हिंदी में पढ़े
HDFC Personal Loan Interest Rate
HDFC Personal Loan interest rate starts from 10.85% p.a. However, the differential interest rates of various HDFC Personal loan schemes and for different categories of its personal loan applicants have not been disclosed. Note that as with any other lender, HDFC Bank may also factor in various parameters such as credit score, monthly income, job profile, employer’s profile, etc. of its personal loan applicants for setting their personal loan interest rates.
HDFC Personal Loan Interest Rate for Various Schemes
Below-mentioned are the interest rates offered by HDFC Bank for its various schemes.
| Types of Personal Loan | Rate of Interest (p.a.) |
| HDFC Bank Marriage Loan | 10.85-24% |
| HDFC Bank Personal Loan for Home Renovation | 10.85-24% |
| HDFC Bank Personal Loan for Teachers | 10.85-24% |
| HDFC Bank Personal Loan for Salaried | 10.85-24% |
| HDFC Bank Personal Loan for Government Employees | 10.85-24% |
| HDFC Bank Personal Loan Balance Transfer | 10.85% |
| Other HDFC Bank Personal Loans | 10.85-24% |
Note: Rates as of 13th November 2024
Compare HDFC Personal Loan Interest Rates with Other Lenders
HDFC Bank
Up to ₹40L
10.85% - 24%
Upto 6 Years
₹6,500
Axis Bank
Up to ₹10L
11.25% - 22%
Upto 5 Years
Upto 2%
Kotak Mahindra Bank
Up to ₹40L
10.99% - 36%
Upto 6 Years
Upto 3%
IDFC First Bank
Up to ₹10L
10.99% - 23.99%
Upto 5 Years
Upto 2%
ICICI Bank
Up to ₹50L
10.85% - 16.25%
1-6 Years
Upto 2%
*Applicable for selected customers
Factors Affecting HDFC Personal Loan Interest Rate
Let us discuss various factors that may affect HDFC Bank Personal Loan Interest Rate in detail.
Credit Score
Many/NBFCs check the credit score of their loan applicants when offering interest rates. While HDFC Bank has set 650 as the cut-off credit score for personal loan applicants, it has not disclosed the differential HDFC Personal Loan Interest Rates offered on the basis of credit score. Usually, personal loan applicants having higher credit scores have higher chances of availing personal loans at lower interest rates. For this, consider improving your credit score by paying your bills and EMIs on time. This will also improve your home loans, credit cards and personal loan eligibility. Any errors in the credit report can lower the credit score, which is why you should check your credit reports now and then and take necessary actions to omit any such errors.
Personal loan applicants with lower or no credit scores can also avail Step UP Credit Card co-branded with SBM Bank India Ltd. to improve their credit scores and increase the chances of personal loan approval.
Income
HDFC Bank provides personal loans to loan applicants with a minimum net monthly income of Rs. 25,000. While the bank has not disclosed the differential HDFC Personal Loan Interest Rate based on its applicants’ incomes, many lenders follow the practice of offering personal loans at preferential interest rates to loan applicants with higher monthly incomes. For such lenders, personal loan applicants with higher incomes present a lower credit risk due to their higher loan repayment capacity.
Employer
HDFC Bank considers the occupation and employer’s profile of its personal loan applicants while evaluating their loan eligibility. However, HDFC Personal Loan Interest Rate matrix has not been disclosed based on the occupation or employment profile.
However, many banks/NBFCs consider the employer profile of their loan applicants before setting interest rates for them. Most banks offer personal loans for salaried applicants at lower interest rates compared to personal loans offered for self-employed applicants. Salaried applicants of PSUs and governments can also avail loans on lower interest rates due to their higher income and job security. The same goes for the applicants of MNCs and reputed private sector organisations.
Relationship with the bank/lender
While the bank has not disclosed if it offers favourable HDFC Bank Personal Loan Interest Rates to its existing customers, many lenders offer personal loans at concessional interest rates to applicants who already have a lending or deposit account with them. So if you are planning to avail personal loans, consider contacting the banks/NBFCs with whom you have an existing banking or lending relationship. Compare the interest rates offered by those lenders with the HDFC Bank personal loan interest rates. Also ensure to visit online financial marketplaces to compare the interest rates offered by other lenders as well.
What is a reducing Personal Loan Interest Rate in HDFC?
HDFC Bank uses monthly reducing method to calculate interest rates on personal loans. Here, the interest is calculated on the outstanding principal followed by the EMI payments. The interest component is the highest in the initial few years of the loan tenure. As the outstanding principal decreases with each EMI payment, the interest component in the EMI also decreases.
How to Avail HDFC Personal Loan at Lower Interest Rates?
In order to avail HDFC Personal loans at lower interest rates, you can consider the below mentioned tips:
- Try maintaining a credit score of 650 or more.
- Check with the banks/NBFCs with whom you have an existing relationship
- Always keep track of the personal loan interest rates offered by top banks/NBFCs
- Visit online financial marketplaces to check and compare HDFC Bank Personal Loan Interest Rates with the interest rates offered by other banks and NBFCs.
- Check for any pre-approved personal loan offers from banks/NBFCs
How to calculate HDFC Bank Personal Loan interest cost?
Applicants can use HDFC Bank Personal Loan EMI Calculator to calculate the interest cost. All they need to do is enter the loan amount, loan tenure and interest rate in the EMI Calculator and calculate the total EMIs and interest cost payable.
FAQs on HDFC Personal Loan Interest Rate
What is personal loan interest rate offered by HDFC Bank?
HDFC Bank offers personal loan interest rates starting from 10.85% p.a. onwards depending on the credit profile of its applicants.
Does HDFC Bank offer personal loans at fixed or floating interest rates?
HDFC Bank offers personal loans at fixed interest rates. As the interest cost remains constant in fixed rate personal loans, it provides higher certainty to the borrowers in terms of interest cost and budgeting.
What would be the interest cost of 1 lakh personal loan offered by HDFC Bank?
The interest cost of Rs 1 lakh personal loan availed from HDFC Bank can vary widely depending on the loan amount, loan tenure and interest rate offered to the personal loan applicants. For example, if an applicant avails a loan amount of Rs 1 lakh at 10.50% p.a. for tenures of up to 5 years, the total interest cost payable would be Rs 28,963 whereas the interest cost for the same loan amount for the same tenure but availed at interest rate of 16% p.a would be Rs 45,908. Hence, applicants should use Personal Loan EMI Calculator to calculate the interest cost instantly based on their loan amount, interest rate and loan tenure.
What is the interest cost for personal loan of Rs 5 lakh availed from HDFC Bank?
The interest cost of HDFC Bank personal loan would depend on the loan amount, loan tenure and interest rate offered to the personal loan applicants. For example, if an applicant avails a loan amount of Rs 5 lakh at 10.50% p.a. for tenures of up to 3 years, the total interest cost payable would be Rs 85,044 whereas the interest cost for the same loan amount for the same tenure but availed at interest rate of 12% p.a would be Rs 33,467. Hence, applicants should use Personal Loan EMI Calculator to calculate the interest cost by entering the loan amount, loan tenure and interest rate.
What are the HDFC Bank Personal Loan interest rates for government employees?
HDFC Bank offers personal loans to government employees at interest rates starting from 10.85% p.a. onwards.
What are the HDFC Bank Personal Loan interest rates for salaried employees?
HDFC Bank offers personal loans at interest rates starting from 10.85% p.a. onwards to government/PSU employees and employed of select private sectors companies.
Does HDFC Bank offer special discounts or offers on its personal loan interest rate?
HDFC Bank has not disclosed any special discounts or offers on its personal loan interest rates. Applicants can get in touch with the bank directly or click here to check if they are eligible for any discounts or offers on HDFC Bank personal loan interest rates.
What are the HDFC Bank Personal Loan interest rates for businessmen or self-employed applicants?
HDFC Bank Personal Loan interest rates for businessmen or self-employed applicants are the same as those offered to other applicants. The personal loan interest rates for businessmen or self-employed applicants start from 10.50% p.a. onwards.
What are the HDFC Bank Personal Loan interest rates for soldiers or defence personnel?”,
HDFC Bank has not specified any personal loan scheme for soldiers or defence personnel. Thus, soldiers or defence personnel should be eligible to avail personal loan at interest rates of 10.85% p.a. onwards, depending on their loan amount, loan tenure, CIBIL score and repayment history.”
What are HDFC Bank Personal Loan interest rates for its existing customers?
HDFC Bank has not specified any specific personal interest rates for its existing customers. Thus, existing customers of HDFC Bank should be able avail personal loan interest rates of 10.85% p.a. onwards based on their loan amount, CIBIL score, repayment history and loan tenure.