HDFC Personal Loan Interest Rate
HDFC Bank offers attractive interest rates on personal loans. The starting rate is 10.90% per annum. The bank determines the interest rate for your loan application based on various factors, such as your credit score and income.
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Types of Interest Rate
Key Factors influencing HDFC Personal Loan Interest Rates
Salary
HDFC Bank offers personal loans to people with a minimum monthly income of Rs. 25,000. The bank doesn’t specify its interest rates based on income. However, there is an expectation of negotiation on lower rates for those with higher incomes. This is because they are seen as less risky borrowers due to their better ability to repay loans.
Credit Score
A higher credit rating is a good influence on your loan application. Using this, you can bag a lower interest rate on HDFC personal loans. Although the minimum credit score required to apply is 650, make sure you have a score of 750 or more if you want a lower rate.
Relationship with Bank
Do you have a salary account with HDFC Bank? Well, if you do, it can help you get pre-approved personal loan offers. Having such offers can get you lower interest rates based on your existing relationship with the bank.
Get the funds you need today!
Flexible Terms? or Quick Approval? or Low Interest Rates?
What is it that you need. We have it all.
Benefits of Choosing HDFC
Effortless Loan Application:
Applying for a personal loan is convenient and straightforward. You can complete the process online via the website or NetBanking, at an ATM, or by visiting a nearby branch. The application is swift, and the required documentation is minimal.
Instant Fund Disbursement
If you're an HDFC Bank customer, you could receive your personal loan within 10 seconds*. For others, the process takes as little as 4 hours*.
Flexible Fund Usage
Personal loans offer versatility in fund utilization. Whether it's for a wedding, vacation, purchasing gadgets, investing in business, or home renovation, you have the freedom to use the funds as per your needs. Unlike Home Loans or Car Loans, there are no restrictions on the purpose.
No Collateral Required
Personal loans are unsecured, meaning you don't have to pledge any collateral such as your home or shares to secure the loan.
Simplified Documentation
Compared to other loans, the paperwork and processing time for personal loans are minimal. Typically, you'll need to provide ID proof, address proof, and income proof. If you're pre-approved, you might not need to submit any documents at all.
Budget-Friendly Repayment:
Repaying your personal loan is made easy with flexible installment options or EMIs. You can tailor the repayment tenure to suit your financial needs, with HDFC Bank offering tenures ranging from 12 to 60 months. This allows you to manage your monthly expenses effectively, with EMIs starting as low as Rs 2,162 per lakh. You can utilize the Personal Loan EMI calculator to plan your payments accordingly.
Tips to Avail HDFC Personal Loan at Lower Interest Rates
A lower interest rate helps you in the long run, and to secure one, follow the tips we’ve mentioned below:
Maintain a Credit Score: Building a strong credit score can be advantageous to secure a lower interest rate. Lenders consider your credit history to see how reliable you are as a borrower, and a good credit score is enough to prove that.Negotiate for a lower rate: If the personal loan rate you get offered is not what you’re looking for, talk with the bank representative. Tell them why they should negotiate with you for a lower interest rate and pan out points like income, credit score, security, etc.Apply with a co-borrower: Having a co-borrower in a personal loan application improves your chances of securing the loan at an affordable rate. But remember, the co-borrower should have a clean credit history with zero defaults.Special offers by the bank: HDFC Bank introduces festive offers on occasions like Diwali, so if you want to grab that opportunity, wait for the right time and then apply.Get the funds you need today!
Flexible Terms? or Quick Approval? or Low Interest Rates?
What is it that you need. We have it all.
