HDFC ₹10 Lakh Personal Loan @10.50%* Interest Rate

Key Features of HDFC ₹10 Lakh Personal Loan

• Loan Amount:
  You can avail a personal loan of ₹10 lakhs with HDFC Bank, which can be used for multiple purposes like home improvement, weddings, medical expenses, or education.

• Interest Rate:
  The interest rates for HDFC personal loans generally range from 10.50% to 21.00% per annum, depending on the borrower’s credit score, income, and loan tenure.

• Loan Tenure:
  The repayment tenure is flexible, ranging from 12 months to 60 months, allowing you to select a term that best fits your financial planning.

• EMI for ₹10 Lakh Loan:
  For a ₹10 lakh loan at an interest rate of 12% with a 5-year (60 months) tenure, the monthly EMI would be approximately ₹22,244. You can use the HDFC Personal Loan EMI Calculator to determine the exact EMI based on different interest rates and tenure.

• Processing Fee:
  The processing fee is usually up to 2.50% of the loan amount, with a minimum fee of ₹2,999.

• Prepayment Charges:
  You can prepay the loan after 12 months with prepayment charges ranging from 2% to 4% on the outstanding principal.

• Quick Disbursal:
  Upon approval, HDFC Bank typically disburses the loan within 24-48 hours, ensuring fast access to funds.

Eligibility Criteria for HDFC ₹10 Lakh Personal Loan

To be eligible for a ₹10 lakh loan from HDFC Bank, applicants must meet the following criteria:

• Age:
  Applicants should be between 21 to 60 years.

• Income:
  Salaried individuals should have a minimum net monthly income of ₹25,000. Self-employed individuals and professionals must also meet certain income criteria.

• Employment Stability:
  Salaried individuals must have at least 2 years of work experience, with a minimum of 1 year at the current employer. Self-employed individuals should have at least 5 years of business continuity.

• Credit Score:
  A good credit score (typically above 750) is crucial for securing lower interest rates and ensuring approval.

Documents Required

To apply for a ₹10 lakh personal loan, you need to submit the following documents:

1. Identity Proof:
   PAN Card, Aadhaar Card, Passport, or Driving License.

2. Address Proof:
   Utility bills, Aadhaar Card, or Passport.

3. Income Proof:

   • Salaried: Latest salary slips (last 3 months), bank statements, and Form 16.
   • Self-Employed: Income tax returns (last 2 years) and bank statements.

4. Employment Proof:
   Employment certificate or offer letter.

5. Photographs:
   Two passport-sized photographs.

How to Apply for HDFC ₹10 Lakh Personal Loan

You can apply for the loan through the HDFC Bank website, mobile app, or by visiting a local branch. The online process is quick and easy, and upon submitting the required documents, loan approval and disbursal are generally completed within 24-48 hours.

FAQs

1. What is the interest rate for a ₹10 lakh personal loan from HDFC Bank?
   Interest rates for HDFC personal loans range from 10.50% to 21.00% per annum, depending on your credit score and financial profile.

2. What is the EMI for a ₹10 lakh loan?
   The EMI depends on the interest rate and tenure. For example, at 12% interest over 60 months, the EMI for a ₹10 lakh loan would be ₹22,244.

3. Can I prepay my ₹10 lakh loan?
   Yes, prepayment is allowed after 12 months, with prepayment charges between 2-4% of the outstanding principal.

4. How long does it take to get the loan disbursed?
   After approval, the loan is usually disbursed within 24-48 hours, provided all documents are verified.

5. What are the processing charges for a ₹10 lakh loan?
   HDFC Bank charges a processing fee of up to 2.50% of the loan amount (minimum ₹2,999).