HDFC Bank provides Personal Loans with interest rates starting at 10.75% per annum. The interest rate typically varies depending on several factors, including the borrower’s credit score, income, loan amount, and repayment tenure. HDFC also provides discounts or special interest rates for pre-approved customers, making it essential to check with the bank for the latest offers before applying.
HDFC Bank provides Personal Loans up to ₹40 lakhs with interest rates ranging from 10.75% to 24% per annum for a repayment period of 6 years.
Table of Contents:
HDFC Personal Loan Schemes Interest Rates
HDFC offers different types of personal loans to cover various financial requirements. The table below shows the interest rates HDFC Bank offers for its various schemes.
| Types of HDFC Personal Loan | Rate of Interest (p.a.) |
|---|---|
| HDFC Bank Golden Edge Personal Loan | 10.75%-24% |
| HDFC Bank Personal Loan for Marriage | 10.75%-24% |
| HDFC Bank Personal Loan for Home Renovation | 10.75%-24% |
| HDFC Bank Personal Loan for Teachers | 10.75%-24% |
| HDFC Bank Personal Loan for Students | 10.75%-24% |
| HDFC Bank Personal Loan for Women | 10.75%-24% |
| HDFC Bank Personal Loan for Salaried | 10.75%-24% |
| HDFC Bank Personal Loan for Government Employees | 10.75%-24% |
| HDFC Bank Personal Loans for Medical Emergency | 10.75%-24% |
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Note: The interest rates are subject to change as per lender's discretion.HDFC Personal Loan Fees & Charges
Here is a table summarizing the fees & charges associated with availing a personal loan from HDFC Bank, along with details on discounts and other applicable charges:
| Fee/Charge | Amount to be Paid |
|---|---|
| Rack Interest Rate | Salaried: 10.75% to 24% |
| Processing Fee / Loan Processing Charges | Up to ₹4999/- |
| Stamp Duty & Other Statutory Charges | As per applicable laws of the state |
| Delayed Installment Payment Charge | 18% p.a. plus applicable government taxes on the overdue installment amount |
| Special Discount for Senior Citizens | 10% discount on all service charges |
| Additional Charges | Government taxes and other levies as applicable will be charged over the fees. Loan disbursal at the sole discretion of HDFC Bank Ltd. |
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HDFC Personal Loan Calculator
To manage your finances effectively, it's crucial to have a clear understanding of the monthly EMI you'll need to pay for your HDFC personal loan. HDFC Bank offers a Personal Loan EMI Calculator that helps you estimate your EMIs in advance, enabling you to make well-informed financial decisions before applying for a loan.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
By simply entering the loan amount, interest rate, and repayment tenure, the EMI calculator instantly provides you with the monthly installment figure. This tool allows you to plan your loan comfortably and ensure it aligns with your financial goals.
Not sure of your credit score? Check it out for free now!
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Comparison of Personal Loan Interest Rate by Banks & NBFCs
The table below shows the personal loan interest rate by top banks and NBFCs:
| Banks | Interest Rate |
|---|---|
| HDFC Bank | 10.75% - 24.00% p.a. onwards |
| State Bank of India | 11.35% p.a onwards |
| IDFC First Bank | 10.99% p.a. onwards |
| IndusInd Bank | 10.49% p.a onwards |
| IDBI Bank | 11.00% p.a onwards |
| Bank of Baroda | 11.15% - 18.75% p.a onwards |
| Bandhan Bank | 9.40% p.a onwards |
| Punjab National Bank | 10.40% p.a onwards |
| Yes Bank | 10.99% - 20.00% p.a. |
| Union Bank of India | 13.35% p.a onwards |
| Central Bank of India | 12.75% p.a onwards |
| Canara Bank | 10.95% p.a onwards |
| Indian Overseas Bank | 10.85% p.a onwards |
| Citi Bank | 11.49% p.a onwards |
| Bank of India | 10.85% p.a onwards |
| Federal Bank | 10.99% p.a. onwards |
| Indian Bank | 11.00% p.a. onwards |
| RBL Bank | 18.00% p.a. onwards |
| UCO Bank | 12.45% p.a. onwards |
| Ujjivan Small Finance Bank | 11.49% p.a onwards |
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Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.Get a quick loan starting at 11.99% p.a.
Factors Affecting HDFC Personal Loan Interest Rate
Several factors influence the interest rate offered by HDFC Bank for personal loans. These factors determine whether you will receive a lower or higher rate, based on your financial profile and risk assessment. Here are the key factors affecting HDFC personal loan interest rates:
- Credit Score: A higher credit score (typically 750 or above) indicates good financial health and creditworthiness, making you eligible for lower interest rates. Conversely, a lower credit score may result in higher rates as it signals a higher risk to the lender.
- Income Level: Individuals with higher and stable incomes are more likely to get favorable interest rates as they have a better capacity to repay the loan. Lower-income individuals may face higher interest rates due to increased risk for the bank.
- Employment Type: Salaried employees from reputed companies or government sectors are often offered better rates compared to self-employed individuals, as their income is considered more secure and stable. Job stability and the duration of employment with your current employer also play a significant role.
- Existing Relationship with HDFC: If you have an existing account, credit card, or previous loan with HDFC Bank, you may qualify for a lower interest rate. Loyal customers or those with a good repayment history are often rewarded with more favorable terms.
- Loan Amount: The amount of the loan can also affect the interest rate. Larger loan amounts may sometimes come with lower interest rates, while smaller amounts might carry higher rates, depending on the bank's policies.
- Loan Tenure: Shorter repayment tenures may attract lower interest rates, as the risk to the bank is reduced. Longer tenures can lead to higher interest rates as the lender assumes more risk over a longer period.
- Debt-to-Income Ratio: If a significant portion of your income is already committed to repaying existing loans or debt, you may be considered a higher risk, leading to a higher interest rate.
- Market Conditions: External economic factors such as inflation, changes in the Reserve Bank of India’s (RBI) policies, and market liquidity can influence interest rates across the board, including personal loan rates.
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Want to know more? You can check more on different loan types available by various lenders from the table below:
Frequently Asked Questions
The interest rate typically ranges from 10.75% to 24% per annum, depending on your eligibility and credit profile.
It is determined based on factors like credit score, income, employment type, loan amount, and relationship with the bank.
HDFC personal loans come with fixed interest rates, meaning your rate will not change during the loan tenure.
Factors include your credit score, income level, loan tenure, existing debt, and employment stability.
Yes, negotiation is possible, especially if you have a good credit score or an existing relationship with HDFC Bank.
HDFC sometimes offers discounts for pre-approved customers or senior citizens (e.g., 10% off on service charges).
Interest rates are reviewed and revised based on market conditions and RBI policies, but your fixed rate remains unchanged during your loan tenure.
Yes, processing fees, stamp duty, and delayed payment charges (18% per annum) may apply.
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