Giving 10 lakh rupees personal loan in just 5 minutes, apply online from here – HDFC Personal Loan 2023

Senior Citizen Customers are eligible for discount of 10% on all service charges

Charges to avail a Personal Loan

Government taxes and other levies as applicable will be charged over and above the Fee and Charges. Loan disbursal at the sole discretion of HDFC Bank Ltd.

FeeAmount to be paid
Rack Interest RateSalaried- 10.50% to 24%
Processing fee / Loan Processing Charges Up to Rs 4999/- 
Stamp Duty & Other Statutory ChargesAs per applicable laws of the state
Delayed instalment payment charge18% p.a plus applicable government taxes on overdue instalment amount

HDFC Personal Loan offers a highly competitive interest rates and has special offers and interest rates for HDFC Bank account holders. It also offers special loan offers for women employees. First time borrowers will be given low loan offerings. The personal loan is available on the basis of a person’s credit history like his repayment history on other loans and credit cards. The process to apply for the loan is simple and requires minimum documentation and a person can avail a personal loan for various needs.

Features of HDFC Personal Loan Scheme

  • If you are a customer of HDFC Bank and if you apply for a personal loan, the loan amount will get approved within 10 seconds if you meet the required criteria. If you are not a customer of HDFC and have applied for a loan, you will get the loan amount credited to your bank account within 4 hours post the approval of your loan.
  • You can apply for a HDFC personal loan by visiting the official website of the bank.
  • On availing a personal loan from HDFC Bank, you can protect yourself by availing the insurance cover provided by the bank. You can opt for a personal accident cover of up to Rs.8 lakh and a critical illness cover of up to Rs.1 lakh. In case something happens to you due to an accident or you get hospitalised after getting diagnosed with a critical illness, you can claim the cover amount. The premium amount will be deducted from your loan amount including the tax and surcharge fees.
  • As a customer of HDFC Bank, you get to enjoy various special benefits, charges, and offers if you avail a personal loan from them. If you are availing a personal loan from HDFC Bank for the first time, you get to choose your repayment tenure and the EMIs that you will have to pay will be cheap and affordable.

Factors Affecting HDFC Personal Loan Interest Rates

  • Loan tenure: Shorter term loans may attract a higher rate of interest when compared to loans having a higher tenure.
  • Repayment capacity: HDFC Bank checks a person’s repayment capacity before offering him a loan and before deciding the interest rate. Borrower’s income, his assets and his creditworthiness is looked into before the bank offers a rate to him. CIBIL Score gives detailed information his repayment capacity as it has all the details of the previous loans he had taken and repaid and it also gives information on how he is paying off his credit card bills.
  • Borrowing class: The borrower’s age also plays a crucial role in deciding the interest rate. HDFC Bank offers personal loan to the salaried individuals only.
  • Relationship with the bank: HDFC Bank offers special offers, interest rates and charges for the existing HDFC Bank account holders. Women are offered a special loan, HDFC Bank Personal Loan Diva, this is a tailor-made loan and has more than 100 Diva offers across premium brands and products. This makes it vital for the applicant to have a very good rapport with the bank to avail special discounts and offers. You may even get a discount on the processing charges or the bank might reduce your interest rate to those who have managed to show commitment to making their payments on time in the past.

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.


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.


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.

Personal Loan FAQs

How is the Personal Loan interest rate calculated?
Interest on Personal Loan depends on various factors such as CIBIL score, Repayment History, Principal amount, Tenure.

What is the interest on a 1 lakh loan?
If you have taken a loan of 1 lakh at an interest rate of 12% for 12 months, then the interest for the first month will be: 

= 1,00,000 x (0.12/12) = Rs.1000

What is the interest of a Personal Loan?
Interest is the amount a lender charges the borrower for availing of a loan. The amount depends on the interest rate, a specific percentage of the principal amount.

What is the EMI for a 20 lakh Personal Loan?
It will depend on the tenure and the interest rate. For example, if the given interest rate is 10.50% and the tenure is 60 months, the EMI for 20 lakhs will be Rs. 42,988. You can use the Personal Loan EMI calculator on the HDFC Bank website to check for yourself.

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