HDFC Bank offers personal loans up to Rs. 15 lakh to meet various financial needs. The bank’s personal loan interest rate starts at 10.75% p.a. HDFC Bank Personal Loans come with a flexible repayment tenure of up to 60 months, can be easily availed online and require minimal documentation. Moreover, HDFC Bank also offers borrowers the option to prepay their loan and save on the interest payout of the loan. Read on to get an insight into the process, charges and benefits associated with foreclosure of a HDFC Bank personal loan.
HDFC Bank Personal Loan Foreclosure Charges and Other Processing Fees
Key terms and conditions associated with part-prepayment or foreclosure of a personal loan from HDFC Bank are as follows:
- No pre-payment/foreclosure allowed until 12 scheduled EMIs have been paid
- Part-payment allowed only for up to 25% of principal outstanding.
- Part-prepayment is permitted only once in a financial year and twice during the entire loan tenure.
Key charges associated with foreclosure or prepayment of a HDFC Bank personal loan are as follows:
|Pre-payment charges (on principal outstanding) / Part-payment charges (on part-payment amount)|
13 to 24 months – 4% of principal outstanding,
25 to 36 months – 3% of principal outstanding
>36 months – 2% of principal outstanding
|Processing Fee||Up to 2.50% of the loan amount subject to a minimum of Rs. 2,999 and maximum of Rs. 25,000 for Salaried Customers.|
Steps to Complete the HDFC Bank Personal Loan Prepayment Process
You can foreclose your HDFC Bank Personal Loan only after paying the 12th scheduled EMI. Follow the steps mentioned below to foreclose a personal loan from HDFC Bank:
- Contact the customer care or visit the nearest HDFC Bank branch
- You will have to make the pre-payment that would include the outstanding loan amount along with the foreclosure charges by issuing a cheque or demand draft in favour of HDFC Bank
Note: HDFC Bank does not accept cash above Rs. 49,000 for loan repayment including instances of part prepayment/ foreclosure / matured loan closure payment, etc. Therefore, any payment in lieu of pre-payment/foreclosure of a HDFC Bank personal loan for amounts above Rs. 49,000 should be made via Account Payee Cheque, Demand Draft or Pay Order.
Documents Required for Preclosure of Personal Loan
Generally, the following documents are required to foreclose your HDFC Bank personal loan:
- A valid photo identity proof
- Loan Account Statement
- Cheque/ demand draft/ cash to make the payment
HDFC Bank Personal Loan Foreclosure Benefits
Given below are a few key benefits of foreclosing your HDFC Bank personal loan:
Foreclosure / Full Prepayment
- Helps you save on the overall interest payout.
- Frees you from the burden of regular loan repayments.
- It enables you to save on the interest component.
- You also have the advantage of either paying a reduced EMI amount or having a shorter loan tenure.
Q1. What is HDFC Bank personal loan interest rate per annum?
HDFC Bank personal loan interest rate starts at 10.75% p.a.
Q2. What is the minimum and maximum personal loan amount that I can avail from HDFC Bank?
The minimum personal loan amount is Rs. 50,000 and the maximum loan amount is Rs. 15 lakh.
Q3. What is the purpose of obtaining a NOC once the loan closure is completed?
The need for NOC (No Objection Certificate) from the bank after completion of the loan repayment is important as it serves as legal proof that the personal loan has been successfully closed.
Q4. Who can avail a personal loan from HDFC Bank?
Salaried individuals can avail a personal loan from HDFC Bank, provided they meet all the personal loan eligibility criteria specified by the lender.
Q5. What are the tenure options available on HDFC Bank personal loans?
You can repay your HDFC Bank personal loan within a convenient repayment tenure ranging between 12 to 60 months.
Q6. What is the bank’s customer care number?
Individuals residing in Ahmedabad / Chennai / Bangalore / Delhi & NCR / Kolkata / Hyderabad / Mumbai / Pune can call on 61606161. And people residing in Chandigarh / Indore / Cochin / Lucknow / Jaipur can dial 6160616. Remember to prefix the STD code of the applicable location.