Guide to Apply For HDFC Loan: Personal Loan UPTO 40 Lakh

HDFC Bank offers personal loans up to Rs. 40 lakh to salaried and self-employed individuals. The loan amount, interest rate, tenure and eligibility criteria vary based on the applicant’s income, company, employment history and credit score. Here is a step-by-step guide to apply for an HDFC personal loan online or offline:

Eligibility Criteria for HDFC Personal Loan

To be eligible for an HDFC personal loan, you must meet the following criteria:

For Salaried Individuals

  • Minimum age: 21 years
  • Maximum age: 60 years at loan maturity
  • Minimum net monthly income: Rs. 15,000 in metro cities, Rs. 12,000 in other cities
  • Work experience: At least 2 years with the current employer and 3 years overall

For example, Rajesh is 26 years old and earns Rs. 50,000 per month working at XYZ Ltd for the last 4 years. He meets the eligibility criteria for a salaried individual.

For Self-Employed Professionals

  • Minimum age: 25 years
  • Maximum age: 65 years at loan maturity
  • Minimum business vintage: 5 years
  • Minimum sales turnover: Rs. 15 lakhs per annum

Credit Score

  • Minimum credit score requirement is 750 or higher

For instance, Priya is a self-employed professional running her boutique business for 7 years with annual turnover of Rs. 20 lakhs. She has a credit score of 780 and hence, meets the eligibility criteria.

HDFC Personal Loan Amount

  • Salaried individuals can avail a loan up to Rs. 40 lakh
  • Self-employed professionals can get up to Rs. 30 lakh

The loan amount is decided based on the applicant’s eligibility, repayment capacity, income documents submitted and credit profile.

For example, based on his income, credit score and company profile, Rajesh gets approved for a personal loan of Rs. 10 lakhs from HDFC Bank.

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HDFC Personal Loan Interest Rates

HDFC offers personal loans at competitive interest rates linked to the applicant’s credit score:

Credit Score Interest Rate
750-800 11.50% – 22%
801-850 10.75% – 21%
Above 850 10.50% – 20.50%

Higher the credit score, lower the interest rate offered on the loan.

If Rajesh has a credit score of 810, he may get a personal loan at 11% annual interest rate.

HDFC Personal Loan Tenure

You can repay an HDFC Personal Loan over a tenure of 12 to 60 months. The maximum tenure offered depends on your age and the loan amount:

  • For loans up to Rs. 15 lakh: Maximum tenure is 60 months
  • For loans above Rs. 15 lakh: Maximum tenure is 48 months

Rajesh opts for a repayment tenure of 48 months for his Rs. 10 lakh personal loan.

EMI Calculator

For a Rs. 10 lakh HDFC personal loan at 11% interest rate for 48 months, the EMI will be:

Loan Amount: Rs. 10,00,000

Interest Rate: 11% p.a.

Tenure: 48 months

Monthly EMI: Rs. 24,068

Total Interest Payable: Rs. 2,43,248

Total Cost (Principal + Interest): Rs. 12,43,248

Choosing a longer tenure reduces the EMI burden but increases the interest outgo.

Documents Required

Salaried individuals need to submit the following documents when applying for an HDFC personal loan:

  • Application form
  • Identity proof (Aadhaar, PAN)
  • Address proof
  • Bank statements – latest 6 months
  • Salary slips – last 3 months
  • Form 16
  • Employment confirmation letter

Rajesh will have to submit documents like his PAN card, Aadhaar card, last 6 month’s bank statement, last 3 month’s salary slips and employment confirmation letter from his company XYZ Ltd.

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Self-employed professionals need to submit:

  • Application form
  • Identity proof
  • Address proof
  • Bank statements – 12 months
  • Income tax returns (ITR) – last 2 years
  • Business vintage proof
  • Other financial documents

How to Apply for HDFC Personal Loan

You can apply for an HDFC personal loan through either of these modes:


  • Visit HDFC Bank website
  • Click on ‘Apply Now’ under Personal Loans
  • Select ‘Salaried’ or ‘Self-employed’
  • Fill in the online application form
  • Upload required documents
  • Click on submit

Rajesh opts for the online process to apply for the personal loan. He fills the online form, uploads his documents and clicks submit.


  • Visit your nearest HDFC Bank branch
  • Ask for a personal loan application form
  • Fill in the form with all details
  • Submit it along with required documents
  • HDFC executive will assist you further

On approval, the loan amount will be disbursed to your HDFC account within 2-3 working days.

Benefits of HDFC Personal Loan

  • Fast processing and quick disbursement
  • Attractive interest rates for good credit scores
  • Flexible tenure up to 5 years
  • Completely online application and disbursement
  • Loan amount up to 40 lakhs
  • Pre-approved offers for existing customers

Rajesh gets his Rs. 10 lakh personal loan approved and disbursed to his account within 2 working days because of HDFC’s fast processing and completely digital procedure.

How to Get the Best HDFC Personal Loan Deal?

Follow these tips to get the lowest interest rate and the best deal on your HDFC personal loan:

  • Maintain a high credit score above 750
  • Opt for a moderate loan tenure of 36-48 months
  • Provide genuine and accurate information in the application
  • Avoid multiple loan applications as they impact credit score
  • Build a long-term relationship with HDFC
  • Look for pre-approved loan offers from HDFC
  • Opt for the digitally integrated paperless process
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By following these tips and meeting the eligibility criteria, you can obtain an HDFC personal loan on attractive terms. The low-cost loan can help meet big-ticket expenses like home renovation, wedding, travel or medical needs. For details one can also visit official website of HDFC.

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