HDFC Bank allows borrowers to make pre-closure or pre-payment of their personal loans. However, you can only prepay your HDFC personal loan after 12 months from the date of loan procurement and after paying 12 EMIs along with applicable foreclosure charges. If you meet these criteria, you have the option to repay your personal loan before the original due date and close your loan ahead of schedule.
Table of Contents
How to close HDFC Personal Loan
Close your HDFC personal loan, auto loan, two-wheeler loan, business loan, or consumer durable loan online:-
Step 1
Login to the web link: Click here
Step 2
Choose the linked loan you wish to close. Then, select ‘foreclosure request‘ as the type of service. Finally, choose your city and nearest branch from the drop-down menu.
Step 3
Choose the reason for closure and confirm once the outstanding loan amount is displayed. Then, save the request
Step 4
Click the link received in the SMS and verify using the OTP. Agree to the terms and conditions, then proceed to make the payment on the payment gateway.
Voila! Payment completed—your loan is now on its way to closure. You will receive an SMS as soon as the loan is closed in the bank’s portal
Read Also: How to Get PNB Instant Loan
How to close HDFC Personal Loan with video
HDFC Personal Loans Charges for Pre-Closure or Pre-Payment
Salaried applicants can prepay their HDFC Personal Loan only after completing 12 equated monthly installments.
The prepayment charges for salaried applicants are as follows:
- 4% of the outstanding principal amount for 13 to 24 months.
- 5% of the outstanding principal amount for 25 to 36 months.
- 2% of the outstanding principal amount for more than 36 months
