HDFC Personal Loan Interest Rate is as low as 10.75%. The lowest EMI for Rs. 1 lakh is Rs. 2,162. The HDFC Bank has several loan schemes for salaried individuals and self-employed professionals, people drawing high income, women entrepreneurs, government employees, pensioners, defence personnel, and many more. Apart from the charges given above, the bank may also apply charges for late EMI payment, loan cancellation, cheque bounce, etc. All the information related to rates and charges will be disclosed upfront in the loan agreement. There are no hidden charges.
You can choose to prepay the HDFC Bank personal loan amount. If you want to prepay the outstanding amount before the stipulated tenure, then you have to bear a pre-closure or prepayment charge. The fee that you have to pay depends on the time period when you plan for prepayment. For HDFC unsecured personal loan, you can prepay only after the first 12 EMIs.Prepayment Charges
Here is an example for the total cost of personal loan HDFC Bank:
Below-given is a brief about different personal loan schemes by HDFC Bank and the associated rates and charges:
Insta Loan and Insta Jumbo loan are offered on the credit card limit. These are personal loans against credit cards. These are pre-approved offers. In HDFC Insta loan, you can borrow an amount within the allotted credit limit. In HDFC Bank Jumbo loan, you can get an amount over the allotted credit limit. This amount is without blocking the amount allowed for spending on your credit card.Considering 1.25% per month as the rate applied, here is an illustration of the EMI calculation.
This is a personal loan offer for high-income applicants with a monthly salary Rs. 75,000 and above. If there are co-applicants, even they should have a minimum net monthly salary of Rs. 75,000 and more. The loan amount is between Rs. 10 lakhs and Rs. 40 lakhs. Here is a brief about how the interest rate and processing fee works for this deal.
The personal loan for professionals is offered to Doctors, Company Secretaries practicing or consulting, Architects, Physiotherapists, Chartered Accountants, etc. The borrowing amount is up to Rs. 50 lakhs (Rs. 75 lakhs for specific locations). Below-provided is a list of the associated interest rates and charges.
Equated Monthly Instalment or EMI is a repayment amount to pay towards your personal loan. EMI is a single portion of the equally divided monthly payments till the decided tenure to clear the interest payout and borrowed principal. The formula to calculate Equated Monthly Instalment is:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^N-1]
Here: R stands for the rate of interest, P stands for the borrowed amount, and N stands for the number of monthly instalments. Here is an illustration of HDFC personal loan EMI at different tenures and loan amounts at 10.75%.
Every EMI comprises two components: the principal repayment and interest payment. The EMIs may remain the same every month. But, there is a shift in the interest proportion and the principal repaid. As you keep paying the EMIs, the principal proportion for repayment increases, and the interest proportion reduces.
Below-given are the factors that impact the personal loan EMIs:
Below-given are FAQs on personal loan rates by HDFC Bank:
HDFC Bank offers lower rates to existing customers and salary account holders. Salaried individuals working with top and reputed companies or firms from a higher-ranked company in the category listing prepared by the bank, will also get some discount on the standard rate. For instance, HDFC Bank Personal Loan Diva is an offer for women entrepreneurs. Here the applicant is supposed to have a good rapport with the bank to avail special offers and discounts. The customer is offered 100 Diva offers that can be redeemed easily.
Another factor that influences interest rate is your CIBIL score. The bank will check your credit history and past repayment records to determine your creditworthiness. You are expected to have a clean repayment record for maximum benefits. If you have outstanding dues or defaults, then the chances of getting the lowest rate may get hampered. A good CIBIL score will help to secure the best rate of interest rate and offer. You should have a CIBIL score of more than 750 to apply for a personal loan.
The HDFC personal loan processing fee is between 0.99% and 2.50% of the loan amount. There are personal loan schemes wherein the processing fee is completely waived. This is especially true for existing customers with excellent rapport with the bank or loan schemes for high-income applicants. Keep a check on the loan details and the fees when applying for a particular scheme with the bank.
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