Short answer: HDFC Bank’s fee is capped (up to 2.5%, maximum ₹25,000) and its salaried rate range on its rates page is 10.50% to 21%. Bajaj Finance has a wider rate range (10% to 30.5%), a higher fee (up to 4.13% including taxes), and longer tenures and Flexi loans. HDFC Bank locks prepayment for the first 12 EMIs.
Last verified: 12 October 2026 from each company’s official website and, where marked, its Google Play listing. Rates and fees change; the lender’s Key Fact Statement (KFS) and loan agreement decide your actual terms. FundsTiger does not rank lenders.
HDFC Bank vs Bajaj Finance at a glance
| HDFC Bank | Bajaj Finance | |
|---|---|---|
| Type | Scheduled commercial bank | RBI-registered NBFC (Upper layer) |
| Loan amount | Up to ₹50 lakh | ₹40,000 to ₹55 lakh |
| Interest rate | From 9.99% a year (main page); 10.50% to 21% for salaried (rates page) | 10% to 30.5% a year |
| APR | Not published | Not published |
| Processing fee | Up to 2.5%, capped at ₹25,000, for salaried borrowers (+ GST) | Up to 4.13% of the loan amount, including taxes |
| Tenure | Not stated on the page we checked | 12 to 108 months |
| Minimum income | ₹25,000 a month | From ₹25,001 a month depending on city (₹40,000 cited for Pune, Bengaluru, Mumbai, Delhi) |
| Who can apply | Salaried (2 years employment, 1 year with current employer) | Salaried (public, private or MNC); self-employed also listed |
| Age | 21 to 60 | 21 to 80 at the end of the loan |
| Prepayment and foreclosure | No prepayment for the first 12 EMIs; then 4% (13 to 24 months), 3% (25 to 36), 2% (after 36) of principal outstanding. Part-payment up to 25% once a year. | Term loan: up to 4.72% incl. taxes on full or part-prepayment. Flexi loans: no part-prepayment charge. |
| Product | Term loan (EMI) | Term loan, Flexi Dropline and Flexi Hybrid |
| RBI-regulated lenders | HDFC Bank lends directly | Bajaj Finance lends directly |
| On RBI’s digital lending app list | Bank: not an app-only lender | Yes: 1 RBI-regulated lender lists it; 10Cr+ installs, rated 4.7 |
| Also worth knowing | Pre-approved offers for existing customers with little paperwork; Fee capped at ₹25,000 | Flexi loans charge interest only on the amount withdrawn; Flexi Hybrid: interest-only EMIs for up to 36 months; CIBIL score 650 or higher |
Install counts and ratings are from Google Play, as recorded on RBI’s digital lending app list check of 5 October 2026.
What a ₹3 lakh loan over 36 months would cost
We costed the same loan on each lender’s advertised figures, using the standard reducing-balance EMI formula and adding 18% GST to fees where the lender quotes them before tax. The lowest advertised rate is usually for the strongest credit profiles; many borrowers are offered more.
| Lender | Scenario | Rate a year | EMI | Total interest | Fee incl. GST | Total cost |
|---|---|---|---|---|---|---|
| HDFC Bank | Rates-page low end | 10.5% | ₹9,751 | ₹51,026 | ₹8,850 | ₹59,876 |
| HDFC Bank | Rates-page high end | 21% | ₹11,303 | ₹1,06,891 | ₹8,850 | ₹1,15,741 |
| Bajaj Finance | Lowest advertised rate | 10% | ₹9,680 | ₹48,486 | ₹12,390 | ₹60,876 |
| Bajaj Finance | Highest advertised rate | 30.5% | ₹12,818 | ₹1,61,440 | ₹12,390 | ₹1,73,830 |
Try your own numbers in our personal loan EMI calculator. For loans quoted only as APR, the APR already includes fees, so the total is an estimate.
Key differences
- Fee: HDFC Bank up to 2.5% (max ₹25,000) + GST; Bajaj up to 4.13% including taxes.
- Prepaying: HDFC Bank allows none for 12 EMIs, then 4% to 2%; Bajaj up to 4.72% on term loans, nil on Flexi part-prepayments.
- Who can apply: HDFC Bank needs 2 years of employment, 1 with your current employer; Bajaj lists salaried and self-employed profiles.
- Loan size: HDFC Bank up to ₹50 lakh; Bajaj up to ₹55 lakh.
Which should you choose?
HDFC Bank may suit you if you bank with HDFC and may have a pre-approved offer, or want the fee capped at ₹25,000.
Bajaj Finance may suit you if you want a Flexi line, need more than ₹50 lakh, or plan to prepay in the first year.
Whichever you pick, compare the APR in the KFS you are actually offered, not the advertised starting rate.
Before you apply
- Find the lender’s name in the app and check it on RBI’s list of digital lending apps or our RBI-registered NBFC search.
- Read the Key Fact Statement (KFS) before you accept. It must show the APR, every fee and the total you will repay.
- Never pay a fee before the loan is disbursed. Regulated lenders deduct fees from the loan or add them to the EMI.
- Apply to one or two lenders, not ten. Each application is a hard enquiry on your credit report.
- Check that the EMI fits your budget with our FOIR calculator.
Want to see offers from several RBI-regulated lenders in one place?
Frequently asked questions
Can I prepay an HDFC Bank personal loan?
For salaried customers, not until 12 EMIs are repaid. After that, charges are 4% (13 to 24 months), 3% (25 to 36) and 2% (after 36) of principal outstanding.
Is a bank personal loan cheaper than an NBFC loan?
Not always. Starting rates for HDFC Bank and Bajaj Finance are close. Fees, prepayment rules and the rate you are actually offered matter more. Compare the APR in each KFS.
Are these lenders RBI-regulated?
The loans described here are given by RBI-registered NBFCs or banks named in the table. Check the lender named in your loan agreement on RBI’s digital lending app list.
Where do these figures come from?
From each company’s official website and, where noted, its Google Play listing, checked on 12 October 2026. Where a company’s own pages disagree, we show both figures.
Sources
- HDFC Bank personal loan page
- HDFC Bank rates and fees
- HDFC Bank eligibility
- Bajaj Finance personal loan page
- Bajaj Finance loan for salaried
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Disclosure: FundsTiger (Gatimaan Finance Advisors Pvt. Ltd.) is a loan marketplace and lending service provider for RBI-regulated lenders. Aparampaar Finance Pvt. Ltd. (Omozing), one of those lenders, is a related party of FundsTiger. This article is general information, not financial advice. Read your loan agreement and KFS before you decide.