HDFC Bank Personal Loan Interest Rate

HDFC Personal Loan Interest Rates

HDFC Personal Loan Interest Rates are competitive and vary between 10.5% to 21%. So, the EMIs are quite affordable and allow you to save money. Existing customers can also avail discounts on the interest rates offered on HDFC personal loans. However, interest rates depend on factors such as credit score, income, job stability, and loan amount.

HDFC Bank Personal Loan Interest Rates 2023 Versus Other Banks - A Comparison

Key Features of HDFC Personal Loan Interest Rates

• When the interest rate is fixed, and you have to pay a fixed amount of interest throughout the duration, it is called fixed interest rate
• HDFC Bank personal loan interest rates depend on many factors like credit score, income, existing relationship with the bank etc.
• Floating rate of interest changes according to the changes in the bank’s base lending rate
• Keep in mind that the floating rate of interest will go up when the repo rate goes up before choosing this type of interest rate

What Are The Factors Impacting HDFC Bank Personal Loan interest rates

Not all the personal loan applicants with HDFC Bank will receive the same interest rate. The rates are determined by various factors. Following are the factors that play an important role in determining your interest rate.

Credit Score: Having a good credit score will help you get the best interest rates and enables you to access credit effortlessly. If you have a poor credit score, it is not entirely impossible to avail a loan, but the interest rate will be high.

Income: Lenders are willing to offer a personal loan at a low interest rate when you have better repaying ability. Hence your income plays a crucial role in determining the interest rate. Higher your income, lower will be your interest rate on a personal loan.

Reputed Employer: Working in a reputed organisation can certainly get you a good deal on your personal loan.For lenders, a reputed employer means a better job stability. If you are working in a company that is listed by the bank, chances are higher that you will get a better interest rate. A salaried employee will get a different rate of interest as compared to a self-employed individual.

Relationship with the lender: Existing customers of HDFC Bank get a better interest rate on HDFC personal loans. As compared to non-HDFC bank customers. The bank considers existing customers as reliable candidates for a personal loan. Hence the rate of interest will be lower. Moreover, the time taken to process the loan is also shorter than the new customer who may have to go through a lengthy documentation process.

Loan tenure: Loan amount is an important factor determining the amount of loan borrowed. Higher the loan amount borrowed, higher the interest rate

Borrowing Category: HDFC Bank also gives personal loans to government employees, armed forces, and defense. The interest rates for these individuals vary from that of other applicants. The interest rates also differ between salaried and self-employed individuals.

The interest rates may be subject to change depending on the sole discretion of the bank.

How To Compute HDFC Personal Loan Interest?

There are two ways in which you can compute the HDFC personal loan interest. One is the formula method, and the other one is using the personal loan EMI calculator.

Let us understand with an example:

Example: Suppose Mr. A takes a loan for Rs. 50,000 at an interest rate of 10% for 12 months, then the interest paid per month and the monthly EMIs can be computed easily by using an EMI calculator. All you have to do is to enter the loan amount, interest rate, and the tenure and the calculator will display the interest paid every month, the monthly EMIs and the outstanding balance after every month.

Loan Amount : Rs. 50,000

Total Interest Due: Rs. 2,750

Processing Fee:Rs. 0

Total Amount Payable: Rs. 52,750

HDFC Bank Personal Loan Interest Rates on Top-up Loans

Sometimes customers may need additional funds to supplement the amount offered through a personal loan. To meet this need, they can avail of the HDFC Top up loan facility. Customers can top up their loans up to Rs. 50 lakhs or up to their existing loan amount, whichever is lesser. The interest rate given on the HDFC top up personal loan ranges between 9.15 % p.a. to 9.65 % p.a.. The tenure depends on the duration of the existing loan.

What Are The HDFC Bank Personal Loan Balance Transfer Interest rates?

If you wish to lower the interest rates on your current personal loan, you can choose to transfer your personal loan to HDFC Bank from another lender. The interest rates on balance transfer is as low as 11.49% and there will be a process fee of Rs. 3,499 levied.

How Can You Get HDFC Personal Loans At Lower Interest Rates?

• Check whether the bank or NBFC with which you have an existing relationship is ready to give you a loan.
• Check for offers on pre approved loans from banks or NBFCs
• Maintain a good credit score of 650 or above
• Shop around financial marketplaces and compare the interest rates on personal loans from various NBFCs or banks with HDFC personal loans. This way, you can choose the loan with the lowest interest rates
• Always keep yourself updated of the personal loan interest rates offered by top banks/NBFCs
• Look out for any holiday, festival, or seasonal offers from the bank.

HDFC Bank Personal Loans - Features and Benefits

• Complete flexibility of end-use
• Hassle-free online personal loan application
• Simplified documentation
• Quick processing and speedy disbursal.
• Competitive interest rates
• No guarantor or collateral is required to avail an HDFC bank personal loan
• Special offers on interest rates and other fees for HDFC Bank account holders
• Special personal loan offers for women employees
• Walk-in loans and over-the-counter loans available
• Doorstep service available
• Simple HDFC Bank loan payment methods available including ECS and PDCs
• Scrutinize your eligibility online on the HDFC Bank website
• Tailor-made personal loans solutions across multiple categories
• Transfer option for your existing personal loan

What Are The Fees and Charges Associated With HDFC Personal Loans?

FAQs About HDFC Personal Loan Interest Rates