HDFC Personal Loan, Interest Rate and EMI Calculator

How to Apply for HDFC Personal Loans at IndiaLends?

At IndiaLends, applying for a HDFC Personal Loan is a simple process.

1

Registration

Fill up an online loan application form

 

2

Quick Verification

We will review your application and give you a decision within minutes

 

3

Loan Disbursal

You will be receiving your Cash within few days

We will forward your loan application to your nearest HDFC Bank branch. You can also check the status of your loan application through SMS alerts as well as emails.

How to calculate EMI for HDFC Bank Personal Loans?

EMI or Equated Monthly Instalment is one part of the equally divided monthly payments made to clear off an outstanding loan within a stipulated time period.
Generally, EMI is calculated as
EMI=[P x R x (1+R)^N]/[(1+R)^N-1]

where P stands for the loan amount or principal, R is the interest rate per month, and N is the number of monthly instalments.

For instance, X borrows a loan of two lakhs for one year at an interest rate of 11% per annum. In this case, the EMI will be for 12 months which would be 17,676.

Calculating EMI through this method could be a complex process. Which is why you can calculate EMI for HDFC Bank personal loans by using our personal loan EMI calculator. This will help you manage your loan easily.

HDFC Personal Loan Balance Transfer

HDFC personal loan balance transfer is a great option for individuals who want to switch their loan to a low-interest personal loan. You can also opt for balance transfer from HDFC in case you want to increase or decrease your loan tenure or EMI, and your current bank is unwilling to accommodate you. For example, if you take a loan of Rs 4 lakhs and want to reduce/increase the loan tenure at a lower interest, you can opt for a balance transfer. There are some great personal loan balance transfer offers, including 11.39% at a flat Rs 1999 processing fee.

HDFC Personal Loan Processing Time

HDFC Bank has a better turnaround time when compared to other banks. HDFC bank takes an average of 7-10 days to process the loan application. Please note that there is a processing charge of up to 2.5% of the loan amount subject to a minimum of Rs 1,999 and maximum of Rs 25,000.

HDFC Personal Loan Preclosure

When an individual repays the loan before the stipulated time period, it is known as preclosure or prepayment. This type of repayment generally attracts a fee which differs on the time when he/she plans to prepay. Prepayment in part or full in HDFC bank is allowed after repayment of 12 EMI’s.

Prepayment charges of HDFC Bank(on principal outstanding)

13-24 Months
4% of principal outstanding

25-36 Months
3% of principal outstanding

>36 Months
2% of principal outstanding

HDFC Personal Loan Top Up

A top up loan is a facility that helps in times when you need extra cash in addition to the loan amount sanctioned to you. The EMI for the top up loan is consolidated with the existing EMI, covering the total value. It is moreover comparatively beneficial than having two different loans and paying EMIs separately.

HDFC personal loan offers this top-up facility to its customers. Some of the benefits associated with HDFC personal loan top up are:

  • Quick approval and disbursal
  • No collateral or security required
  • Hassle-free documentation
  • Easy repayments with flexible tenure
  • Attractive interest rates

HDFC Personal Loan Status

You can track your HDFC personal loan status by going to the official website of the bank and click on “Track My Application”. Once you fill in the necessary details such as the name of the applicant, loan reference number and date of birth. After you enter the details, you will be able to view the status of your application.

When applied via IndiaLends, you can also check the loan application status via IndiaLends App/web using “Track My Application.”

HDFC Bank Personal Loan Fees and Charges

Fee
Amount to be Paid

Loan processing charges
Up to 2.50% of the loan amount subject to a minimum of Rs 1,999/- & Maximum of Rs 25000/-

Pre-payment charges (on Principal Outstanding) / Part Payment Charges [on Part Payment amount]
Salaried – 13-24 Months – 4% of Principal Outstanding, 25-36 Months – 3% of Principal Outstanding >36 Months – 2% of Principal Outstanding, >48 months – 0%

No Due Certificate/No Objection Certificate (NOC)
NIL

Duplicate of No Dues Certificate/NOC
NIL

Charges for late payment of EMI
2% per month on EMI / Principal overdue subject to a minimum amount of Rs. 200/-

Floating rate
Not applicable

Charges for changing from floating to fixed rate of interest
Not applicable

Stamp duty & other statutory charges
As per applicable laws of the state

Cheque swapping charges
Rs 500/-

Amortization Schedule charges
Rs 200/-

Loan cancellation charges
NIL (However the customer would be charged interest for the interim period between the date of loan disbursement and loan cancellation and processing fees would be retained.)

Cheque bounce charges
Rs. 550/- per cheque bounce

Some frequently asked questions(FAQs) regarding HDFC bank personal loan

Q. What is the maximum personal loan amount offered by HDFC Bank?

A. HDFC Bank personal loans are available up to ?40 lakhs.

Q. Do I need a guarantor to apply for a personal loan from HDFC?

A. No, a guarantor is not required in order to apply for a personal loan from HDFC.

Q. What is the pre-closure fee for HDFC personal loans?

The pre-closure fees for HDFC loan are different. Moreover, prepayment in part or full in HDFC bank is only allowed after repayment of 12 EMI’s.

Pre-payment(on principal outstanding)

13-24 Months
4% of the principal outstanding

25-36 Months
3% of Principal Outstanding

>36 Months
2% of the Principal Outstanding

>48 Months
0%

Q. If I take a personal loan from HDFC, will I be able to make a part-payment option?

A. Of course, HDFC personal loans have the facility to make part-payment towards the loan. However, it attracts a fee which depends on when you make the payment. A part payment is allowed up to 25% of the principal outstanding which is allowed only once in a financial year and twice during loan tenure.

The charges are similar to preclosure/prepayment of personal loan which is,

  • 13-24 Months – 4% of Principal Outstanding
  • 25-36 Months – 3% of Principal Outstanding
  • >36 Months – 2% of Principal Outstanding
  • >48 months – 0%

Q. What is the typical processing fee charged by HDFC for personal loans?

A. The processing fee charged by HDFC personal loans is up to 2.5% of the loan amount subject to a minimum of Rs 1,999 and maximum of Rs 25,000.

Q. When can I make a pre-closure of my HDFC personal loan?

A. Prepayment in part or full in HDFC bank is allowed after repayment of 12 EMI’s.

Q. How long will HDFC Bank take to verify my personal loan application?

A. It generally takes 2-3 days to verify your personal loan application.

Q. What are the repayment methods available for my HDFC Personal Loan?

A. Generally, there are two repayment methods available for your HDFC personal loan. One is ECS or Electronic Clearing Service which is an electronic mode of funds transfer and the other is by giving post-dated cheques.