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  • HDFC Personal Loan Preclosure is Rated as "Great!" by 14609 Users

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    Personal Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 14609 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
      "Good"
      0.5 3.5/5 "Pretty good"
      I have my personal loan with HDFC bank. The loan amount was 2.30 lakhs and the interest rate was 16.95% which is bit high than other bank . The tenure period was 45 months ,. The customer service and responses was up to the mark. Here the processing fee was 11,000.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 24, 2018
    • HDFC Bank Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      Hdfc bank has offered me the personal loan around 4 months ago,. The customer support service and the response is good with the HDFC bank . I have got the loan amount within a week time. The required loan amount has been given and I am satisfied with it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the personal loan from the HDFC BANK around 2 years ago. The customer support service is good with the HDFC bank and they have disbursed the loan amount within a week time after the verification process. The required loan amount has been given and I am satisfied with it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      In a week time , I have got the personal loan from the HDFC bank, The customer support service is good with the HDFC bank. The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average with the HDFC bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 23, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The rate of interest offered by Hdfc personal loan service is little high compared to others in the market. The documents process was been smooth and easy. The payments are through online. My loan process have been approved within two minus. It was a good experience with Hdfc personal loan service.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 23, 2018
    • HDFC Bank Personal Loan
      "Personal loan from HDFC"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from HDFC bank and i got the expected amount as loan. The customer service and response was good. The rate of interest was 12%, and at that time it was nominal. I got the loan amount quickly. It was an easy process from HDFC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have my personal loan with HDFC bank. The customer service and responses was up to the mark.The loan amount was s50,000 and the interest rate was 16% which was a bit higher than other banks. They have provided door steps service for collecting documents.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 21, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with HDFC bank. The loan amount was 3 lakhs and the interest rate was 10.99% h which is average . The customer service and responses was good. The process was hassle free and good. They have sanctioned the loan within the committed time. There is no pre closure and processing fee was very much nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 21, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got the personal loan from the HDFC bank around 3 years ago. They took around a day time to deliver the credit card . The customer support service and the response is good with the HDFC bank . The rate of interest and the charges are average with the HDFC bank personal loan service.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 20, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with HDFC bank 3 years back. The loan amount was 75,000 and the interest rate was 14.25% which is bit high and the tenure period was 36 months, The possessing fee was high but the whole process was quite good. The pre carouser is allowed after one year.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got the personal loan from the HDFC bank around 3 years ago. The customer support service and the response was good with the HDFC bank and they gave me good response in regards to my personal loan application. I have got the loan amount within 7days of time. The required loan amount has been given and I am satisfied with it. The pre closure options are not available in the HDFC bank personal loan process.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with HDFC bank . The loan amount was 6.78 lakhs and the interest rate was 10.99% which is average and the tenure period was 4 years . They haves sanctioned the loan with th committed time and the process was also quite easy . Its was paperless documentation and the processing fee was nominal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC bank . The loan amount was 2.5 lakhs and the interest rate was 10.99% which is average in the market. The tenure period was 4 years. The process was really good and hassle free . The loan was approved on time.My overall experience was good.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC bank. The loan amount was 3.36 lakhs and the Interest rate was 10,99% which was average . The process was very easy and they have provide door step service for collecting documents .My overall experience was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan was taken with HDFC Bank 8 months back. The loan amount was 10,50,000 and the interest rate was 11.25% which is bit high . The tenure period was 5 years . The customer service and responses was up to the mark. The whole process was very smooth and they have provided door step service for collecting documents .
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan was taken with HDFC Bank 8 months back. The loan amount was 10,50,000 and the interest rate was 11.25% which is bit high . The tenure period was 5 years . The customer service and responses was up to the mark. The whole process was very smooth and they have provided door step service for collecting documents .
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
    • HDFC Bank Personal Loan
      "Need to reduce charges"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan from HDFC bank and my experience was good. The loan amount was sufficient with nominal interest rate when compared to other banks. Customer service was very good, very limited documents were required and the tenure of this loan is 2 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
    • HDFC Bank Personal Loan
      "average experience"
      0.5 3.0/5 "Satisfactory"
      I had taken a personal loan from the top most private sector bank HDFC BANK. The rate of interest is very reasonable by comparing with other loan partners which is 13.75%. . They sanctioned my promised principle loan amount which is Rs. 2.5 lakh with in 10 working days. My monthly emi would be deducted from my savings account.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with HDFC bank and my loan experience was good, the loan amount was for Rs 5 lakhs with nominal interest rate when compared to other banks. The tenure of this loan is 5 years and there is no part payment option for this loan. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 17, 2018
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The service of Hdfc personal loan service is good. The loan disbursement was been on time without any delay. The process was been very smooth and approved very fast without any delay. It was an very good experience with Hdfc Personal loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 17, 2018
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