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  • HDFC Personal Loan Preclosure is Rated as "Great!" by 14425 Users
    Personal Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 14425 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.

    Apply for Personal Loan

    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.
    Apply for Personal Loan

    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
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has offered me a personal loan and it was a convenient process. The customer services and response is good and the document process was on time too. The interest rate and processing charges was also normal. The after loan services is also good.
      Was this review helpful? 0
      , faridabad
      Reviewed on Feb 20, 2018
    • HDFC Bank Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      Around a year ago, I have got the personal loan from the HDFC bank. The customer support service is good with the HDFC bank, They have approved my required loan amount. The HDFC bank executives came to my place to collect the documents on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 20, 2018
    • HDFC Bank Personal Loan
      "Good Services"
      0.5 5.0/5 "Blown Away!"
      Since HDFC is with the Good banking service I have taken Personal Loan with the affordable amount of 1,50,000 . The interest rate for this personal loan is able to pay to on time , The Loan details where clearly given by the customer service, Overall the Hdfc Banking service is very Good. hdfc transfer
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 20, 2018
    • HDFC Bank Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I have two personal loans from HDFC bank, both loans has good rate of interest. First loan I took it for Rs. 1.80 lakh it going to close next month and second loan fro the amount of Rs.4.5 lakhs. The documentation process was easy, they done the process on time.
      Was this review helpful? 0
      , lucknow
      Reviewed on Feb 20, 2018
    • HDFC Bank Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      With the HDFC bank recently I have Taken Personal Loan compared to other banks service and the Interest rate Hdfc bank is providing good service, Customer is very helpful Clearly Informed about the Loan details,documents where collected and submitted on time,The Loan which I have expected was not Given but this affordable amount to use. Overall the HDFC banking service for customers is Good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 19, 2018
    • HDFC Bank Personal Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      My personal loan is with HDFC Bank. It was a good experience and there were no issues in the process. The customer services are good and there are no hassles in the process. The interest rate and charges are also normal and overall a smooth experience.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 17, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was an excellent experience with HDFC Bank for the personal loan. The customer services are good and the rate of interest is low and the best is that the bank show what ever they charge. There is nothing hidden. The process was good and the documentation process was really smooth.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2018
    • HDFC Bank Personal Loan
      "Process is easy"
      0.5 4.0/5 "Great!"
      My personal loan is with HDFC Bank and the process was easy as thee was minimal documentation. The rate of interest and processing charges are normal. I have no hassles in the after loan services too. Being an existing customer there is no issues with the bank.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 17, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 2.0/5 "Expected more"
      Before, I have taken the personal loan with the HDFC bank.Customer service was not good one with the HDFC bank. I would like to say that the processing charges is on higher end. Everything is good one with the HDFC bank.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 17, 2018
    • HDFC Bank Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I got preapproved loan within a week they collected limited documents, the customer care have done disbursed the amount on time. I was taken the amount around Rs. 1.89 I applied for Rs. 2 lakhs. Interest rate charged me on 14% per annum, processing and insurance was Rs. 3000 from the disbursement.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • HDFC Bank Personal Loan
      "Process should be improved"
      0.5 4.0/5 "Great!"
      One year back I closed HDFC loan, the loan process taken some time. Their executive came and collect the papers, I took the loan amount of Rs. 3 lakhs it has tenure of 5 years. I make auto debit payment, its going well without any difficulties. Interest rate is also nominal as other loan products.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with HDFC bank,The loan amount is one lakh,the EMI amount is 4800,its been two months since i have taken this loan.The rate of interest is 16% nominal as compared to others.The tenure is for three years.They have deducted a minimum charges processing fees.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • HDFC Bank Personal Loan
      "Great experience"
      0.5 5.0/5 "Blown Away!"
      My personal loan is running with HDFC BANK. The total duration was 3 years and I have completed 1.5 years. It is a pre approved loan. The rate of interest is nominal and they charged processing fee separately and its minimum amount. Monthly 18K will be auto debited from the account.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • HDFC Bank Personal Loan
      "Good services"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from HDFC Bank. The bank offered me a loan of more than one lakh without any documentation. The rate of interest was around 15% and the processing charges are normal. The after loan services is also good. It was a smooth process.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 2018
    • HDFC Bank Personal Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I recently took a top up personal loan from HDFC Bank. It was again another easy process. I did not have to do much. There was no documentation involved as I am a existing customer. It was quick and easy to get the loan. I have taken a top up for 1.39 Lakhs and the interest rare if around 14%. The processing charges are also normal.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 16, 2018
    • HDFC Bank Personal Loan
      "Satisfactory & fast process"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with HDFC Bank. The customer services are good and the process online is also smooth and satisfactory. I had applied for this loan online and it was approved within two to three minutes. It got credited in my account in 20 minutes. The rate of interest was of 14% for the loan amount of 2.75 Lakh. There were processing charges as well.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 16, 2018
    • HDFC Bank Personal Loan
      "Instant process online"
      0.5 5.0/5 "Blown Away!"
      I had a pre approved personal loan with HDFC Bank. The services are fast and it was easy to get the loan. After I had applied for it, within ten seconds the funds was credited in my account. The loan amount was of 1.25 Lakh with the rate of interest of 14% and zero processing charges.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 16, 2018
    • HDFC Bank Personal Loan
      "Charges should be economical"
      0.5 3.0/5 "Satisfactory"
      Loan experience was not good in HDFC because of the interest rate and also documentation process. They took long time to collect the papers and approve the loan. Even during the balance transfer from HDFC to YES bank, they have charged high processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 15, 2018
    • HDFC Bank Personal Loan
      "High ROI and charges"
      0.5 4.0/5 "Great!"
      I earlier took a personal loan from HDFC Bank. The rate of interest was very high. It is of 18% and the processing charges are high. But the process was good and was very smooth and very fast. I did not foreclose the loan as the fee was very high for that as well. So I paid the EMI and closed it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2018
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a personal loan from Hdfc. The customer support is good with Hdfc compared to others in the market. The loan amount they offer me is comfortable for me and the documents procedure was been smooth,it was a excellent experience with Hdfc personal loan department.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
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