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  • HDFC Personal Loan Preclosure is Rated as "Great!" by 15594 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    HDFC Personal Loan Preclosure

    HDFC Bank is a top-notch private bank in India that extends high-class financial support to every person in the nation. The bank has a variety of products ranging from deposits and loans to insurance and Demat. You can approach the bank for any of your needs and receive excellent assistance from the bank.

    The bank offers an outstanding personal loan product which can be utilized for any purpose. You can enjoy a host of benefits with this product from the bank.

    What is Pre-Payment?

    Pre-payment or pre-closure refers to the process of a borrower paying his or her loan fully or in parts before the actual due date. While thinking of making a pre-payment, you should analyses if you will be asked to pay any pre-payment penalty by your lender and if you have made sufficient savings to pay the loan early.

    If the pre-payment penalty is very high, you should reconsider your decision to prepay your personal loan. You may also see if your pre-payment penalty amount is higher or lower than the entire interest amount that you would save if you repay your loan early. It makes sense to pre-pay your loan if the penalty is lower than your loan interest amount. On the other hand, if the penalty is higher than your loan interest amount, you will end up spending more on your pre-payment, which is bad for your finances.

    You will also have to assess if you have adequate money in your account so that you do not have a tough time after you repay a huge sum of your personal loan amount. You should have funds in your personal bank account for other expenditures.

    HDFC Personal Loan Pre-Closure or Pre-Payment

    HDFC Bank enables a personal loan borrower to make a pre-closure or a pre-payment of his or her loan. However, you will be able to prepay your HDFC Personal Loan only after 12 months after you have procured your loan and after paying 12 EMIs plus the foreclosure charges that may be applicable. If you meet this requirement, you can repay your HDFC Personal Loan before the original due date and close your loan early. This is a good option if you have sufficient funds in your bank account. If you have the right amount of finances, you can repay it early and not have to worry about it later.

    HDFC Personal Loan Pre-Closure or Pre-Payment Fees and Charges

    If you are a salaried applicant, you can pre-pay your HDFC Personal Loan only after paying 12 equated monthly installments completely.

    The pre-payment charges for salaried applicants are as follows:

    • 4% of the outstanding principal amount for 13 to 24 months.
    • 5% of the outstanding principal amount for 25 to 36 months.
    • 2% of the outstanding principal amount for more than 36 months.

    Steps for the HDFC Personal Loan Pre-Closure or Pre-Payment Process

    • You will first have to get in touch with a bank representative from HDFC Bank and express your interest in pre-paying your HDFC Personal Loan.
    • Next, you can make the pre-payment by releasing a cheque or a demand draft at any HDFC Bank branch.
    • You can take note that the bank does not accept cash above Rs.49,000 for repaying your loan against pre-payment or matured loan closure payment. If you need to make any payment above Rs.49,000, you will need to make sure that you pay via pay order or account payee cheque or demand draft.

    You can pre-close or pre-pay your HDFC Personal Loan at a nominal price by informing the bank beforehand. You will have to keep in mind that this needs to be done only after careful evaluation of your financial condition.

    Features of HDFC Personal Loan

    • When you apply for this loan, if it gets approved, you will receive the money in your account within just 48 hours.
    • You can enjoy a quick documentation procedure and speedy processing when you choose a personal loan from HDFC.
    • The interest rates charged for an HDFC Personal Loan are attractive and competitive.
    • You can also take a personal accident cover with your HDFC Personal Loan. You will get a cover of up to Rs.1 lakh and a critical illness cover of up to Rs.1 lakh. The premium amount for these covers will be reduced from your personal loan amount when it gets disbursed.
    • You can also get security for your personal loan by taking Sarv Suraksha Pro which provides an accidental hospitalization cover, a credit shield cover, and an accidental death or permanent disablement cover.
    • The interest rate for HDFC Personal Loan ranges from 15.75% to 20%.
    • You may also repay your HDFC Personal Loan early after a certain period. You will have to pre-pay your loan in full. The bank does not allow anybody to pre-pay the loan in parts.
    • The loan processing fee is up to 2.50% of your loan amount with a maximum of Rs.25,000 and a minimum of Rs.1,000.
    • You may check your HDFC Personal Loan eligibility online or at certain branches within just 60 seconds.
    • You are also allowed to move balances of any of your existing personal loans to HDFC Bank. The processing fee is flat for this loan balance transfer facility and it is charged at Rs.999.
    • For the documentation process, you will need to provide proof of address, proof of identity, and proof of age, bank statements, and the most recent salary slips.
    • The bank charges a fixed rate of interest on its personal loan product.

    Personal Loan Reviews

    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a Personal Loan from the HDFC bank. The whole loan process was easy and super fast. The loan amount was satisfactory, I pay an EMI on time. It was a super fast loan experience. Overall it was a very good loan experience e with the HDFC bank. The tenure period is for 1 year .
      Was this review helpful? 1
      , jodhpur
      Reviewed on Dec 07, 2018
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      I had chosen to go with them since i was having my Salary account through them. The process in getting this loan has been simple and smooth, the loan amount has been satisfied and the interest rate with them has been nominal as well. There has been some processing fee which they had charged which has been nominal.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Dec 07, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The experience with this loan has been god but the interest rate with them has been high when compared with the market rate. The charges whcih they had made as well as the processing fee with them has been high. It was around 1% of the total amount which is pretty high.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 07, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The experience i had with this loan has been good and the loan amount which they had provided has been sufficient as well. The interest rate with them has been a little high when compared with the market rate. There has not been any sort of charges which they had been there but there has been some processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 07, 2018
    • HDFC Bank Personal Loan
      "BETTER"
      0.5 4.0/5 "Great!"
      I have purchased the personal loan with the HDFC BANK because the reason is that i am the existing customer of this bank. The loan they have offered is satisfactory also the rate of interest they have given is 13% in this loan. The duration is for 4 years to repay this loan.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 07, 2018
    • HDFC Bank Personal Loan
      "Very Good Personal loan"
      0.5 5.0/5 "Blown Away!"
      I don't have any problem with the services. Since they have provided the loan according to my eligibility, i have chosen them. I have applied the loan amount of Rs. 2.50 lakhs and i have received the same. They have offered me a satisfied interest rate. Processing fee were deducted from my loan amount and they have sanctioned the balance. I have chosen the tenure period of 48 months.
      Was this review helpful? 0
      , vapi
      Reviewed on Dec 07, 2018
    • HDFC Bank Personal Loan
      "BEST"
      0.5 5.0/5 "Blown Away!"
      The experience is very good with the HDFC BANK personal loan. The loan amount where they have provided is very good and also the rate of interest is of 12% and the duration is of 5 years to repay the loan. The process is very quick and also it is simple to get the loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 07, 2018
    • HDFC Bank Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I earlier had my personal loan with HDFC Bank and the process to get the loan is good. They were on time and I had no hassles in the loan amount. I got what I needed and the rate of interest and processing charges was nominal too. The after loan services are good.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 07, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with HDFC Bank. The process was smooth and easy. I also got received the loan amount as needed. The customer services and response is fine. There are no hassles while banking with them. The after loan services are good too.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 07, 2018
    • HDFC Bank Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      My experience was good with HDFC bank for personal loan, i received my loan amount on time. The loan amount was for Rs 2 lacs with nominal interest rate when compared to others. Customer service was good and the tenure period for this loan is 4 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 06, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with HDFC bank for personal loan, the process was smooth and i received my loan amount within 1 week. Customer service was good and they collected documents on time. The rate of interest was high when compared to other banks.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 06, 2018
    • HDFC Bank Personal Loan
      "Need to reduce charges"
      0.5 3.0/5 "Satisfactory"
      My personal loan experience was good with HDFC bank, the process took 10 days to complete. The loan amount was for Rs 50000 with nominal interest rate when compared to others. Customer service was good and they responded on time. Processing fees is high and preclosure charges are applicable.
      Was this review helpful? 0
      , nasik
      Reviewed on Dec 06, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal account was taken with HDFC BANK , They provide satisfactory loan amount . Customer support and their response is good and service is also up to the mark . The tenure period is 5 year . They gave the option of preclosere also but it will be applicable only after 1 year .
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 06, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal account was taken with HDFC BANK , customer service is up to the mark they follow up so nicely through out the process . They charge nominal rate of interest but and even nominal processing fee . The tenure period is 36 month . I am really happy with services .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Dec 06, 2018
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      Overall it had been a good experience i had with them and i had applied this loan through the internet banking system of them. It was pretty easy and the loan amount which they had provided was good, where the interest rate with them has been pretty cheap. There was only some charges made during the documentation.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 06, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had taken this loan in the year of 2016 and the experience has been good. The loan amount which they had provided has been good but the interest rate with them has been a little high when compared with the market rate. The processing fee has been nominal and there has not been any extra charges.
      Was this review helpful? 0
      , bhiwadi
      Reviewed on Dec 06, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been good and everything had been done online and the documentation has been good as well. The loan amount which they had provided has been sufficient but the interest rate with them has been a bit high when compared with the market rate. The processing fee has been nominal as well.
      Was this review helpful? 0
      , bhiwadi
      Reviewed on Dec 06, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal account was taken with HDFC BANK , tenure period is 3 year .They provide nominal rate of interest and there is processing fee and it is very nominal . I am very happy with their services and they provide sufficient loan amount . They also have foreclousre option.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 06, 2018
    • HDFC Bank Personal Loan
      "Transparency should be there with customer "
      0.5 2.5/5 "Just OK"
      I have taken Personal loan from the Hdfc bank . They giving good service for the loan service , but in starting they actually promised for 11.99% ultimately i got 15.99% which is been informed at the day of disbursement . They have charged for processing fees of Rs 8000 which include insurance , without my concern they have charged that, which they have compelled me to take. At least they could have allowed me to take insurance based on my requirement , instead they chosen on the own . The transparency was not there for the charged amount.
      Was this review helpful? 1
      , pollachi
      Reviewed on Dec 06, 2018
    • HDFC Bank Personal Loan
      "Looking for less interest rate"
      0.5 3.5/5 "Pretty good"
      It was a fine experience with HDFC bank for personal loan, the process was smooth and i received my loan amount within 1 week. Customer service was good and they responded on time. Rate of interest was high when compared to others. Loan amount was for Rs 1.5 lacs and the tenure period was for 5 years.
      Was this review helpful? 1
      , bhopal
      Reviewed on Dec 05, 2018
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