HDFC Bank Personal Loan Interest Rate 2024

HDFC Bank Personal Loan Interest Rates in 2024 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 share price cracked almost 7 per cent in early trade on BSE on Wednesday, January 17, a day after the company reported its December quarter results. HDFC Bank share price opened at ₹1,583.85 against its previous close of ₹1,678.95 and soon cracked 6.5 per cent to hit the level of ₹1,570. Around 9:30 am, HDFC Bank shares traded 6.07 per cent lower at ₹1,577 on the BSE.

HDFC Bank’s gross non-performing assets (NPAs) were reported at 1.26 per cent in Q3 of FY24, up from 1.23 per cent last fiscal year. Net NPAs in Q3 of FY24 stood at 0.31 per cent, as compared to 0.33 per cent last year

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

Key Features of HDFC Personal Loan Interest Rates

• When the HDFC Bank Personal Loan Interest Rates 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.

Paid (X) Paid (Y) Payment (X+Y) loan Balance

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 Interest Rate ?

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 Loan Interest Rate at lower 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

FAQs About HDFC Bank Personal Loan Interest Rates

1. What is the minimum interest rate on HDFC Bank personal loan interest rate ?

The interest rate on HDFC Bank personal loan starts from 10.50% onwards.

2. What is the processing fee on HDFC Bank personal loans?

HDFC Bank charges up to 2.50% of the loan as processing fee, subject to a minimum of Rs.1000 and a maximum of Rs.25000.

3. What are the modes of payment available for me to repay HDFC Bank personal loan?

You can repay the loan through post-dated cheques, ECS or through a standing instruction to debit your HDFC Bank account with the EMI amount.

4. What is the minimum and maximum personal loan amount?

The loan amount is based on the bank’s lending policies and is influenced by your eligibility, income, nature of the job, and repayment capacity..

5. Do I need to provide collateral to secure HDFC Bank personal loan?

There is no requirement to provide any security or collateral of any sort.

6. Is the salary account from HDFC Bank useful to get a personal loan?

Yes, individuals with HDFC salary accounts benefit from lower interest rates and processing charges. Minimal documentation is required and you can set up an auto deduct instruction to automatically debit money from your account.

7. What is the current rate of interest on HDFC Bank personal loans?

The current rate of interest on HDFC Bank personal loans is 10.5% to 21%.