You can opt for HDFC Personal Loan Preclosure after repayment of 12 equated monthly instalments (EMIs). To avail of this facility, borrowers have to pay the HDFC personal loan pre closure charges of 2% to 4% of principal outstanding depending on the tenure when the loan is closed.
Salaried applicants can opt for HDFC personal loan prepayment only after payment of 12 EMIs completely. Following are the HDFC personal loan prepayment charges in detail:
The documents required for HDFC personal loan pre closure are mentioned below:
Additional Info: Know about HDFC Overdraft Facility.
Below is the step by step process for HDFC loan pre closure:
Note: The bank has launched the consent-based Video KYC facility for personal loan and saving accounts to verify the customer’s identity digitally.
Now get IDFC First Bank personal loan of Rs. 20000 to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 1.5%-2% of the sanctioned limit + GST.
You can pre close your HDFC personal loan only after 12 months as the bank does not allow prepayment in part or full until repayment of 12 EMIs.
HDFC loan preclosure charges vary from 2% to 4% of principal outstanding, depending on the tenure when you opt for preclosure.
Yes, you can pay part of the HDFC personal loan after repayment of 12 EMIs. However, part-payment is allowed up to 25% of principal outstanding and is allowed only once in a financial year and twice during the entire loan tenure. The charges are same as HDFC pre closure charges for personal loan and vary from 2% to 4% of the amount prepaid.
No, the facility of HDFC personal loan prepayment online is not available. You have to visit the nearest HDFC Bank branch to close your loan account.
Pre-closure of HDFC personal loan can be a good idea if done at the right time. You can use the personal loan prepayment calculator HDFC to know how much you can save on prepayment. Also, you must consider the HDFC loan pre closure charges before making the final decision.
Also Check: HDFC Personal Loan CIBIL Score