The partial payments or ad-hoc prepayments on personal loans are generally allowed by most banks. Recently, someone asked me is partial payment allowed in personal loan HDFC. After a bit of research, I found that yes, HDFC Bank allows partial payment. But they come with limitations, charges, and stipulations embedded in your loan agreement.
Is Partial Payment Allowed in HDFC Personal Loan?
Yes, HDFC Bank allows 25% of the outstanding amount as partial prepayment, twice annually. Prepayment or part-payment options can reduce the loan tenure or interest burden if the extra amount is applied against the principal. But it's essential to inform the lender that the extra amount should be directed to principal reduction.
However, not all payments automatically yield such benefits. Some may levy prepayment charges (often 1 to 3%) or require you to complete a minimal number of EMIs before permitting partial prepayment.
Ultimately, these restrictions and costs are based on the loan terms you signed. Discussing with your lender is crucial to understanding the rules applicable to your case. I hope you found this information helpful.
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Is Partial Payment Allowed in Personal Loan?
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2025-08-26T11:28:44+00:00 2025-08-26T11:28:46+00:00Comment
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