HDFC Bank offers a minimum tenure of 12 months and a maximum of 5 years for their personal loans.
HDFC has one of the best personal loan offers in the current market. Their interest rates start from 10.5% and eligible applicants can get a personal loan of up to Rs. 40 lakhs without any security or collateral.
The personal loan amount is repaid in monthly EMIs. The repayment tenure ranges from 12 months to 60 months. This allows borrowers to repay the amount comfortably.
Can I pre-close my HDFC Personal Loan?
Yes, HDFC allows you to pre-close your personal loan after completion of 12 EMIs. The pre-closure charges are very low starting at just 2%, based on the outstanding loan amount.
What are the options to repay my HDFC personal loan?
Personal loan borrowers are required to submit a NACH mandate for auto-debit of the EMI amount directly from their bank account.
If for any reason the EMI is not debited in a particular month, you can pay the EMI through your HDFC NetBanking login or on the mobile app. You can also walk in to your nearest bank branch and make the payment.
Can I make part payments towards my HDFC personal loan?
You can make part payments only after you have completed 12 EMI payments. 25% part-payment allowed on the principal outstanding. It is allowed only once in the financial year and twice during the entire loan tenure.
Also read: Does Pre Closing A Personal Loan Impact Credit Scores