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Home / Finance / Banking / Can I Close HDFC Personal Loan Before 1 Year?
Q.

Can I Close HDFC Personal Loan Before 1 Year?

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0 2024-12-30T16:45:04+00:00
Here\'s a detailed explanation for can we close HDFC personal loan before 1 year. Yes, you can close your HDFC personal loan before 1 year, but it depends on the terms and conditions of the loan agreement. HDFC Bank allows pre-closure or foreclosure of personal loans, but certain criteria and charges apply. Can I Close HDFC Personal Loan Before 1 Year? HDFC Bank generally permits loan pre-closure after 12 EMIs (Equated Monthly Installments) have been paid. Closing the loan before completing 1 year is not allowed in most cases. Visit the nearest HDFC Bank branch. Submit a written request for loan pre-closure. Provide documents like your loan account number, identity proof, and a cheque or demand draft for the outstanding amount, including pre-closure charges. HDFC Bank typically charges a pre-closure fee ranging from 2% to 4% of the outstanding principal amount. Additional taxes like GST (Goods and Services Tax) apply to the pre-closure charges. Check the pre-closure charges and calculate if the savings in interest outweigh these costs. Ensure you have alternative funds for emergencies after using your savings for pre-closure. Your query about can we close HDFC personal loan before 1 year should be solved. Get Personal Loan Up to Rs. 10 Lakhs Instantly in Your Account Via NB Instacash   Read more How to Deactivate Autopay in HDFC Netbanking?

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0 2024-09-30T16:36:55+00:00

I wanted to close my personal loan in HDFC on the 11th month and enquired from a bank official can I close HDFC personal loan before 1 year. I was sad to know that it is not allowed. HDFC Bank allows the borrower to close personal loans only after 12 months or a year. In fact most of the banks follow the same rule.

Can We Close HDFC Personal Loan Before 1 Year?

No dear, you cannot close the HDFC personal loan before 1 year. You can close the loan only after 12 months of availing of the personal loan. Also, you must have paid 12 EMIs plus foreclosure charges. So sorry, I cannot help you out with the process of how to close HDFC personal loan before 1 year. However, if you want to close after 12 months, you can

  • Login to the

    HDFC Retail Assets Service Request portal

  • Select the linked loan that you want to close

  • Choose the “Type of Service” as “Foreclosure Request”

  • Select the reason for the Preclosure

  • Validate your request by clicking on the link that you will receive on your registered number next and your request will be processed

So this is how HDFC personal loan preclosure is done.

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