Bajaj vs HDFC Personal Loan 2026: Rates, EMI
HDFC Bank is India’s most-searched personal loan brand, and Bajaj Finserv is the fastest-growing one in recent search data. If you are choosing between them, this guide compares Bajaj vs HDFC personal loan 2026 – interest rates, fees, EMI, prepayment rules and who each lender suits best.
Rates in this article are taken from lender and comparison pages as of October 2026. Your actual rate depends on your income, CIBIL score, employer and loan amount. Always check the lender’s official website before applying.
Bajaj vs HDFC Personal Loan 2026 – Quick Comparison
| Feature | HDFC Bank | Bajaj Finserv |
|---|---|---|
| Lender type | Private sector bank | NBFC (Bajaj Finance) |
| Interest rate | About 9.99% – 24% p.a. (rack rate) | 10% – 30.5% p.a. |
| Processing fee | Up to about ₹6,500 + GST | Up to 4.13% of loan (incl. taxes) |
| Loan amount | Up to ₹40 lakh | Varies by profile |
| Tenure | 12 – 60 months | Varies by product |
| Part-prepayment | Allowed after 12 months, with limits and charges | Up to 4.72% of amount prepaid (not on Flexi variants) |
| Foreclosure | Charges apply, reducing with loan age | Up to 4.72% of outstanding (term loans) |
Sources: Bajaj Finserv fees and charges; HDFC Bank rates as listed by BankBazaar (updated October 2026). Confirm on HDFC Bank’s official rates page.
HDFC Bank Personal Loan – Key Points
- Best suited to salaried borrowers with a good CIBIL score (usually 700+).
- Pre-approved offers for existing HDFC Bank customers can be disbursed very quickly.
- Competitive starting rates for strong profiles.
- Prepayment is allowed only after a minimum period and with limits – read the terms.
Bajaj Finserv Personal Loan – Key Points
- Popular for quick online approval and a wide range of profiles.
- Flexi loan variants let you withdraw and repay within a limit and pay interest only on what you use.
- Wider interest range – borrowers with weaker profiles may get higher rates.
- Processing fee is percentage-based, so it rises with the loan amount.
EMI Comparison: ₹5 Lakh for 5 Years
| Interest Rate | Monthly EMI | Total Interest |
|---|---|---|
| 10% | ₹10,624 | ₹1,37,411 |
| 12% | ₹11,122 | ₹1,67,333 |
| 14% | ₹11,634 | ₹1,98,048 |
| 16% | ₹12,159 | ₹2,29,542 |
| 18% | ₹12,697 | ₹2,61,803 |
| 24% | ₹14,384 | ₹3,63,039 |
Calculated using the standard reducing-balance EMI formula, excluding fees and taxes. A difference of just 2% in interest on ₹5 lakh can cost you around ₹30,000 more over five years.
Total Cost Example: Processing Fee Matters
On a ₹5 lakh loan:
- A fee of 4.13% (Bajaj’s maximum, including taxes) would be up to about ₹20,650.
- A flat fee of about ₹6,500 + GST (HDFC’s listed maximum) would be about ₹7,670.
Actual fees depend on your offer. Always compare the Key Fact Statement (KFS) – RBI requires lenders to show the all-in cost (Annual Percentage Rate) before you sign.
Which Should You Choose?
| If You… | Better Fit |
|---|---|
| Have a salary account with HDFC Bank and a 750+ score | HDFC Bank |
| Need very fast online approval | Bajaj Finserv (or HDFC pre-approved offers) |
| Want to withdraw money as needed and pay interest only on usage | Bajaj Finserv Flexi |
| Plan to prepay early | Compare both prepayment rules carefully |
| Have a lower CIBIL score | Compare both; expect higher rates – see our low CIBIL guide |
Other Lenders Worth Comparing
Before deciding, also check offers from SBI, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC FIRST Bank and Tata Capital. Public sector banks such as SBI often have lower rates for government employees and existing customers.
Read: How to choose the right personal loan
Documents Usually Required
- PAN card and Aadhaar card
- Latest 3 salary slips (salaried) or ITR (self-employed)
- Last 3–6 months’ bank statements
- Address proof and photograph
Effect of the October 2026 RBI Rate Hike
RBI raised the repo rate to 5.50% in October 2026. Most personal loans are fixed-rate, so existing EMIs usually do not change, but new personal loan offers may become slightly costlier. If you need a loan, compare offers now.
Frequently Asked Questions
Which is cheaper, HDFC or Bajaj personal loan? For strong salaried profiles, HDFC Bank’s starting rate is slightly lower. The final cost depends on your offered rate and fees.
Is Bajaj Finserv safe? Bajaj Finance is an RBI-registered NBFC. Always apply through its official website or app.
Can I prepay an HDFC personal loan? Yes, after the minimum period set in your loan terms, with applicable charges.
What CIBIL score is needed? Usually 700+ for the best rates. Lower scores may get higher rates or smaller amounts.
Final Words
In the Bajaj vs HDFC personal loan comparison, HDFC Bank suits salaried borrowers with strong credit, while Bajaj Finserv offers flexibility and fast approval. Compare the full cost – interest, processing fee and prepayment charges – using the Key Fact Statement before you sign.
Disclaimer: This article is for general information only and is not financial advice. Interest rates and charges change frequently and vary by borrower. This website is not affiliated with HDFC Bank or Bajaj Finserv.