I took a personal loan from HDFC once and, as rightly mentioned by Jessica Noel, the part payment charges differ based on the loan tenure. Typically, it’s 4% for the period 13-24 months but can decrease with a high loan tenure. When I took the loan, I wasn’t aware completely about the partial payment of personal loan HDFC. So, after researching and consulting with my brother who’s a bank employee, I got to know about other charges too.
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What is the HDFC Personal Loan Partial Payment Charges?
So, HDFC personal loan allows part payment after 12 EMIs, and as the previous answer has mentioned, the charges are:
4% for 13-24 months
3% for 25-36 months
2% for over 36 months
Besides these charges, there are GST and other government taxes that one has to pay.
If you don’t pay your installment payments, an additional 18% p.a. would be charged along with an applicable GST.
Premature Closure Charges
Premature closure charges for part payments are applicable and allowed up to 25% of the principal outstanding. Here are the charges levied.
EMI Repayment | Charges |
1-24 EMI | 4% |
24-36 EMI | 3% |
>36 EMI | 2% |
These are some charges you should know for part payment personal loans. If you want to know more about such charges, you can also read
What is HDFC Personal Loan EMI Bounce Charges?I hope this helps.
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Hi mate. The HDFC personal loan part payment charges are 4% during the loan period of 13-24 months. This charge drops as the loan tenure increases. I took a personal loan in 2021 through HDFC Bank. I made a partial payment for my personal loan when I had an extra amount after paying EMIs for a year. The part-payment helped me reduce my principal outstanding and the interest rate for the rest of the loan amount.
So, I would say if you have the financial ability to make a part payment, you should go for it. If you want to know more about the exact charges, you can read below.
What are the Part Payment Charges in HDFC Personal Loan?
The part payment charges for HDFC personal loan are as follows.
| Duration | Part Prepayment Charges |
0-12 Months |
Not Allowed |
13-24 months |
4% of the part payment made. |
25-36 months |
3% of the part payment made |
>36 months |
2% of the part payment made. |
I would also like to tell you that HDFC allows part-payment only after 12 EMIs, up to 25% of the principal outstanding. You can make a part-payment for your personal loan only once in the financial year and twice in the entire loan tenure.
I would recommend you plan out your finances before you decide to make a partial payment towards your personal loan. I would like to conclude my answer on this note. I hope you now know the HDFC Bank personal loan part payment charges.
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Some related information: How to pay Axis bank home loan part payment online?
What is the Part Payment Charges for HDFC Personal Loans?
anjan
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2023-11-28T22:08:13+00:00 2023-11-28T22:11:09+00:00Comment
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