FlexiPay Fees and Charges 

There are four tenures with the respective applicable EMI interest rates on any transaction carried through the FlexiPay- Buy Now Pay Later option:

Tenure Interest Rate
15 days No extra cost
30 days 28% interest annually
60 days 28% interest annually
90 days 28% interest annually


*For the interest rates levied for 30, 60, and 90 days, it should be noted that there's a 28% interest rate applicable annually, for example, ₹70 per month on a purchase of ₹3,000.

 

 

In the first scenario, if a loan is obtained on the 1st day of the month, for a duration of 15 days, it will be due on the 16th, and on that day, the customer's account will be automatically debited for the loan amount. It's important to note that there are no additional costs for the initial 15 days, as this has been provided as an upfront discount to offset any interest charged by the bank. Consequently, the total amount repaid to the bank equals the invoice amount of the order.

 

In the second scenario, for a loan tenure of 30 days, with disbursement occurring on January 10th and the due date set for February 9th, the customer will be charged both interest and principal after 30 days from the loan booking, specifically on February 9th (which includes the disbursement date).

 

For the third scenario, in the case of a 60-day tenure, interest will be charged for the initial 30 days on February 9th, and on March 9th (60 days inclusive of the disbursement date), interest for the remaining 30 days along with the principal will be recovered. Similar conditions apply for a tenure of 90 days.

 

Additional fees and charges include:

 

  • Auto Debit Return Penal Interest: A 2% interest rate plus GST at 18% is applicable, subject to change per governmental instructions, with a minimum charge of ₹450.

     

  

  • Late Payment Fee: Non-payment or partial repayment of the outstanding amount will incur a late payment penalty of 3% plus GST at 18%, subject to governmental instructions.

     

 

  • Pre-Closure Charges: The pre-closure of the FlexiPay service currently incurs a charge of 4% on the outstanding principal balance plus GST at 18%, subject to governmental instructions.

     

 

Click here to read more about the HDFC Bank FlexiPay Loan


Disclaimer: Terms and conditions apply. FlexiPay approvals are at the sole discretion of HDFC Bank Limited and are subject to documentation and verification as per the Bank's requirements. Interest rates are subject to change. Please check with your RM or the closest bank branch for current interest rates.

Frequently Asked Questions

 HDFC Bank offers FlexiPay without any convenience costs or processing fees. You can be assured that there are no hidden charges associated with FlexiPay.

The interest rates for HDFC Bank's FlexiPay vary based on the chosen tenure. For a 15-day tenure, there are no additional costs incurred. However, for tenures of 30 days, 60 days, and 90 days, an annual interest rate of 28% applies.

FlexiPay provides you with a digital credit facility that extends up to 90 days. If you choose a tenure of 30, 60, or 90 days, the interest will be automatically debited from your Current or Savings Account (which could also be your Salary Account) on the respective due date.

HDFC Bank FlexiPay offers four tenures. For 15 days, there is no extra cost. For 30, 60, and 90 days, the interest rate is 28% annually. For example, on a ₹3,000 purchase, you pay approximately ₹70 monthly when opting for tenures beyond 15 days.

If you choose the 15-day HDFC Bank FlexiPay tenure, the loan amount is auto-debited on the 16th day. You repay exactly the invoice amount as an upfront discount offsets the interest, effectively making it a no-cost EMI repayment within the 15-day period.

Under HDFC Bank FlexiPay, with a 30-day tenure, repayment is due exactly 30 days from the disbursement date. You repay both principal and interest together. For instance, if disbursed on January 10th, repayment is auto-debited on February 9th, covering the full 30-day cycle.

For the 60-day HDFC Bank FlexiPay option, you pay interest for the first 30 days on the 30th day, and the remaining interest with principal on the 60th day. For example, interest is collected on February 9th, and balance dues are cleared on March 9th.

HDFC Bank FlexiPay applies a similar pattern for 90-day tenure as the 60-day option. You pay interest every 30 days, and the principal is collected with the final interest on the 90th day. This staggered repayment spreads out your obligation over three months.

In HDFC Bank FlexiPay, if the auto-debit fails, a penal interest of 2% plus 18% GST is charged on the outstanding amount. The minimum penalty imposed is ₹450. These charges may vary in accordance with Government directives or changes in tax regulations.

HDFC Bank FlexiPay levies a late payment penalty of 3% on the total outstanding due, along with 18% GST, if you delay or partially pay the installment. This fee is subject to revision based on any applicable changes introduced by Government authorities.

Yes, pre-closing your HDFC Bank FlexiPay loan attracts a charge of 4% on the remaining principal amount, plus 18% GST. This pre-closure fee is applicable if you repay the loan early and is subject to change as per Government tax regulations.

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