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Can I close my personal loan before tenure in HDFC?
If you have taken a personal loan from HDFC Bank, the bank will allow you to make prepayment or pre-closure ahead of the tenure. The bank has a lock in period of one year within which you can neither pre-close your account nor make prepayments.
How can I foreclose my HDFC loan online?
You will not be able to foreclose the HDFC Bank Personal Loan online. You will have to visit the branch and close the account after getting the information about the outstanding loan amount and penalties, and other charges collected by the Bank for such preclosure.
What is pre-closure charges?
Pre-closure charges are the charges levied at the time of closure of a loan i.e. fully settling the loan which includes the principle borrowed and the interest at the time of closure.
Can I pay my loan early?
It is possible to pay off your personal loan early, but you may not want to. The prepayment penalty might be calculated as a percentage of your loan balance, or as an amount that reflects how much the lender would lose in interest if you repay the balance before the end of the loan term.
What are preclosure charges?
How to Pay HDFC personal loan pre-closure or pre-payment?
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.
What are the key charges associated with foreclosure of HDFC Bank loan?
Key charges associated with foreclosure or prepayment of a HDFC Bank personal loan are as follows: 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. You can foreclose your HDFC Bank Personal Loan only after paying the 12th scheduled EMI.
What is the interest rate of HDFC Bank personal loan?
HDFC Bank offers personal loans up to Rs. 25 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.
How long does HDFC Bank take to close a loan?
HDFC Bank usually takes around 15 working days for sending the confirmation for a pre-closure of a personal loan account. You will get a notification on your registered email ID and mobile phone number once the preclosure is confirmed. Why does my loan account show the status as ‘Settled but not closed’?