HDFC Personal Loan of 8 Lakh

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Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

HDFC’s ₹8 Lakh personal loan stands out as a compelling credit option, assuring eligible applicants of swift fund delivery within 4 hours through a seamless digital application process. This eliminates the need for branch visits. The loan caters to diverse needs, be it planned events or unexpected emergencies, offering competitive interest rates, flexible repayments, and minimal documentation. Urban Money presents a concise guide for hassle-free access to these funds, ensuring financial ease for various situations.

8 Lakh Personal Loan HDFC – Highlights

Let’s take a look at the key parameters of an HDFC personal loan of ₹8 Lakh:

Interest Rates	10.50% p.a. onwards
Processing Fees	Up to Rs 4999
Loan Tenure	1 to 6 years
Eligibility	Both salaried and self-employed individuals

8 Lakh Personal Loan EMI for 1- 6 Years

Let’s take a look at the estimated EMIs for different tenures on an HDFC Personal Loan of ₹8 Lakh with an interest rate of 10.50%:

Loan Tenure	EMI Amount	Interest Payable	Total Amount Payable
1 year	Rs 70,519	Rs 46,228	Rs 8,46,228
2 years	Rs 37,101	Rs 90,424	Rs 8,90,424
3 years	Rs 26,002	Rs 1,36,072	Rs 9,36,072
4 years	Rs 20,483	Rs 1,83,184	Rs 9,83,184
5 years	Rs 17,195	Rs 2,31,700	Rs 10,31,700
6 years	Rs 15,023	Rs 2,81,656	Rs 10,81,656

Compare 8 Lakh Personal Loans From Other Banks & NBFC

Following is the comparison of HDFC Personal Loan of ₹8 Lakh with other leading banks and NBFCs in India.

Lender	Interest Rate (p.a.)	Processing Fee	Tenure
HDFC Bank	10.50% onwards	Up to Rs 4999	1 to 5 years
Axis Bank	10.49% onwards	Up to 2% of the loan amount	1 to 5 years
ICICI Bank	10.50% onwards	Up to 2.50% of the loan amount	1 to 6 years
IndusInd Bank	10.49% onwards	Up to 2.5% of the loan amount	1 to 5 years
IDFC First Bank	10.49% onwards	Up to 3.49% of the loan amount	1 to 5 years
Federal Bank	10.49% onwards	Up to 3% of the loan amount	1 to 5 years
Kotak Mahindra Bank	10.99% onwards	Up to 3% of the loan amount	1 to 5 years
Bajaj Finserv	11.00% onwards	Up to 3.93% of the loan amount	1 to 8 years
State Bank of India	11.05% onwards	1% of the loan amount	1 to 6 years
Punjab National Bank	11.75% onwards	1% of the loan amount	1 to 6 years

8 Lakh Home Loan – Fees and Charges

Following are the fees and charges for an HDFC Personal Loan of ₹8 Lakh:

Fee/Charge	Amount
Processing Fee	Up to Rs 4999
Premature Closure Charges (For Full Payment)	1) Up to 24 EMI repayments – 4% of principal outstanding. 2) Post 24 EMI and up to 36 EMI repayments – 3% of principal outstanding. 3) Post 36 EMI repayment – 2% of principal outstanding.
Delayed instalment payment charge	18% annual interest, plus government taxes on overdue instalments amount.
Repayment Mode Swap Charges	Rs 500
Amortisation Schedule Charges / Repayment Schedule Charges	Rs 50/- Per Instance
Stamp Duty & other statutory charges	As per applicable laws of the state
Loan cancellation Charges & Rebooking Charges	Rs 1000/- plus applicable taxes

8 Lakh Home Loan – Documents Required

₹8 Lakh personal loan documents in HDFC are as follows:

Proof of Identity: PAN Card, Passport, Voter ID or Driving License.
Proof of Address: Utility Bills, Passport, Driving License or Aadhaar Card.
Proof of Income: Last 3-months bank statement
Proof of Employee: Last 2-month salary slips.

8 Lakh Home Loan – Eligibility Criteria

₹8 Lahk personal loan eligibility in HDFC is as follows:

You must be aged between 21 and 60 years
You must have a minimum income of Rs.25,000 per month.
You must have at least 2 years of work experience.
You must have lived in your current residence for at least 1 year.
You must have a good credit score and repayment history.

Frequently Asked Question (FAQs)

What is the HDFC monthly interest on an 8 Lakh personal loan?

The monthly interest rate of HDFC Personal Loan ₹8 Lakh is 0.875%.

Can I get an 8 Lakh personal loan from HDFC?

Yes, you can get an 8 Lakh personal loan from HDFC, with a maximum tenure of 6 years.

How to get an 8 Lakh loan without a salary slip in HDFC?

Provide alternative proof of income to demonstrate that you are capable of covering the loan EMIs. These may include documents such as bank statements, income tax returns, income certificates, and Form 16.

What is the CIBIL score for an 8 Lakh personal loan for HDFC?

The CIBIL score of 700 or above is considered ideal for an 8 Lakh personal loan in HDFC.