HDFC Bank Personal Loan Interest Rate

⋆ Interest Rate 9.99% ⋆

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      Table of Contents

      HDFC Bank Personal Loan Interest Rate

      HDFC Bank Personal Loan Interest Rate

      HDFC Bank Personal loan interest rates vary from 10.50% to 22.00%, with the minimal rates being provided to incoming customers of the bank with a high CIBIL Score and those working with reputed communal with a stable employment history. HDFC Bank also provides special enterprises for armed forces and government strategists. for government employees and defence, personnel varies from private salaried employees.

      Interest Rate for Different Types of HDFC Bank Personal Loan

      Right now, the bank doesn’t handle its own credit and the offers are either varying upon end-use or the type of the applicant. In this way including all things together cases, HDFC Bank Personal Loan Interest Rate begins at 10.50% per annum.

      Personal Loan Balance Transfer Interest Rates

      Personal Loan Balance Transfer refers to a process where you shift your personal loan from one lending institution to another. In this, your new bank pays off your previous loan and gives you the loan. You get many benefits if you do this, but you may have to pay the foreclosure charges associated with that loan along with the Processing fee on your new loan.

      HDFC Reducing vs. Flat Balance Method of Interest Calculation 

      The flat Balance method of interest calculation implies that interest is calculated on the full loan principal amount during the entire loan tenure. On the other hand, diminishing/reducing balance interest calculation implies that interest is calculated only on the outstanding loan amount every month. Therefore, as the outstanding loan amount decreases every month, the interest accrued also decreases. Thus, total interest payout is lower in the case of the reducing balance method as compared to the flat balance method of interest calculation. HDFC Bank uses a reducing interest rate to calculate the interest payable on personal loans. As a result, the interest amount decreases as the outstanding loan amount decreases every month.

      EMI Calculation Using the Reducing Balance Method of Interest Calculation

      The accompanying table portrays the monthly EMIs calculated using the decreasing equilibrium strategy for premium computation for various credit residencies and financing costs:

         Loan Amount (Rs.) and Interest Rate  Monthly EMI Payout  

        1-year loan tenure  2-year loan tenure  3-year loan tenure  4-year loan tenure  5-year loan tenure  

        1 lakh @ 11% p.a. Rs. 8,838 Rs. 4,661 Rs.3,274 Rs. 2,585 Rs. 2,174  

        5 lakh @ 13% p.a. Rs. 44,659 Rs. 23,771 Rs. 16,847 Rs. 13,414 Rs. 11,377  

        

      EMI Calculation Using Flat Balance Method of Interest Calculation HDFC Bank Personal Loan Interest Rate

      The accompanying table portrays the month to month EMIs determined utilizing the level equilibrium technique for premium computation for various credit residencies and loan fees:

         Loan Amount (Rs.) and Interest Rate  Monthly EMI Payout  

        1-year loan tenure  2-year loan tenure  3-year loan tenure  4-year loan tenure  5-year loan tenure  

        1 lakh @ 11% p.a. Rs. 9,250 Rs. 5,083 Rs. 3,694 Rs. 3,000 Rs. 2,583  

        5 lakh @ 13% p.a. Rs. 47,083 Rs. 26,250 Rs. 19,306 Rs. 15,833 Rs. 13,750  

        

      HDFC Personal Loan Interest Calculation

      HDFC Bank Personal Loan Interest Rate begins at 9.99% p.a. The underneath table gives an illustration of the revenue payout, the average sum compensated and the of premium in average sum compensated for various advance sums, loan costs, and residencies:

         Loan Amount (Rs.)  Tenure (years)  Total Interest Payout (Rs.)  Total Amount Repaid (Rs.)  The proportion of Interest in Total Amount Repaid  

        1 lakh @ 12% 1 6,619 1,06,619 6%  

        10 lakh @ 15% 3 2,47,952 12,47,952 20%  

        20 lakh @ 20 % 5 11,79,266 31,79,266 37%  

      Interest Rate Comparison of HDFC Bank with Other Banks

      Bank Interest Rate Tenure
      Loan Amount & Proc Fee
      HDFC Bank 11.25% to 21.50% 12 to 60 months
      Up to Rs. 40 lakh / Up to 2.50% of the loan amount
      Bajaj Finserv Starting from 12.99% 12 to 60 months
      Up to Rs. 25 lakh / Up to 3.99% of the loan amount
      Axis Bank 15.75% to 24% 12 to 60 months
      Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount
      Citibank Starting from 10.99% 12 to 60 months
      Up to Rs. 30 lakh / Up to 3% of the loan amount
      ICICI Bank 11.50% to 19.25% 12 to 60 months
      Up to Rs. 20 lakh / Up to 2.25% of the loan amount

       The Interest Rates, loan amount, and tenure and processing fees differ from bank to bank*.

      How to Get Low-Interest Rates on HDFC Bank Personal Loan?

      The tips that could help you profit from a lower HDFC Bank Personal Loan Interest Rate:

      • Assurance you have a nil commitment at the time of a credit application
      • Supervise own Mastercard bills and credit EMIs on time
      • Apply for a procedure with your present.
      • Be an everlasting government representative or work for a postulate association and keep your business secure. 
      • Venture to keep a financial assessment of 750 or higher

      Factors Affecting Personal Loan Interest Rates

      Some candidate explicit elements influencing the HDFC Bank Personal Loan Interest Rate are given underneath:

      • Credit Score: A credit score exhibits your credit conduct and compensating capacity limit. A score of more than 900 is a reasonable score. A lofty credit score for most people induces the candidate to believe with a lower financing cost and the other way
      • Age of the Applicant: The candidate’s age likewise impacts the interest levied through the bank. For illustration, you are to retirement, the higher is the loan fee.
      • Income: Lenders mull over the candidate’s income when choosing the loan fee. Candidates with higher incomes are generally offered a slower pace of interest as they represent a lower danger to the loan specialist. While candidates with lower yearly incomes might be charged a higher pace of interest.
      • Employment Details: Lenders may offer individual advances at a lower financing cost if the candidate works with a presumed association. Additionally, the loan fee may differ with the idea of employment of the candidate whether he/she is independently employed or salaried.
      • Relationship with the bank: In case you have a current relationship with the bank, you might be charged a lower pace of revenue at the hour of applying for an individual advance.

      FAQs for HDFC Bank Personal Loan Interest Rate

      ✅What is the HDFC Bank Personal Loan Interest Rate per annum?

      The HDFC Bank Personal Loan Interest Rate starts at 10.50% per year.

      ✅How is interest due by a particular applicant determined?

      The HDFC Bank Personal Loan Interest Rate varies upon several factors such as amount of loan, credit score, the income of the applicant and the present relationship with the bank.

      ✅How much interest is imposed by the bank in case I opt for a personal loan balance transfer to HDFC bank?

      The HDFC Bank Personal Loan Interest Rate for balance transfer starts as low as 10.50% per year. Though the specific interest rate depends upon several factors like the loan amount, tenure, etc.

      ✅How can I repay HDFC Bank Personal Loan?

      HDFC Bank’s personal loan can be reimbursed in EMIs. This can even be done through post-dated cheques, ECS, or via standing instructions to debit your HDFC Bank account with the EMI amount.

      ✅Can I reimburse my HDFC Bank Personal Loan?

      Yes, you can reimburse your loan in one go any time after paying the 12 EMIs along with the foreclosure charged levied. You can preclude the loan by endowing a Demand draft at the branch.

      ✅Can self-employed individuals apply for a personal loan from HDFC Bank?

      No, at present personal laons are offered to salaried individuals to salaried individuals meeting the eligibility criteria. However, self-employed individuals are also fit for a business loan from the bank.

      ✅ How can I get an HDFC Bank Personal Loan?

       You can also attain a Personal Loan by using online with Dialabank to avail of secure processing and personalized assistance.

      ✅What are the elements which affect the amount of EMI to be paid on a personal loan?

      The EMI amount varies upon the interest rate levied by the bank, the loan period, and the primary amount abstracted.

      ✅ What will happen in case I miss an EMI?

      In case you miss an EMI, you will be levied with a late payment fee with penal interest on the eligible repayment amount. Not able to pay your timely EMI payments might also hamper the credit score.

      ✅Can I interchange the mode of repayment for a personal loan?

      Yes, the mode of repayment/ account for an HDFC Bank Personal Loan Interest Rate can be exchanged. To proceed with this a pay order, cheque, or Demand Draft of Rs. 500 + GST in favour of “HDFC Bank Ltd Loan Account No.” along with the revised set of repayment instructions needs to be submitted.