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HDFC Bank providing housing finance loans for the past three decades has a wide variety of loans suitable for different needs. Applying and obtaining the approval for the loans is simple and hassle-free with minimum paperwork. The easy to use EMI calculator helps the customers to obtain an idea of their EMI and accordingly adjust their payment. The different varieties of loans from HDFC Bank are Home loan, car loan, personal loan, two-wheeler loan and others.
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HDFC Banks Loans Interest Rates
The floating and fixed interest rates vary for the different types of loans.
- The interest rate for personal loans is 15.75 to 20 with late payment fee of 24 % per annum on loan amount to be paid from the date of default payment. Customers cancelling the loan before disbursal should pay the interest for the period between date of loan disbursement and cancellation of the loan. The processing fees would be retained.
- The interest rate for housing loan is 8.5 percent with late payment fee of 2 percent per month.
- The interest rate for loans against car is 14.5 to 17.5 percent with late fee of 2 percent per month. Customers planning to foreclosure the loan can do it only after the first 6 months of disbursement of the loan. A fee of 6 percent of principal amount has to be paid for foreclosure within the first year from 7th EMI, 5 percent for foreclosure within 13 to 24 months, and 3 percent for foreclosure within 24 months from first EMI.
- The interest rate for gold loans is 12 percent with a late fee of 2 percent per annum including the rate of interest. One percent foreclosure charges have to be paid if the loan is closed within 6 months.
- The interest rate for business loans is 15.50 to 18.30 percent with a late fee of 24 percent of outstanding amount since the amount of default payment. Foreclosure is not allowed until the first 6 EMIs are paid. A fee of 4 percent of principal has to be paid for foreclosure between 7 to 24 months, 3 percent for foreclosure between 25 to 36 months, and 2 percent for foreclosure after 36 months. If the client cancels the loan, interest for the period between the date of loan disbursement and cancellation of loan has to be paid. The processing fees would be retained. This bank also provides HDFC Debit Cards and HDFC Credit Cards for hassle free banking tasks.
- The interest rate for new car loans is 11.50 to 13.75 percent depending on the type of vehicle with a late fee of 2 percent per month. Foreclosure is not allowed until the first 6 EMIs are paid. A fee of 6 percent of principal has to be paid for foreclosure within the first year from 7th EMI, 5 percent for foreclosure between 13 to 24 months, and 3 percent for foreclosure after 24 months.
- The interest rate for pre-owned car loans is 14.50 to 17.50 percent depending on the type of vehicle with a late fee of 2 percent per month. Foreclosure is not allowed until the first 6 EMIs are paid. A fee of 6 percent of principal has to be paid for foreclosure within the first year from 7th EMI, 5 percent for foreclosure between 13 to 24 months, and 3 percent for foreclosure after 24 months. If the client cancels the loan, interest for the period between the date of loan disbursement and cancellation of loan has to be paid. The processing fees, RTO charges, stamp duty and the valuation charges would be retained.
HDFC Bank Home Loan & Car Loan
HDFC Bank provides different types of home loans to fulfill the needs of aspiring home owners as well as the existing home owners. The advantage of choosing HDFC bank for home loan needs is customer can get the approval prior to selecting the property and obtain assistance while choosing the property. The different types of home loans are Home loan for customers willing to purchase a house, home improvement loan (HIL) for home owners planning for home improvement works such as painting, roofing, electrical works and others, and Home extension loan to add space for the existing house to meet the growing needs such as additional bedroom for children. The housing loan interest rates are on par with other banks such as the Citi Bank Loans, SCB Loans, and the ICICI Bank Loans except with a small change. There are home loans specially designed for planters, agriculturists, horticulturists, and dairy farmers. Benefits of home loans are quick processing, secured way of storing the documents without any charges, low interest rates, and special low interest rate for women. Customers can get a quote for the loan by submitting the form that opens when “check eligibility” option listed at the bottom on the home loans page is clicked.
Repayment of EMI can be simplified by providing standing instructions to deduct the EMI from the HDFC Bank Savings Account reducing the effort of giving post-dated cheques.
HDFC Bank provides four types of car loans – new car loans providing 100 percent car finance, pre-owned car loans providing 85 percent funding, and the loan against car that makes it easy to pay all the bills. HDFC bank car loan interest rates are in par with other bank car loan interest rates such as Axis Bank, Dena Bank and Federal bank. The advantage of HDFC car loans are competitive pricing, transparency, quick disbursal, and fixed reducing rate of interest. Customers can check if they are eligible for the car loan by submitting the form that opens when the option “Apply online” in the loans page under Car loans is clicked. The form looks as below:
HDFC Bank Personal Loan
HDFC bank provides personal loans that can be customized as per customer needs. The advantages of HDFC personal loans are easy documentation, loan disbursal in just 48 hours of applying for the loan, competitive interest rates, and transparent processing. SBI Loans also provides the personal loans at low interest rates.
Customers eligible for obtaining the loan are salaried doctors, employees in private and public sector undertakings that include local bodies, state level, and central level bodies.
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HDFC Bike & Gold Loan
HDFC Bank provides financing services for the customers planning to own a new bike or a simple two-wheeler. Customers can choose from the super bike loan or the two-wheeler loan to get their dream bike. The advantage of the two wheeler loan is 2 percent lower interest rates, flexible repayment period of 12 months to 48 months, quick loan approval process and super savings worth Rs.2375. To qualify for a two-wheeler loan the customer should be aged between 21 and 65 years and should be either self-employed or salaried employee with a gross income of Rs.72,000 to 84,000. Salaried employees should have been working for one year. Axis Bank Loans also provides the best offers on vehicles.
HDFC Gold loan provides financing for the customers against gold. The benefits of the gold loan are very less documentation, approval and release of funds in just 45 minutes, high security, and flexible rates of interest. Gold surrendered to the bank is kept safely.
HDFC Loan Application & Status
HDFC loan application process is easy and can be done online. To apply for the loan select the Apply now tab under the Personal tab in the home page. Apply for any type of loan with safe HDFC Net Banking.
Upon hovering the pointer on the Apply now tab a list of options will be displayed. Select the type of desired type of loan to apply.
After selecting the loan type, the customer is prompted to use either the customer ID and the mobile number or the mobile number to continue.
After authentication of the phone number, the customer is prompted to enter the required details as below.
Follow the guidelines provided on-screen to complete the loan application process.
The Status of HDFC Loan Application can be known by submitting the form provided below. The form is available at the link:
The status of the loan application can be seen as below.
HDFC Loan EMI Calculator
HDFC provides simple, easy-to-use tools such as loan EMI calculator to help customers assess the amount of EMI to be paid on their loan. To use the loan EMI calculator specific to the loan type needed, select the personal tab in the home page at the top. You can check your loan account status with secured HDFC Mobile App.
Check the list of calculators available at the bottom of the webpage.
The different loan EMI calculators provided by HDFC Bank are Credit card loan EMI calculator, personal loan EMI calculator, car loan EMI calculator, and two wheeler loan EMI calculator.
Select the EMI calculator of choice, a form will be displayed requesting for different details. The loan amount and the tenure can be modified by the customer to find the appropriate EMI value that can be paid during the loan tenure.
FAQ’s Related to HDFC Bank Loans
What will be done with the post dated cheques if the customer chooses to shift to a different mode of repayment of loan EMI?
What is pre-EMI interest?
What happens if the car meets with an accident after disbursement of the loan?
What is the maximum amount of car loan that can be obtained?
What is the tenure for a gold loan?
How does the gold loan work?
What are the different ways to approach the bank for information regarding the two-wheeler loan?
What is the maximum amount of auto loan that can be borrowed from HDFC Bank?
What is the limit of the loan amount that can be obtained by professionals?