HDFC Personal Loan Pre-closure

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      HDFC Personal Loan Pre-closure

      HDFC Bank

      HDFC is one of the top private banks that provides high-class financial support to every person in the nation. The bank has a variety of products with them and one can approach the bank for their needs and can receive excellent assistance from the bank.

      The bank provides a personal loan to the customers who can utilize for any purpose. The borrower can enjoy lots of benefits from this product offered by the bank. Many customers who have good finance opt to pre-pay the loan amount

      What is HDFC Personal Loan Pre-closure?

      Preclosure or prepayment refers to the process where the borrower pays their loan fully or in parts before the actual due date. If a person is thinking of making a prepayment, one should always analysis that if the bank is asking for any pre-payment penalty or if we have made sufficient saving to pay our loan early.

      If the bank is asking for high pre-payment penalty, then the customer should reconsider their decision to prepay their loan. One must see if the pre-payment penalty amount is higher or lower than the entire interest amount which we will save if we repay our loan early.

      If the penalty is lower than our loan interest amount, then it makes sense to pre-pay our loan. And if the penalty is higher than our loan interest amount, then the person will end up spending more on their pre-payment.

      Documents Required for Preclosure of HDFC Personal Loan

      • Valid photo ID proof.
      • Credit Statement Statement.
      • Cheque / demand-draft / cash for making payment.

      HDFC Personal Loan Pre-closure

      HDFC Bank enables the borrower to make a pre-closure or a pre-payment of their loan. The borrower can pre-pay their loan only after 12 months after they have procured the loan and after paying 12 EMIs plus the foreclosure charges.

      If the borrower meets these requirements, then he can repay the loan before the original due date and can close their loan early.

      Charges of HDFC Personal Loan Pre-closure

      If an applicant is a salaried person, then they can pre-pay their loan after paying 12 equated monthly installments completely.

      The pre-payment charges for salaried customers is:

      1.   4% of the principal amount for 13 to 24 months.
      2.  5% of the principal amount for 25 to 36 months.
      3.  2% of the principal amount for more than 36 months.
      Particulars Charges
      Pre-payment charges (on principal outstanding) / Part-payment charges (on part-payment amount) Salaried-13 to 24 months – 4% of principal outstanding,

      25 to 36 months – 3% of principal outstanding

      >36 months – 2% of principal outstanding

      Processing Fee Up to 2.50% of the loan amount subject to a minimum of Rs. 2,999 and maximum of Rs. 25,000 for Salaried Customers.

      Steps for HDFC Personal Loan Pre-closure

      1. The applicant has to get in touch with the bank representative of HDFC bank and must express their interest to pre-pay their loan.
      2. Second, the applicant can make the pre-payment by releasing a cheque or a demand draft at any HDFC bank branch.
      3. The bank will not accept cash above Rs 49,000 for repaying the loan against pre-payment or matured loan closure payment if a borrower wants to make a payment above RS 49,000 then they should pay via demand draft or through a cheque.

      An applicant can pre-pay their loan at a nominal price by informing the bank, and the borrower should know that this needs to be done after carefully evaluating the financial condition.

      Avail your Personal Loan with Dialabank and get personalized assistance

      FAQS

      What is the interest rate on HDFC Bank loans per year?

      HDFC Bank loan interest rate starts at 10.75% per annum

      How much and how much loan can I get from HDFC Bank?

      The minimum personal loan amount provided is Rs. 50,000 and the maximum loan amount can go as high as Rs. 15 lakh.

      What is the purpose of obtaining a NOC once the loan closure is complete?

      The requirement of a NOC (No Objection Certificate) from the bank after completing the loan repayment is significant as it serves as official proof that the personal loan has been successfully closed.

      Who can get a personal loan from HDFC Bank?

      Lending people can get a loan from HDFC Bank, as long as they meet all the eligibility criteria outlined by the lender.

      What tenure options are available on HDFC Bank loans?

      You can repay your HDFC Bank loan within 12 to 60 months repayment period.

      Other Banks For Personal Loan

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      Maharashtra Gramin Bank Personal Loan
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