Want to avail a personal loan that comes with an attractive interest rate? And, how about, enjoying a pocket-friendly EMI? Well, if that sounds appealing to you, all you need to know about HDFC Personal Loan Interest Rates. Want to know more, just go through the page below.

HDFC Personal Loan Interest Rate Details 2024

You can find HDFC Personal loan interest rates, which can help you save money with affordable EMIs. Existing customers can benefit from additional discounts on interest rates and processing fees. For more detailed information about HDFC Personal Loan Interest Rates, please read the content below. 

Advantages of HDFC Personal Loan

The following are some of the main benefits of applying for personal loans with HDFC Bank:

1) Hassle-Free Loan Processing: You can apply for a personal loan at an ATM, in person at your closest branch, online on the website, or through NetBanking. There is little paperwork and a rapid application process.

2) Instant Disbursal: If you are a customer of HDFC Bank, you may apply for a personal loan in as little as 10 seconds. Non-HDFC bank customers can obtain it within 4 hours.

3) Free to use the Funds for Any Purpose: You can utilize your money for any purpose you choose such as a wedding, vacation, gadget, company investment, house remodeling, etc. 

4) Easy Documentation: Compared to most other loans, a personal loan requires far less documentation and takes much less time to process. HDFC has less paperwork and easy documentation for personal loan applications. 

Factors Affecting HDFC Personal Loan Interest Rate

• Credit Score - A person's creditworthiness is assessed by most lenders in the market using their credit score. Borrowers with strong credit ratings can apply for loans at competitive interest rates.

• Monthly Income and Debt-to-Income Ratio – The DTI ratio measures how much of your monthly income is already committed to paying off existing debts. It reflects your ability to manage additional debt.

• Age - A longer payback period may be advantageous to younger borrowers, but if they don't have a good credit history or a steady source of income, their interest rate may be higher. They might still be able to get reasonable rates, though, if they have a reliable source of income and a high credit score.

• Employment Status - Employment status reflects the borrower’s job stability, income consistency, and overall financial security, which are key considerations for lenders when assessing loan applications. 
   
• Lender Relations - The bank might give you additional loans at a lower interest rate if you have already obtained and paid back loans from them. As a returning customer, you might be able to bargain for lower interest rates and larger loan amounts.

Calculating EMIs on HDFC Personal Loans at Different Interest Rates

The next step is to figure out your monthly EMIs once you have decided on the loan amount and interest rate. This aids in your comprehension of the monthly payment amount. You can use Wishfin's HDFC Personal Loan EMI Calculator to simplify this computation.

Just enter the following information:

• Principal Amount

• Interest Rate

• Tenure

The EMIs for a Rs. 4,00,000 personal loan with interest rates of 10.75% to 24.00% p.a. over terms of one to five years are shown in the table below. The loan amount and other information are customizable to meet your needs.

What Should You Do in Order to Fetch the Lowest Interest Rate from HDFC?

These are the factors that can help you fetch the lowest interest rate on a personal loan from the HDFC Bank - 

• Improve your Credit Score - You are creditworthy if you have a high credit score. Applicants with good credit scores are eligible for the lowest interest rates on personal loans from banks and other financial organizations. If your credit score is higher than 750, your chances of obtaining a personal loan at a reasonable interest rate are increased.

• Use your Salary Account - Make sure you make frequent use of your HDFC salary account if you have one. Existing clients frequently receive better interest rates from banks, especially if they have a consistent business relationship. 

• Keep an Eye on Other Charges - Be mindful of additional costs such as processing fees, prepayment penalties, and service charges in addition to interest rates. 

• Negotiate: Don't be afraid to haggle with the bank for a lower interest rate if you have a steady income and a strong credit history. To keep a loyal customer, banks can be prepared to provide a lower rate.
   
• Select a Shorter Loan Term: Loans with shorter terms typically come with lower interest rates from banks. The total amount of interest you pay will be less even if your EMIs may be greater.

Documents Required for a HDFC Personal Loan

These are the documents that are required for a personal loan - 

1. Identity Proof and address (passport, voter ID card, driver's license, or Aadhaar card copy)
2. Previous three months' bank statement (previous six months' passbook)
3. Two most recent pay slips or a current-dated salary certificate along with the most recent Form 16

Other Charges of HDFC Personal Loan 

Premature Closure Charges

Personal Loan Rack Rates

HDFC Personal Loan Balance Transfer Interest Rate

Get ready to enjoy lower EMIs and save more on your interest payments by transferring your existing personal loan to HDFC Bank. Yes, if your existing lender is giving you the personal loan at higher rates, going for HDFC BT is surely a smart move. If you opt for the BT with HDFC, you can get the lowest HDFC personal loan interest rates on your existing loan. There is a one-time processing fee of INR 1,999 that you need to give away to the bank so as to process your balance transfer request further. Moreover, you can either visit the branch or simply apply online to transfer your outstanding loan balance to HDFC.

• Balance Transfer rates will be applicable across all Banks & NBFC but not applicable on Credit Card Outstanding Take over.
• Sales Promo code of EXTLOAN or BT-EXT to be captured
• PL Balance Transfer Program not applicable for segments identified under Personal Loan Classic pricing category.
• PL Balance transfer rates not applicable for CAT D, CAT E, CAT NEW, NRI and GC customer segments

The below rates will be applicable for HDFC Bank and HDFC Securities Ltd. (HSL) Staff:

Offer Rate: 12.25%

Offer PF:INR 1,999

HDFC Personal Loan Customer Care

If you want to get in touch with the bank, all you need to do is just dial 1800 1600 / 1800 2600 from your mobile or landline. The bank executives with their thorough understanding and helpful nature are always there for your help and guidance. You can also register your complaint, query and share your feedback 24×7 by simply dialing these numbers. These executives with their friendly nature are always there to give you the required support so that you can have a hassle-free journey.

HDFC Personal Loan Status

Knowing your personal loan status is not a hassle anymore as all you need to do is simply visit the HDFC site. Click on Track My Application and submit a few credentials such as name of the applicant, reference number and date of birth to complete the process. After successfully submitting the details, you can get to know the real-time status of your loan application. Yes, whether it’s approved, pending or rejected, knowing the status of your loan is not a hassle anymore.

HDFC Personal Loan Login

When it comes to log in to your HDFC Account, with the help of an online facility, you can anytime from anywhere access your account. Yes, via NetBanking, it is absolutely easy and quick to access your account from anywhere. All you need to have is the login credentials, i.e. customer ID and password. And after entering both the details, you just need to click on the submit button and you are sorted. With a fraction of a second, you will be able to log in to your account.

HDFC Personal Loan Eligibility

Availing an HDFC personal loan is easy and simple if you know the eligibility norms set by the bank. Talking about the personal loan eligibility, it simply depends on various things such as age, credit score, work experience, job stability, employment type, etc. After meeting all these norms, you can become eligible to avail HDFC personal loan and fulfill your multiple needs without any hassle.

HDFC Personal Loan Top Up

Looking for a top up on your existing personal loan? Well, if the answer is yes, all you need to know about HDFC personal loan top up. This facility allows you to borrow a certain amount of money over and above your personal loan so that all your needs can easily be fulfilled. It is absolutely easy and a quick process to avail the funds through this facility. No matter what all needs you have, this top-up facility allows you to meet your varied needs instantly without any hassle. You can get this facility even on loans taken from other lenders. All you need to do is transfer the existing loan balance of another bank to HDFC at lower rates and request the latter for a top-up amount over it.

Compare Personal Loan Interest Rates from Different Banks

Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.