HDFC Personal Loan – How to apply online, interest rate, fee, eligibility


If you need funds urgently, the HDFC Bank personal loan should be the ideal solution. HDFC Bank offers various types of personal loans to its customers.

  1. Marriage Loan
  2. Travel Loan
  3. Emergency Loan
  4. Debt Consolidation Loan
  5. Home Renovation Loan
  6. Personal Loan for students
  7. Personal Loan for teachers
  8. Personal Loan for women
  9. Personal Loan for salaried
  10. Personal Loan for Government employees

The common aspect of all these loans is that they are available without furnishing any collateral. Besides, you can apply for these loans online on the HDFC Bank official website. Let us understand the HDFC personal loan apply online procedure.

HDFC Bank Person loan Online – How to apply

  • Access the HDFC Bank personal loan official webpage to calculate your eligibility. Enter the loan amount you need, followed by the repayment period in years. Enter the appropriate interest rate and click on the ‘Calculate’ option. You get your EMI amount along with a graphical representation.
  • This EMI calculation helps you to determine the maximum amount of monthly repayment you can afford. Based on the EMI, you can vary the loan requirements. A shorter tenure will result in a bigger EMI and vice versa.
  • Decide on the loan requirement and click on the “Apply Online” option provided at the bottom of the page. If you have an HDFC Bank account, click on the “Login as Existing Customer” option and complete the formalities. Otherwise, provide your mobile number and check the authorization box before continuing with the process.
  • HDFC Bank sends a six-digit verification code to your phone number to confirm the genuineness of the application. Now, you can proceed to check your eligibility (if you had not done earlier) and find the perfect offer that suits your requirement. Here, you have to be careful when choosing the loan amount and repayment schedule.  It is better to opt for a repayment schedule you can afford rather than selecting an unrealistic option to reduce your repayment period and close the Loan early. Choosing the wrong combination could result in loan defaults that can go on to affect your credit rating.
  • Proceed to complete the application by filling up the details requested by the bank. HDFC Bank offers facilities to complete your video KYC formalities. You should keep the self-attested documents ready for the HDFC Bank representative to collect them from your home/office.
  • On successful completion of the application, HDFC Bank acknowledges it by providing you with a reference number. You can use the reference number to track your loan status through the HDFC Mobile app and Loan Assist app on the official webpage.
  • Wait for the sanction. Usually, HDFC Bank completes the sanction and disbursal procedures within 24 hours, depending on a case-to-case basis.

HDFC Bank Personal Loan Interest Rate

HDFC Bank charges a rack interest rate for personal loans. It means that the interest rate will vary from one borrower to the other depending on various factors. These factors include,

  1. Occupation – Salaried or self-employed
  2. Purpose of the Loan 
  3. Credit rating of the borrower

The rack interest rate range is between 10.50% to 20.40%. The rate of interest is fixed and does not change during the entire loan tenure. 

HDFC Bank provides details of the interest rate applicable to the specific borrower while displaying the offer at the time of the HDFC Bank Personal Loan apply process. The applicant can choose to accept or deny the offer at that instant.

HDFC Bank Personal Loan Fee

HDFC Bank charges various kinds of fees for their personal loan products. Here is a complete list of the charges that HDFC Bank stipulates at the time of the sanction.

Type of Charge Amount of fees
Personal Loan Processing Charges Up to 2.50% of the sanctioned loan amount, with a minimum of Rs 1,999 and a maximum of Rs 25,000
Prepayment or Part payment or foreclosure HDFC Bank does not allow any prepayment or foreclosure of the Loan within 12 months of the sanction.

Subsequently, part payment is allowed up to 25% of the outstanding principal amount once in a financial year and a maximum of twice during the entire loan tenure. 

Prepayment Charges or Foreclosure charges Between 13 and 24 months – 4% of the outstanding principal amount

25 to 36 months – 3% of the outstanding principal

More than 36 months – 2% of the principal sum outstanding 

Overdue EMI Interest 2% per month on the EMI or the principal overdue amount
Stamp Duty and stationary charges As applicable to the state you reside
Cheque Swapping charges Rs 500
Amortization Schedule charges Rs 200
Loan Cancellation charges Nil, but the bank charges interest for the interim period between the disbursement date and loan cancellation date

Processing fees are non-refundable

Cheque Bounce charges Rs 550 per instance
Legal charges At actuals


HDFC Bank Personal Loan Eligibility

The eligibility criteria for HDFC Bank Personal Loans are as under.

  1. Salaried individuals working with the State/Central Governments, public sector undertakings, and select private limited companies
  2. Self-employed individuals and professionals 
  3. The age of applicants should be in the range of 21 to 60 years.
  4. They should be employed for a minimum of two years and at least one year with the current employer.
  5. If they draw their salaries through HDFC Bank branches, the minimum net monthly income should be Rs 25,000.
  6. If they are a non-HDFC Bank salary account holder, the minimum net monthly salary requirement is Rs 50,000.
  7. Self-employed professionals and individuals must have a specified minimum income. This income can change from one location to another. The applicant must submit financial documents evidencing the stability of income to the satisfaction of the bank. 

Final Thoughts

HDFC Bank offers easy facilities to apply for personal loans online. It is always better to check your eligibility and decide on the maximum loan requirement before applying online. It can help you to save a lot of time. One should also note having an impeccable credit rating to help you get lower rates of interest.