How to Pre-close HDFC Personal Loan? Definitive Guide [UPDATED]

How to Pre-Close HDFC Personal Loan

 Are you looking at how to Pre-Close HDFC personal loan? i can help you to find detailed information about the pre-close of the HDFC Personal Loan before ending of the tenure.

Information on Pre-closure of the HDFC Personal Loan.

A personal loan has taken to fulfill the needs for a short period. the loan has chosen when there is no money in the pocket. If we have sufficient money, why we take a loan and pay the interest?

There is no such good reason to hold a personal loan when we have the required amount in the bank account. 

All the times are not wrong some times we have when there is a massive requirement for marriage or any other personal expenses which need more amount.

 After a time when we hold the required amount in the bank account, it is no more required to pay the personal loan and its interest.

Below are the procedure to pay off the personal loan before expiring of the loan schedule.

While looking to close the personal loan

Below are some reasons which are caused you to pay off the HDFC Personal loan.

  1. Decided to not to have any debts on your name
  2. You might Receive quotes on reduced EMIs or Reduced interest rates on new loans.
  3. To improve credit score.

HDFC Personal Loan Pre-Closure Charges and Applicable Pre-Payment Fees.

If you are a salaried individual, you can only go to the pre-closure of the HDFC personal loan once you completed the payment of the 12 EMIs. 

Below are the applicable charges for the preclosure of the personal loan of HDFC.

  • For Loan Tenure 13 to 24 months, the charges of 4% on Outstanding Principal will be applied.
  • For 25 to 36 months, 5% on the outstanding principal amount will apply.
  • If it more than 36 months charges of 2% will be applied to the outstanding principal amount

Things to Know

  1. You can only close the HDFC personal loan after payment of the 12 EMI. You can go to the pre-closure process of the HDFC personal loan.
  2. Loan Account Number:-You may receive loan issue letter or emails about your loan account number
  3. ID Proofs:- you need to carry identity proofs like PAN Card, Aadhar Card, Voter card, or any ID proof which is issued by the government.
  4. Loan documents:-It is better to have a loan issue letter, Loan statement, and any other documents which are provided by the bank while sanctioning the amount.

Additional Documents.

  1. If you decide to close the HDFC personal loan, contact the bank customer care and check the exact payable amount.
  2. Check whether the bank has an online facility to pay off the loan or else prepare a cheque in the name of the bank with the exact amount.
  3. Choose not to pay the amount in cash.

How to Pre-close HDFC Personal Loan?Procedure

HDFC has a vast network because of this, which is lending many loans to its customers and other loan applicants. While looking at how to close a personal loan in HDFC? the below steps help you as a quick guide.

  1. First, you need to visit the branch and reach to the Personal loans department.
  2. Once you contact the executive, you need to fill the forms and write a request letter on the Preclosure of HDFC Personal loan account.
  3. It is essential to read and sign on the documents, if any.
  4. Pay the exact amount by cheque or DD
  5. Dont forget to take a receipt for the payment
  6. Once the bank receives your funds, the loan account will close automatically.
  7. You will receive a loan closure letter that you need to keep safe because if any litigation comes, this will help as a first proof.

Some of the Features of HDFC Personal Loans.

When checking the multiple factors, the HDFC Bank Personal Loan has some salient features.

  1. HDFC bank provides the fastest service the loan disbursal time is minimal some times; it will take less than 24 hours to get the loan amount in the bank account.
  2. The documentation is simple for salaried employees, salaried employes having HDFC banks get a personal loan with minimal documentation.
  3.  HDFC personal loan interest rates are starting from 11.25% to 21.45%, which depends upon the profile of the applicant.
  4. The bank provided prepayment option which can be possible after paying off the specified number of EMIs
  5. Processing charges are from 2.5%, which is ranging 1000-25000.
  6. A fixed-rate of interest will be applicable for HDFC personal loan.

About HDFC Bank

HDFC bank has an extensive network of its branches and customers in India. Mostly the bank has its offices in urban areas. HDFC is providing a vast range of services like savings accounts, demat accounts, personal loans, home loans, business loans, etc. the bank has ready with the new application and utilizing modern technology to help its customers.

Pre-Closure of HDFC Personal Loan FAQ’s

Q. Can i pay the HDFC preclosure outstanding amount in part payment?

No, You can’t pay the HDFC preclosure outstanding in part payment.

Q. Can i pay the HDFC Personal loan outstanding amount in Cash?

Banks do not allow to pay more than 49,000 in cash. If it is more pay by cheque or DD.

Q. Can I have the option to pre-close the HDFC personal loan online?

No, HDFC does not have the facility to pre-close the personal loan online.

I am Ram, I have completed Master of Commerce, I am Finance writer and Personal Loan Advisor in Personal Loan Xpress. I love to write finance articles and i consult the people regarding their financial decision with my Expertise.

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