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HDFC Personal Loan Review: Interest Rates @ 10.50%

HDFC Bank offers large personal loans at low interest rates.

HDFC Personal Loan Review: Interest Rates @ 10.50%

HDFC Bank offers large personal loans at low interest rates.

Editor's Rating


Good for

  • Large loan amounts
  • HDFC Bank Customers

Bad for

  • Self-employed borrowers
  • Senior Citizens

HDFC Bank personal loans offer large amounts of financing at low interest rates. If you are seeking loan amounts up to Rs. 40 lakhs, we recommend that you consider HDFC for your personal financing needs. However, the HDFC loan is only available to salaried borrowers. Additionally, it's best for HDFC customers who can avail preferential pricing and faster loan disbursal times.

Summary of HDFC Bank Personal Loans
Interest rates: 10.50% to 21.00%
Loan amounts: Rs. 50,000 to Rs. 40 lakhs
Loan tenure: 12 to 60 months
For salaried borrowers only

Table of Contents

What Makes HDFC Personal Loans Stand Out to Borrowers

HDFC Bank personal loans stand out with their loan amounts up to Rs. 40 lakhs. This makes it a good option for borrowers that require a large amount of financing for their personal expenditures. Additionally, the bank offers some of the fastest cash disbursement in India, with loan funds made available to pre-approved HDFC Bank customers within 10 seconds and within 4 hours for other customers. It's important to note that HDFC personal loans are not tailored to self-employed borrowers.

HDFC Personal Loan ProductFeatures
HDFC Personal Loan
  • For salaried borrowers
  • HDFC bank customers benefit from special rates and offers
HDFC Personal Loan Against Property
  • Must own a house or property to use as collateral
  • Financing up to 60% of property value
HDFC Personal Loan Top Up
  • For home loan borrowers seeking an additional loan for personal expenses
  • Loan amount up to Rs. 50 lakhs

HDFC Personal Loan Interest Rates

HDFC personal loan interest rates starts from 10.50%, making it one of the lowest rates in India
Based on minimum interest rates for standard personal loans. Rates are subject to change.
HDFC personal loan interest rates starts from 10.50%, making it one of the lowest rates in India
Based on minimum interest rates for standard personal loans. Rates are subject to change.

HDFC personal loan rates start at 10.50% and can be charged as high as 21.00%. The bank's rates aren't the absolute lowest amongst the 35+ lenders we analysed, but it still finds itself well below our calculated average of 11.86%.

For HDFC Top Up loans or loans against property interest rates, please refer to our HDFC Home Loan Review.

HDFC Personal Loan Eligibility

Consider this if you seek maximum funding for your personal expenditures

Required Monthly Income HDFC Bank Account Holders: Rs. 25,000 p.m. | Non-HDFC Bank Account Holders: Rs. 50,000 p.m.
Min. Loan Amount Rs. 50,000
Max. Loan Amount Rs. 40 lakh
Processing Fee Up to 2.50%
Interest Rate Type Fixed
Loan Tenure 12 to 60 months

HDFC Personal Loan eligibility criteria is comparably more exclusive than other banks. Self-employed borrowers are not eligible for a personal loan. Additionally, salaried borrowers must have worked at least 2 years, including 1 year with their current employer.

In terms of income requirements, HDFC bank customers must make Rs. 25,000 per month, while non-HDFC bank customers should have a monthly net income of Rs. 50,000. This income requirement is high compared to many other lenders we analysed.

Read More: Best Personal Loans for Self Employed | Best Personal Loans for Low Salary

As a final mention, HDFC Bank requires borrowers to be at least 21 years old and no older than 60 years old by loan maturity. While this age requirement standard for most banks, you can find more generous age brackets at lenders like Union Bank of India or UCO Bank.

Processing Fee and Other Charges

Processing FeeUp to 2.50% of the loan amount
Pre-Payment Charges2.00% to 4.00% of principal outstanding
Part-Payment Charges2.00% to 4.00% on part payment amount
Overdue EMI Interest2% per month on EMI / principal overdue

HDFC charges a processing fee up to 2.50% of the total loan amount, with a minimum of Rs. 2999 and maximum of Rs. 25,000. This is slightly higher than the processing fees charged by most banks in India, however, other popular lenders like Citibank charge much higher fees.

The lenders also charges a number of standard fees like prepayment and late payment penalties. It's important to note that you are allowed a prepayment up to 25% of your principal outstanding, twice a year. This means that HDFC does not allow the full pre-closure or foreclosure of your loan. If you plan to pay down your loan in advance, we strongly advise that you find a personal loan with low prepayment fees like IDFC First Bank.

HDFC Personal Loan Calculator

Use a personal loan calculator to estimate your EMIs before applying. By inputting your personal loan interest rate, loan tenure, and loan amount, you can plan your repayments ahead of time. Click here to use the HDFC personal loan EMI calculator.

HDFC Personal Loan EMI Repayment Schedule

Our team of financial analysts calculated an example EMI repayment schedule for borrowers, as seen below.

Stage of TenureEMIInterest PaidPrincipal PaidOutstanding Balance
Year 1₹85,976₹389,686₹642,021₹3,357,979

Year 2
Year 3₹85,976₹240,383₹791,325₹1,853,880
Year 4₹85,976₹153,176₹878,531₹975,348
Year 5₹85,976₹56,359₹975,348₹0
Based on an Rs. 40 lakh personal loan over a 5 year tenure. Interest rate is set at 10.50% per annum, with no processing fee calculated in the outstanding balance.

HDFC Personal Loan Application

To apply for a personal loan through HDFC Bank, borrowers must complete an application form and submit required documents. With the correct submissions, you can receive your cash disbursal within 4 hours. If you are a pre-approved HDFC Bank customer, you may be eligible for an instant personal loan.

HDFC Personal Loan Documents

You are required to submit documents for proof of identity, residence and income. Below, you can find the documents required by HDFC Bank.

  • Proof of Identity: Copy of passport, voter ID card, driving license, Aadhar card
  • Proof of Address: Copy of passport, voter ID card, driving license, Aadhar card
  • Last 3 months' bank statements or passbook of last 6 months
  • Two latest salary slips or dated salary certificate with Form-16
  • Proof of End Use

HDFC Personal Loan Customer Care

If you have any queries about the personal loan application process or would like to apply, contact HDFC Bank customer care through any of the methods below.

Natalia Sanchez-Kumar

Natalia Sanchez-Kumar is a Junior Research Analyst at ValueChampion, specialising in loans in India. She is a History graduate of New York University and has worked in the area of social impact, Future of Work and socio-technological research in the US and India. She has co-authored policy proposals alongside the International Labour Organisation in Sri Lanka and the Maldives, as well as hosted a data privacy conference with Facebook in New Delhi.