offered based on Ravi’s profile)
• Tenure: Ravi chooses 24 months (2 years).
• Processing Fee: ₹6,500 + 18% GST (₹7,670 total)

Now Look, How It Goes –

#1 Loan Amount Disbursed to Ravi:

• Processing fee of ₹7,670 is deducted from the loan.
• Final amount received by Ravi = ₹1,00,000 – ₹7,670 = ₹92,330.

#2 HDFC Personal EMI Calculation:

Using the formula for EMI:
EMI=P×r×(1+r)n(1+r)n−1EMI=(1+r)n−1P×r×(1+r)n​, Where:

#3 Total Repayment:

• Loan Applied: ₹1,00,000
• Amount Received: ₹92,330 (after processing fee deduction)
• Monthly EMI: ₹4,707 for 24 months
• Total Paid Back: ₹1,12,968 (Principal + Interest)

HDFC Personal Loan Eligibility

The following people are eligible to apply for a Personal Loan:

• Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
• Individuals between 21 and 60 years of age
• Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
• Those who earn a minimum of 25,000 net income per month.

How is Personal Loan eligibility calculated?

Personal Loan eligibility calculation uses six factors to determine your eligibility, they are:

• Geographic location
• Monthly Income
• Ownership of property.
• Existing credit.
• Employer.
• Credit history.

Check Your Eligibility Here : HDFC Personal Loan Eligibility Calculators

Documents Required for HDFC Bank Personal Loan

• Identity proof / address proof (copy of passport/voter ID card/driving license/Aadhaar Card)
• Bank statement of previous 3 months (Passbook of previous 6 months)
• Two latest salary slip/current dated salary certificate with the latest Form 16

HDFC Loan & Balance Transfer

HDFC Bank allows you to reduce your personal loan EMI by transferring your existing loan from another bank to HDFC. This is called a Personal Loan Balance Transfer.

• Lower Interest Rates: HDFC offers interest rates starting from 10.85%, which can save you money compared to your current loan rate.
• Processing Fee: A one-time processing fee applies, starting at ₹6,500 + GST.

By transferring your loan, you can enjoy lower EMIs and better terms!

You Can Apply Here For : Transferring Existing Loan to HDFC Bank

How to Apply for Personal Loan at HDFC Bank?

You can easily apply for an HDFC personal loan online in just a few clicks.

• For Salaried Individuals: Use this link to apply: Personal Loan Application
• For Business Owners: Apply separately using this link: Business Loan Application

The process is simple, quick, and convenient!

HDFC Personal Loan & Insurance

HDFC Bank offers insurance options with personal loans to provide extra protection for you and your loan. Here’s how it works:

1. Personal Accident Cover:
   • For a small premium, you get:
     • Accident cover of up to ₹8 Lakhs.
     • Critical Illness cover of up to ₹1 Lakh.
   • The premium is deducted from your loan amount when the loan is disbursed. Taxes and charges apply.
2. Personal Loan Security (Sarv Suraksha Pro):
   • Credit Shield Cover: Covers your outstanding loan amount in case of unforeseen events.
   • Accidental Hospitalization Cover: Provides up to ₹8 Lakhs.
   • Accidental Death or Permanent Disability Cover: Offers up to ₹1 Lakh.

These insurance options help protect you financially and ensure your loan is secure in emergencies. Terms and conditions from the insurance provider apply.

What if I Don’t Choose Insurance?

If you choose not to buy the insurance offered with HDFC personal loans, there’s no problem—you can still get the loan. However, here’s what it means:

1. No Extra Deductions: Your loan amount will not have any insurance premium deducted during disbursement.
2. No Additional Coverage: You won’t have benefits like accident cover, critical illness cover, or protection for your loan balance in case of emergencies.
3. You Handle Risks: In situations like hospitalization, disability, or an unfortunate event, you or your family may need to manage repayments without the financial help provided by the insurance.

Buying the insurance is optional or mandatory, depending on the lender’s policy. If you feel confident managing risks yourself, you can skip it without affecting your loan approval.

FAQs for HDFC Personal Loan Calculations

1. How much EMI will I pay if I take an HDFC personal loan?

Here’s the breakdown of EMI for different loan amounts, assuming:

• Interest Rate: 12% per annum (1% per month)
• Tenure: 60 months (5 years)

Loan Amount	EMI (Approx.)	Total Repayment	Total Interest Paid
₹50,000	₹1,112	₹66,720	₹16,720
₹1,00,000	₹2,224	₹1,33,440	₹33,440
₹5,00,000	₹11,120	₹6,67,200	₹1,67,200
₹10,00,000	₹22,240	₹13,34,400	₹3,34,400
₹20,00,000	₹44,480	₹26,68,800	₹6,68,800
₹50,00,000	₹1,11,200	₹66,72,000	₹16,72,000
₹75,00,000	₹1,66,800	₹1,00,08,000	₹25,08,000

---

2. How much interest will I pay on an HDFC personal loan?

The interest depends on the loan amount, interest rate, and tenure. For example:

• On ₹1,00,000 for 5 years at 12%, you pay ₹33,440 in interest.
• On ₹10,00,000 for 5 years at 12%, you pay ₹3,34,400 in interest.

---

3. How does the loan processing fee affect the disbursed amount?

• HDFC charges up to ₹6,500 + GST (approx. ₹7,670 total) as a processing fee.
• For a loan of ₹1,00,000, after the fee, you receive ₹92,330.

---

4. What is the total repayment for different loan amounts?

The total repayment is the sum of the principal and interest. For example:

• Loan of ₹50,000: Repayment = ₹66,720 (₹50,000 + ₹16,720 interest).
• Loan of ₹10,00,000: Repayment = ₹13,34,400 (₹10,00,000 + ₹3,34,400 interest).

---

5. How are EMIs calculated?

EMIs are calculated using this formula:
EMI=P×r×(1+r)n(1+r)n−1EMI = \frac{P \times r \times (1 + r)^n}{(1 + r)^n – 1}
Where:

• P = Loan Amount
• r = Monthly Interest Rate (Annual Rate ÷ 12)
• n = Total Months of Tenure

---

For More Information on Personal Loans, don’t forget to subscribe or follow us.