Important factors you need to know about HDFC Personal Loan Interest Rate

HDFC Personal Loan offers highly competitive rates of interest and has special offers and interest rates for HDFC users. It also extends special loan offers for women personnel. First-time borrowers can get low loan offerings. Although, the exact HDFC Personal Loan Interest Rate is determined based on a person’s credit data such as repayment history on other loans and credit cards. The way to apply for the HDFC Personal Loan 2021 is easy and needs nominal documentation and an individual can avail of it for various needs. Let’s get to know the essential factors about the HDFC Personal Loan Interest Rate!

HDFC Personal Loan 2021 (Highlights)
Particulars	Details
Interest Rate	10.75% p.a. to 21.50% p.a.
Processing Fee	2.50% of the loan amount (Min Rs. 2,999 & Max. Rs. 25,000)
Loan Tenure	1 year to 5 years
Loan amount	Rs. 50,000 to Rs. 40 lakhs
Salary / Income	Rs. 15,000 onwards (Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin)
Credit Score	750+
Lowest EMI / Lakh	Rs. 2,187
Pre-Payment/Foreclosure Charges	Allowed after 12 EMI's ·         13 to 24 months – 4% of the outstanding principal balance ·         25 to 36 months - 3% of outstanding principle ·         Above 36 months - 2% of outstanding principle
Overdue EMI Interest	2% per month on EMI

Features of HDFC Personal Loan

If you apply for HDFC Personal Loan, the following are the features that you can enjoy on availing of it:

·         If you're an existing user of HDFC Bank and apply for Personal Loan, the loan amount will get sanctioned within a matter of 10 seconds just in case you qualify the specified criteria. If you're not an existing user of HDFC and have applied for a loan, the loan amount gets credited into your bank account within a matter of 4 hours as soon as the approval of your loan takes place.

·         You can apply for HDFC Personal Loan by visiting the official portal of the bank.

·         On applying for a Personal Loan from HDFC Bank, you can protect yourself by availing of the insurance cover extended by the bank. You can opt for an accident cover of up to Rs. 8 lakhs and a critical illness cover of up to Rs.1 lakh.

·         If you are an HDFC Bank’s customer, you can enjoy several special advantages, charges, and offers if you avail of a Personal Loan from them. If you're availing a Personal Loan from HDFC Bank for the primary time, you get to settle on your repayment tenor and the EMIs that you simply will require to pay are going to be cheap and affordable.

Factors Affecting HDFC Personal Loan Interest Rates

Following are the elements that affect HDFC personal loaninterest rate:

·         Loan tenor - Shorter-term loans may appeal a better rate of interest in contrast with loans having a better term.

·         Repayment capacity - HDFC Bank checks the repayment capacity of a person prior to offering him a loan and deciding the rate of interest. The income of the borrower, his /her assets and his / her creditworthiness are looked into before the bank presents a rate to him/her. CIBIL Score renders thorough details about his / her repayment capacity since it has all the small print of the previous loans he had taken and paid off and it also extends details on how s/he's repaying his / her credit card bills.

·         Borrowing class - The age of the borrower also plays a significant role in choosing the rate of interest.

The Bottom Stroke

To sum up, HDFC Bank offers Best Personal Loans at appealing rates of interest ranging from 10.75% p.a. to 21.50% p.a. You can opt for a repayment tenor between 1 year to 5 years. Nevertheless, the rate of interest levied on your loan will rely upon elements such as the loan amount, credit score, etc.