Eligibility Criteria for HDFC Bank Personal Loans are as follows:

  • Age above 21 years and less than 60 years
  • Minimum monthly Income of Rs 15,000/month
  • Salaried/ Self-employed with regular income
  • The maximum amount under Personal Loans is Rs 15 Lakhs
  • Loan Tenure- 12 months to 60 months

Documents needed for applying:

  • Application form, signed with latest photograph
  • ID/ Address Proof : Passport/voter ID card/driving license
  • Processing fee cheque
  • Last 3 months bank statement/6 months bank passbook
  • For salaried:
    • Latest salary slip
    • Current dated salary certificate with the latest Form 16
  • For self-employed:
    • Latest Bank statement
    • Latest ITR or Form 16

HDFC Bank Personal Loan Interest Rates

Interest Rate (Monthly reducing balance) 10.99% to 20.75%
Processing Fees Up to 2.5% of the loan amount
Loan Tenure 1 year to 5 years
Pre-closure Charges Preclosure permitted after 1 year. 4% of principal outstanding (plus applicable tax) in 2nd year. 3% (plus applicable tax) in 3rd year. 2% (plus applicable tax) afterwards
Guarantor Requirement No guarantor required

HDFC Personal Loan Preclosure

When a borrower pays off his loans completely before the term, then it is known as preclosure or prepayment which attract certain penalties. Prepayment penalties are generally charged by HDFC at a flat rate or based on the interests for certain months. However, the option of prepayment is made available to customer after a specified period of loan ownership. The preclosure of your loan depends on a number of factors such as interest rate, current status of your loan, and tenure of payment. Also, the prepayment option is not available until repayment of 12 EMIs. Refer to the below table for prepayment charges.

EMIs Paid Charges
13 to 24 months 4% of principal outstanding
25 to 36 months 3% of principal outstanding
More than 36 months 2% of principal outstanding