HDFC Personal Loan: How to Apply Online, Interest Rate, Fee, Eligibility

HDFC Personal Loan

HDFC personal loan is a good option for individuals in times of financial crunch. This is because they offer up to Rs. 40 lakhs and the tenure of repayment is also very flexible. You can use the loaned amount to fulfil your dream of a grand wedding or for a luxurious holiday trip. Availing the loan does not require much documentation and disbursal is also very quick. However, there are several factors that you must be well informed about while applying for the loan. You need to know about their rate of interest, loan costs and personal loan eligibility criteria.

How to Apply Online

Gone are those days when the borrower had to visit the bank and spend hours to get a loan approved. Availing a loan online is easy and hassle-free. HDFC too allows its customers to avail a personal loan online. You just need to have the net banking activated and follow these steps.

  • Visit the website of HDFC bank and login using your credentials.
  • There will be the following two options.
    • Pre-approved loans
    • Loan requiring approval
  • Click on the link given for pre-approved loan, if you want to opt the said loan.
  • Select the alternative link given if you want to take any other loan.
  • Fill up the form, complete the documentation and follow the instructions.

Interest Rate

The interest rate of HDFC personal loan varies between 10.75% – 21.30% for salaried individuals. However, the rate of interest depends on certain factors such as the credit score, age, employment, repayment history and present debt of the borrower. 


When opting for a personal loan, the bank will levy different sorts of charges which you must be well aware of. The list of fees includes the following:

Processing charges: Up to 2.5% of the loan amount. This can be between Rs. 2999 – Rs 25000 for salaried individuals.

Prepayment payment in part or full: Does not allow any kind of prepayment either part or full options to salaried people prior to the payment of at least 12 EMIs. 

The bank allows a part payment of 25% on the outstanding principal. However, it is only allowed once in a year and twice during the loan tenure. 

Prepayment charges on principal outstanding/part payment amount: For salaried individuals, the prepayment charges between 13-24 months is 4% on principal outstanding. For 25-36 months it is 3% of the principal outstanding and for less than 36 months it is 2% of the outstanding principal. 

Overdue interest of EMI: 2% each month on EMI or overdue principal.

Stamp duty and other legal charges: According to the laws imposed by the state.

Charges for cheque swapping: Rs 500

Scheduled Amortization charges: Rs. 200

Charges for loan cancellation: The borrower will have to pay interest for the period between disbursement and cancellation of the loan. The processing fee will not be returned.

Check bounce charges: The borrower has to pay Rs. 550 for each bounced cheque


Borrowers must be aware of the personal loan eligibility criteria before opting for a loan. The  eligibility criteria for HDFC personal loan include the following:

  • The borrower must be between 21-60 years of age.
  • Salaried individuals of public sector undertaking, which includes central state and local bodies are eligible to apply for loans. Employees of select private companies are also allowed to avail the HDFC personal loan.
  • In case you are a holder of an HDFC salary account, you can apply for a loan with a minimum salary of Rs 25,000 per month. For non-HDFC salaried applicants, the monthly salary must be Rs. 50,000
  • You need to have a job record of at least two years while working with the current company for a minimum of 1 year.

Ways to Improve HDFC Personal Loan Eligibility

Here are some tips to increase the scope of your loan approval.

  • If you want to improve your chances of eligibility, you should maintain a good credit score. Having a good score will improve your chance to approve the loan quicker. 
  • Make sure that you have paid your outstanding debts. This will enhance your debt to income ratio. 
  • It is also important that you choose a loan amount that you can repay well within the stipulated time period.  

Apart from these, you must also have all the essential documents ready to approve your loan faster. This will include your address proof, identity proof, two latest income receipts and so on. Borrowers also have to provide the bank statement of the last three months and evidence of end-use. If you can submit all of this document at once, your loan will get approved within a working day.