HDFC Bank personal loan interest rate July: Check latest rates, fees, and eligibility | Mint

HDFC Bank offers personal loans to both salaried and self-employed individuals. The bank provides digital loan processing with limited documentation requirements and flexible repayment tenures.

These loans are commonly used for purposes such as medical emergencies, travel, education, or debt consolidation. Interest rates, loan amounts, and eligibility criteria vary based on the applicant’s income, credit history, and employment profile.

Note: Interest rates are illustrative in nature and are based on income level, credit score, employer profile, and HDFC bank terms and conditions.

Note: The processing fee and prepayment charges discussed above are illustrative in nature and are open for changes as per the policies of HDFC Bank.

Documents required for HDFC Bank personal loan

• KYC documents: PAN card, Aadhaar card, passport, or driving licence for ID and address proof.
• Income proof: Latest 3 months’ salary slips or last 6 months’ bank statements.
• Employment details: Employee ID card or employment certificate (for salaried); business proof for self-employed.
• Photographs: Recent passport-size photographs as required.
• Form 16/ITR: Required in some cases, especially for high loan amounts or self-employed applicants.

Note: The documents required discussed above are illustrative only. For the updated requirements based on individual personal loan product offerings refer to the website of the bank.

Basic eligibility criteria for securing an HDFC Bank personal loan

• Age: Applicant must be between 21 and 60 years (at loan maturity).
• Employment: Both salaried and self-employed individuals are eligible.
• Income: Minimum monthly income of ₹25,000 (may vary by city and profile).
• Work experience: At least 2 years of total work experience with 1 year in the current job/business.

Key factors influencing HDFC personal loan interest rates

• Credit score: Applicants with credit scores of over 750 generally get better rates.
• Employer profile: Category A companies or reputed firms may result in lower spreads and more seamless personal loan clearance.
• Income level: Higher stable income, good past payment history increases approval chances with lowest possible interest rates.
• Loan tenure: Shorter tenures may result in lower overall interest cost. Whereas longer tenures might result in higher interest outgo.
• Existing HDFC relationship: Salary account holders or credit card users may get pre-approved offers if they have showcased consistent on time repayment and have not defaulted.

Do evaluate and check your creditworthiness, credit score, income stability and the capacity to make repayments on time before applying. So that you are able to make informed decisions.

If in doubt do not hesitate to discuss with the concerned customer support executive of the bank or a certified tax professional before going for any particular personal loan product.

Disclaimer: Interest rates and charges are subject to change at HDFC Bank’s discretion. Always check the bank’s official website or contact customer support for the most updated loan terms.