HDFC Personal Loan Pre-Closure

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 Fees and Charges

Steps for the HDFC Personal Loan Pre-Closure or Pre-Payment Process

1. 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.
2. Next, you can make the pre-payment by releasing a cheque or a demand draft at any HDFC Bank branch.
3. 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.

Benefits of HDFC Personal Loan Pre-closure

1. Upon loan approval, you will receive the money in your account within just 48 hours.
2. You can enjoy a quick documentation procedure and speedy processing when you choose a personal loan from HDFC.
3. The interest rates charged for an HDFC personal loan are attractive and competitive.
4. 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.
5. 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.
6. The interest rate for HDFC Personal Loan ranges from 11.25% to 21.45%.
7. 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.
8. 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.
9. You may check your HDFC personal loan eligibility online or at certain branches within just 60 seconds.
10. 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.
11. 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.
12. The bank charges a fixed rate of interest on its personal loan product.

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