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  • HDFC Personal Loan Preclosure is Rated as "Great!" by 15096 Users

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    Personal Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 15096 users

    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
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC Bank 11 months back.The loan amount was 3 lakhs and the interest rate was satisfactory . The EMI period was 5 years . The customer service was really good and there was no delay at all in the process . They have provided door step service for collecting documents.
      Was this review helpful? 0
      , jaipur
      Reviewed on Aug 18, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      It was a good experience with HDFC bank for personal loan, the loan amount was for Rs 4 lakhs with nominal interest rate in the market. The process was smooth and it took 10 days to receive the loan amount. Customer service was good and they followed up on time. The tenure period for this loan is 2 years.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with HDFC bank and the experience was good, the loan amount was for Rs 3 lakhs with the tenure period of 4 years and the rate of interest is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Need to follow up on time"
      0.5 3.5/5 "Pretty good"
      It was a fine experience with HDFC bank for personal loan, the rate of interest of 11.29% was nominal when compared to other banks. Customer service was average and the follow up was not that great. The process was quick and i received my loan amount on time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC bank and the loan experience was good. The loan amount was for Rs 1.25 lakhs with nominal interest rate with the tenure period of 3 years. There are no preclosure charges and the customer service was very good with HDFC bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC bank and the loan experience was good, the loan amount was for Rs 2 lakhs with high interest rate when compared to others . They charge 4% as preclosure charges and the tenure period for this loan is for 5 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC bank 7 months back. The loan amount was 2.5 lakhs and the interest rate was on a high side . The tenure period was 36 months. The customer service and responses was good. I have uploaded all the documents through net banking so its was quite easy for me. The loan was approve on time.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan with HDFC BANK . My loan amount is up to the mark. I am not aware about preclosere . So far my experience is good with this bank i have not face any inconvenience at the time of documentation . Interest rate is 8.67% and it is nominal and tenure period is 36month . I use to pay 3250 as EMI and there is processing fee of rs 5000 charged by this bank .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan with HDFC BANK . So far my experience is good with this bank i have not face any inconvenience at the time of documentation . Interest rate is 8.67% and it is nominal and tenure period is 48month . I use to pay 2834 as EMI and there is processing fee of rs 3000 charged by this bank . My loan amount is up to the mark. There is no option for preclosere .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My credit card was taken with HDFC bank 2 months back. They have offered diner's club card and the credit limit is 85,000 which is sufficient . I am satisfied with the service and responses here. Here the annul fee is 1200 which is bit high and the card is not activated still .
      Was this review helpful? 3
      , chennai
      Reviewed on Aug 16, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with HDFC Bank and the process was good. It was a nice experience. The rate of interest was around 13% and the process is also easy as I got the loan within three days and the loan amount is as needed. In all it is satisfactory.
      Was this review helpful? 3
      , chennai
      Reviewed on Aug 16, 2018
    • HDFC Bank Personal Loan
      "GOOD START UP "
      0.5 4.0/5 "Great!"
      Its a good experience where i can get the loan easily, i felt like they can reduce the rate of interest, i have applied another loan like a year back, the updation of the status of the loan can be enhanced in the online, so that we can save up the time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "BETTER LOAN."
      0.5 4.0/5 "Great!"
      Customer service is good, and at the time of getting the loan , i felt that the rate of interest is bit high, so i tried to negotiate it but they did not , also they can improve their notification part which could help the customers to get the exact status of the loan.
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "GOOD LOAN"
      0.5 5.0/5 "Blown Away!"
      The process was easy and convenient, i have got the loan value which i actually expected, i had gone through the website and then they suggested me for the HDFC loan so i applied for the rate of interest of 14%., which is OK but if they can also reduce, it would be great.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have taken my personal loan with HDFC bank. I had a good loan process here and the loan amount was 2 lakhs . The interest rate was very satisfactory . The tenure period was 4 years .The customer service and responses was up to the mark. The processing fee is nominal .
      Was this review helpful? 3
      , bhilwara
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken personal loan from HDFC BANK . There is no hidden charges. I use to pay 8700 as EMI per month including insurance and tenure period is 5years. I am satisfied with customer service. Processing fee is 5000 and it is nominal. My loan experience was good. My loan amount is up to the mark and interest rate is 10% it is too high compare to others. There is no foreclosure fee .
      Was this review helpful? 3
      , jharsuguda
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC Bank. The customer service and responses was very good. The loan amount was 6 lakhs and the interest rate was satisfactory . The tenure period was 4 years . I am satisfied with the service and responses was good. The documentation was very good and smooth. The processing fee was nominal.
      Was this review helpful? 3
      , nagpur
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "best services"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from HDFC BANK . There are no hidden charges. I use to pay 7700 as EMI per month . Customer service response is fantastic . Processing fee is 1% on loan amount and tenure period is 3year and it is nominal. My loan experience was good. My loan amount is 3.5 lakh and interest rate is 18% it is too high in the market . So far my experience is good with HDFC BANK .
      Was this review helpful? 3
      , kumbakonam
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC BANK and my loan experience is pretty good. My loan amount is 13akh and interest rate is too high compare to others in the market. There is no hidden charges. Processing fee is nominal and tenure period is 5year. The process was very quick no challenged face .
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      My credit card was taken with HDFC bank. The process was very satisfactory and the loan amount was 60,000 . The interest rate was very high in the market . The tenure period was 36 months. The documentation was very nice and smooth but the processing fee is very high here,
      Was this review helpful? 3
      , new delhi
      Reviewed on Aug 13, 2018
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