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HDFC Personal Loan Closure

HDFC Bank Foreclosure Charges

Last Updated 03rd Dec 2021

  • HDFC Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of HDFC Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the HDFC Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed After 12 Months at 2-4%
Foreclosure Fee Allowed After 12 Months at 2 - 4%
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HDFC Bank Personal Loan Pre-Closure

You can avail foreclosure of HDFC Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.HDFC Bank allows part payment of personal loan after 12 Months at 2 - 4%

Steps of HDFC Bank personal loan preclosure are as follow:

  • Visit the HDFC Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the HDFC Bank.
  • Pay the outstanding loan amount as well as the HDFC Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

HDFC Bank Personal Loan Part-Payment

Apart from foreclosing HDFC Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. HDFC Bank allows part payment after 12 Months at 2-4%

Fees and Charges of HDFC Bank Personal Loan Closure

Fees and charges associated with preclosure of HDFC Bank Personal Loan are listed as follows:

  • Part payment is Allowed at 2-4% after 12 Months
  • Foreclosure is Allowed at 2 - 4% after 12 Months

HDFC Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing HDFC Bank Personal loan are as follow:

  • Pay the last instalment of the HDFC Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the HDFC Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a HDFC Bank Personal loan part payment. To reduce the interest burden, you can opt for HDFC Bank foreclosure or part payment of the loan.

Required Documents for HDFC Bank Personal Loan Closure

The documents required for Personal loan foreclosure from HDFC Bank are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from HDFC Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the HDFC Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. HDFC Bank allows part payment of personal loan after 12 Months at 2-4%.

Can we close personal loans online for HDFC Bank?

No, you cannot close the personal loans online for HDFC Bank. Individuals are required to visit the HDFC Bank Branch to close the personal loan. Below are the steps to close the HDFC Bank personal loan:

  • Visit the nearest HDFC Bank branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the HDFC Bank will give the acknowledgement letter and NOC.

Does foreclosure of HDFC Bank personal loan affect CIBIL?

Foreclosure of HDFC Bank personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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HDFC Personal Loan News - Dec 2021
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    HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
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  • 2021-07-08 : HDFC Bank loan growth hit amidst covid-19 pandemic
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  • 2021-05-28 : HDFC Bank commits Rs 100 cr towards COVID relief in FY22
    HDFC Bank committed Rs 100 crore for setting up medical infrastructure for COVID-19 relief in 2021-22. The bank is planning to set up 20 oxygen plants in hospitals besides three 100-bed COVID care facilities as part of the plan.
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