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  • HDFC Personal Loan Preclosure is Rated as "Great!" by 15252 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
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Hdfc bank . Am satisfied with the rate of interest which they have provided Is high . There is nominal processing fees for the loan which is nominal one. I make the payments through Ecs every month. They did quick documentation and received the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a good experience in getting a personal loan from them where the process in getting the loan had been smooth and easy. The loan amount which they had provided had been sufficient and fulfilled the requirements. The interest rate with them was also not too high compared with the market rate.
      Was this review helpful? 1
      , kolkata
      Reviewed on Oct 17, 2018
    • HDFC Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC BANK , they charged 10.99% rate of interest and they have not Charge processing fee with this bank . I got best service through this bank the process was very smooth and easy . They provide me sufficient tenure period .
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Oct 17, 2018
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with HDFC BANK my exoerience was excellent with his bank there rate of interest and there processing fee is nominal and even they gave me good tenure period as i want and they don't take any hidden charges with interest rate. even support team response well.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 15, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC bank and my experience with this bank was good,the loan which i expected i got even rate of interest and processing fee is nominal compared to other banks.customer support team is good and they response to me very well.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 11, 2018
    • HDFC Bank Personal Loan
      "Need to reduce ROI"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with HDFC bank for personal loan, documents were collected on time and the process was completed within 1 week. The loan amount was for Rs 2.5 lacs for 4 years with little high interest rate. Customer service was good and they followed up on time.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Oct 11, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience i had with this loan where the process in getting this loan has been smooth and easy. The interest rate which they had offered has been less when compared with the market rate and the loan amount which they had provided has been satisfactory as well. Their customer support also had been helpful during the process as well.
      Was this review helpful? 2
      , mumbai
      Reviewed on Oct 11, 2018
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with HDFC bank and my experience was good, the loan amount was for Rs 1 lac with nominal interest rate when compared to other banks. Customer service was good and they responded on time. The tenure period for this loan is for 3 years.
      Was this review helpful? 4
      , bangalore
      Reviewed on Oct 11, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank process for the personal loan was good. The customer support is good and they are responsive as well. The rate of interest and processing charges is fine. The after loan services are good too. It has always been a good experience for me with the bank.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Oct 10, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It had been a good experience with this loan and the loan amount which they had been provided has been good. I was satisfied with the loan amount whcih they had provided and the interest rate with them has been nominal when compared with the market rate as well. There has been some charges and there has also been a processing fee which has been nominal.
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 10, 2018
    • HDFC Bank Personal Loan
      "Good Financial service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from Hdfc bank . Am satisfied with the rate of interest which they have provided . There is processing fees for the loan which is nominal one. I make the payments through Ecs every month . They gave the tenure period of 2.5 years . They did quick documentation and received the loan.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Oct 10, 2018
    • HDFC Bank Personal Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan earlier with HDFC Bank. The process was very smooth and easy and there were no issues to get the loan. The customer support and response is good and the rate of interest and processing charges is normal too. Overall good.
      Was this review helpful? 2
      , mumbai
      Reviewed on Oct 10, 2018
    • HDFC Bank Personal Loan
      "Good Financial service"
      0.5 4.5/5 "Excellent!"
      Its instant paperless approval personal loan which i got from Hdfc bank. As the rate of interest is satisfactory based on the market price. Their customer service is way good an response was quick .I have chosen the tenure period of1 years and there is nil processing fees.
      Was this review helpful? 3
      , gurgaon
      Reviewed on Oct 10, 2018
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a good experience i had with this loan where the interest rate of interest with them has been low when compared with the market rate, where it was around 11% to 12%. The loan amount which they had provided had been satisfactory as well as there has not been any sort of additional charges which have been made by them but there was processing fee which was nominal.
      Was this review helpful? 4
      , new delhi
      Reviewed on Oct 09, 2018
    • HDFC Bank Personal Loan
      "Best In Service"
      0.5 5.0/5 "Blown Away!"
      I was in a Emergency need and applied a Personal loan with HDFC. At the Beginning had a limited response as i was not eligible in few parameters, but keeping all those aside they understood my emergency concern and provided me loan. Thankful to HDFC for understanding a Customer's need.
      Was this review helpful? 1
      , secunderabad
      Reviewed on Oct 09, 2018
    • HDFC Bank Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Hdfc bank . Am satisfied with the rate of interest which they have provided . There is no processing fees for the loan . I make the payments through Ecs every month . They gave the tenure period of 36 months . They did quick documentation and received the loan.
      Was this review helpful? 2
      , thane
      Reviewed on Oct 09, 2018
    • HDFC Bank Personal Loan
      "Need to be more conveninent"
      0.5 2.0/5 "Expected more"
      HDFC bank is approachable for the personal loan and they have wonderful offers too. But if I want to swap the billing date plan. It is not possible with the bank, unlike the other banks. It is not convenient to pay my EMI on those dates the bank has.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 09, 2018
    • HDFC Bank Personal Loan
      "Very bad"
      0.5 0.5/5 "Unacceptable"
      I have applied for a personal loan and my application no is 61556309. Have received only one message of in-principal approval and have not received any more process details. Don't know what to do.....called the customer service but there server is not working
      Was this review helpful? 4
      , ghaziabad
      Reviewed on Oct 08, 2018
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have personal loan with HDFC bank, There Rate of interest is nominal with the bank, and even processing fee they charge was normal i have closed my Hdfc loan successful as i took my loan on year 2013 the customer support team was very co-operative they assist me nicely.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 08, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have personal loan with HDFC BANK , they charge slight high rate of interest with this bank . The processing fee is 2500 and it si also too high with HDFC . Loan amount is satisfactory . The tenure period is 2years however there was no foreclosure option with HDFC.
      Was this review helpful? 2
      , mumbai
      Reviewed on Oct 08, 2018
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