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  • HDFC Personal Loan Preclosure is Rated as "Great!" by 14846 Users

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    Personal Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 14846 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
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the HDFC bank. Comparing to other banks, the rate of interest is low. Loan is disbursed with in 10 seconds. Overall it has been a super fast loan experience with the loan and I never faced any issues during the application and documentation process.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 22, 2018
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the HDFC bank for 3.8 lacs, I got the loan amount with in a week. Overall process was easy. The interest rate is normal when comparing to other banks in the market. Overall it has been a smooth loan experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It had been a very good experience with them. The process in getting the loan had been very easy and smooth and the interest rate with them also had been good where it had been 10.9%. The loan amount which they had given has been satisfactory and there has not been any issues and it has been a good product.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Hdfc bank of Rs 1.5 lakhs . The rate of interest is promising one which is too high . They gave tenure of 5 years . I make the payments through Ecs . They did instant approval for documentation and approval with in week. I am satisfied with their customer service and response
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from the hdfc bank , Am not satisfied with the rate of interest as it is 18% which is very high . Where the processing fees also charged. . They took 5 to 10 days for approval . They provided 4 year of tenure period and making the payment through ecs .As the rate of interest is too high so i did pre closure of the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2018
    • HDFC Bank Personal Loan
      "Good Bank but interest rates are high. "
      0.5 4.0/5 "Great!"
      I have spoke to the customer executive to apply for the personal loan. The processing fee is nominal. The interest rate is 17.50% I did not negotiate about the interest rate however i got the loan without any problem. I applied 3 lakhs rs. As loan amount. I'm paying the EMI of Rs. 8258. I used to pay the EMI through auto debit option.
      Was this review helpful? 0
      , srikakulam
      Reviewed on Jun 22, 2018
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I am using since 6 months. Documentation i have done through at my doorsteps where the executive came to collect all my documents. I got low amount as my rate of interest as 14.5% it is the high rate of interest that i have found. The total tenure of this loan is 2 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 22, 2018
    • HDFC Bank Personal Loan
      "Affordable"
      0.5 5.0/5 "Blown Away!"
      The documentation process was smooth anyway it can be improved. The person came to my place and collected all my documentation. Basically i was applied was around 3.75 lakhs however i have got only 50 K. I have applied from Bank to Bank transfer. The interest rate was nominal and affordable. I used to pay the EMI of 1400.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Human error in HDFC"
      0.5 3.0/5 "Satisfactory"
      They previous intimated about the charges. I would say this is one of the worst experience i have ever had. The application was very much confusion. The EMI amount also confused. Their were confusion 0.5 paise n the EMI. They have asked me to give the other cheque. I was asking the bank people to send the person but it did not happened. They have a cut off period before that i have to take the loan otherwise the EMI will get start for the same month itself. After the several follow up i have got my loan with the extra interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Awesome Experience"
      0.5 5.0/5 "Blown Away!"
      I have got the loan on time. The documentation process was smooth. I have applied the amount of Rs. 4 lakhs in the deducted of processing charges. After the deduction 3.84 lakhs. I'm paying the EMI of 11.600. I have taken a tenure period 48 months. I don't find any difficulties while taking the loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan almost six months back and it has been a very good experience with them. The interest rate with them had been good as well as the loan amount had been satisfactory. Even the process in getting the loan had been easy and simple. There has not been any issues so far.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Good Interest rates"
      0.5 4.0/5 "Great!"
      Its been easy apply for a personal loan in HDFC. I have submitted the documents of 3 months salary slip, PAN card, Aadhar Card, 3 photocopies, Company ID Card and bank statement. Within 15 day i have got the loan. I have applied the amount of Rs. 2.50 lakhs in HDFC Bank for that they gave me interest rate of 13.99%. They charged me a processing fee around 3 K.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan experience with HDFC bank was good, the loan amount was for Rs 3 lakhs with 11.5% as interest rate which is nominal rate in the market. Customer service was good and they followed up on time. The tenure period for this loan is for 5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "They are offering a loan maximum for private company people"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan for 3 years back. Now they have reduced the interest rates. They charged me around 18% as interest rate when i take the loan. Now they have reduced the interest rates upto 10%. I have opted the tenure period of 3 years. I'm going to close the loan in another 3 years. I have taken the loan amount of Rs. 1 lakhs and i top up the amount of Rs.40000. They charged me around Rs. 3000 as processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It had been a very good experience with them and the process in getting loan has been very easy and the loan amount has been satisfactory as well. The interest rate with them has been very good as well. There has not been any issues faced with any of the services which they had provided so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal from the HDFC bank for 4.5 lacs. I applied at the branch, my friend is a staff so the whole process was easy for me. I got the loan amount with in 7 working days. The whole documentation and the application was really smooth and hassle free. Overall it was a useful experience with the HDFC personal loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "Good experience"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with HDFC bank 3 years back. The loan amount was 50,000. The interest rate was between 11-12% which is average in the market. The tnrue period was 3 years . The customer service and responses was up to the mark. They have sanctioned the loan with the committed time.The processing fee was nominal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      Rate of interest is good one with the HDFC bank for the personal loan. I would like to say that the customer service is very good and the response is also good too. Everything is better one for me with the HDFC bank for the loan, which I have opted for.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      17.49% is the rate of interest for the personal loan with the HDFC bank and everything got happens with in three days of time. I am happy with the HDFC bank till now. I have not faced any such issues with them till now.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • HDFC Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The personal loan i had taken from the HDFC and it is absolutely good. I am happy holding this loan. The loan amount is good. Rate of interest is 10% and it is normal. I had a very good experience with my personal loan. The customer service is excellent.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 20, 2018
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