Hello Payal. I took a personal loan a few years ago and foreclosed it earlier this year. The bank has set some prepayment charges, which I had to bear. The HDFC personal loan prepayment charges range from 2 percent to 4 percent, depending on the number of EMIs that have been paid. I will share the detailed information below.
HDFC Bank Personal Loan Prepayment Charges
Here are the prepayment charges levied by the bank:
Duration | Amount Due |
Up to 24 EMIs (2 Years) | 4 percent of principal outstanding |
24-36 EMIs (2-3 years) | 3 percent of principal outstanding |
>36 EMIs (>3 Years) | 2 percent of principal outstanding |
The prepayment charges would be applicable to the principal outstanding amount. As far as part prepayment goes, you can do so after the 1st loan EMI, up to 25 percent of the principal outstanding.
The part prepayment is permitted only once in a financial year and twice during the entire loan tenure. The charges I have shared above would also be applicable in the case of part prepayment.
This is all about the prepayment charges for HDFC personal loan. I hope you find this helpful.
Get Instant Loan Disbursal Up to Rs. 10 Lacs Via NB InstaCash!
Some related information:
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
I have been working at HDFC Bank for the last four years, and I can assure you that HDFC allows you to prepay your loans at a lower price. The prepayment charge is between 2% and 4% of your outstanding amount based on the duration from EMI date. However, prepayment is allowed only after the lock-in period.
So, what is this lock-in period? The lock-in period refers to the time HDFC doesn't allow you to make any prepayment or pre-close your account. This period is around 12 months, and part payment is only permitted for which the bank charges a fee. And you can only make this payment twice in your loan tenure.
HDFC Bank Personal Loan Prepayment Charges
The prepayment charge is 4% of your outstanding if the payment is done between the 13th to 24th month from the first EMI date. The HDFC prepayment charges for personal loan drops to 3% if done between the 24th and the 36th month and 2% after the 36th month.
Steps For Pre-Closing A Personal LoanContact the HDFC bank representative and tell them you want to prepay your personal loan.
The representative will inform you about the process, and you can pay through Cash, Cheque, or Demand Draft.
HDFC doesn't take cash of more than 49,000. So, if the amount is more than that, then make the payment through a cheque or demand draft.
While paying the amount, ensure you have added the prepayment charges for HDFC personal loans payable to the bank.
Hopefully, the information about HDFC personal loan prepayment charges has been of help to you.
Hassle-Free Personal Loans At Lower Rates at NoBroker Read More How to Check How Many Loans I Have?Your Feedback Matters! How was this Answer?
Authors Of The Question
What Is The Prepayment Charge For HDFC Personal Loan?
Payal
194 Views
2 Answers
1 Year
2023-12-04T15:05:39+00:00 2023-12-04T15:15:46+00:00Comment
Share