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HDFC Bank Personal loan facilitates you to effectively fulfil all of your fiscal needs. It is easy to get these loans as they require simple documentation and are approved easily and within no time.
Closing HDFC Personal Loan: Closing a HDFC Personal loan should always be your primary priority while you are thinking to cut down your debt burden.
How to Close HDFC Bank Personal Loan through Creditseva
Creditseva provides the individuals with a loan closure tool which is easy to understand and simple to use. By the use of this tool, the process of loan closure becomes convenient and the loans can be closed without facing any difficulty.
Procedure for Closing a HDFC Personal Loan
The procedure for closing a personal loan includes two steps.
- Loan closure at the end of the tenure
- Loan Closure By Prepayment
1. Loan Closure when the tenure ends: Once the borrower has made the payment for the entire term of the loan, the loan account will be closed by the HDFC bank soon. Whenever you are working towards closing your HDFC personal loan, the most important step you need to do is to inform the bank that you want to close the loan.
- Documents to be taken along while going to HDFC bank
- Loan account number
- The amount that is the to be paid by Cheque/Cash
- Xerox copy of ID proof
- If the bank charges for pre-closure, then the individual needs to pay those charges.
- When you are done with giving the cheque, you will be provided with the letter of acknowledgement.
- The EMI will also get deducted if your loan’s closing date and EMI date is very close. The lender will give you back the reduced in a stipulated time period.
- After you have completely paid for the loan, your HDFC Personal Loan account will get closed then and there.
2. Loan Closure by Prepayment: This is another way to close a HDFC Personal loan. When an individual finishes the payment of the entire amount of loan account before the end of its tenure, it is called prepayment.
- You can opt for prepayment of your personal loan after paying the specified number of EMIs mentioned by the bank.
- Usually, the prepayment fee is calculated by choosing the lowest of either percentage of the principal loan amount or outstanding interest for the tenure of the loan that is not been expired yet. The prepayment fee is decided depending on the amount that is lowest of the two.
- The prepayment is done after the individual visits the bank in person. You will require a bank statement that includes your last EMI’s payment transaction records. There is a letter that that should be written to the bank. It has to include the signature of the loan applicant, PAN card details and also mentioning the amount that should be paid.
- It is also required to have a copy of the prepayment statement for the personal loan closure.
- The payment of the loan can be made either through cheque, demand draft or cash.
Steps for Pre-Closing a HDFC Personal Loan
1. Primarily you need to call the HDFC bank at this number 022-61616060 and ask them about the procedure for closing a personal loan.
2. The second step is to check with that branch of the bank in your city where you can go and close the personal loan. Ex: In Hyderabad, you can close your personal loan account in the Begumpet Branch of HDFC Bank.
3. You will be asked to pay 4% as closure charges to close your HDFC Personal Loan.
4. You need to carry the required documents that are important to close the HDFC personal loan account.
Steps for Fore-closing A HDFC Personal Loan
It is to be noted that there are no prepayments allowed for a period of 12 months from the date of your first EMI. It is compulsory to intimate the bank at least 30 days before planning for a foreclosure.
1. You are required to update the HDFC bank that you are willing to make a full prepayment.
2. After the completion of the intimated time period, your loan’s foreclosure statement is issued to you by the bank.
3. You should submit the full prepayment cheque to the bank’s branch, one week before your next EMI date.
4. The foreclosure payment can be made either by cash, cheque or DD after the intimation period is completed.
5. After the processing of the foreclosure cheque, the closure of your personal account is done.
6. Finally, you will receive the NOC and the checks to the address that you had submitted while opening the loan account.
List of the important Documents
1. The Original ID Proof, Address Proof and their xerox copies
2. Loan Amount that is to be paid either in cash or by cheque
3. Account Number of The Loan
4. It is to be noted that you need not pay the loan amount from your account only. You can pay the loan amount using your friends or relatives accounts also.
5. In this process, you need to take the respective person along with you so that they will issue a cheque for the closure of your personal loan.
You have to opt for a proper closing date, because if you are going to close the loan prior to the 14th of a month then your next EMI will not be written off. And if you are going to close the personal loan post the 14th of the month then your loan account is going to be debited with the EMI. You will get the money along with the interest amount back within seven working days.
You will obtain a letter of acknowledgement after you have successfully completed all the steps of the loan closure. You will receive a final agreement of loan closure after a couple of days of closing the loan.
Sample Letter for Closing a HDFC Personal Loan Account
The Bank Manager
Sub: Request for closure of Personal Loan Account
I am ABC (Your Name). I have a personal loan account with an A/C NO: …………………… I need to close this loan account due to unavoidable circumstances. So I request you to kindly close my personal loan account at the earliest.
After the account is closed, please do send me a letter acknowledging that the loan has been closed.
Thanking you for your help
ABC (Your Name),
Closing a personal loan is surely a right thing to do if the borrower has the sufficient cash in the form of reserves. The easiest way to close a personal loan account in an appropriate manner without facing any difficult situation is by taking the help of Credit advisory services of Creditseva and stays creditworthy.
There are few easy steps like you just need to sign up, fill in your basic details and receive detailed as well as holistic insights of your credit-related data and thus maintain, improve your credit score in an easy and simple manner. By following these steps and the guidelines provided by Creditseva, you can close your HDFC Personal Loan easily.
HDFC Bank Personal Loan Closure FAQ’s:
1. In all how much total amount should I pay to the HDFC bank?
The complete amount that you are required to pay the bank is actually calculated as follows
Total Amount to Be Paid = Principal Amount + Charges for Foreclosure + Service taxes on Foreclosure charges + Interest Amount for the balance days
2. Can I make a part-prepayment for my Personal Loan allowed?
No, part prepayment for a personal loan is not allowed.
3. Can I use cash to pre-close my loan account?
No, it is advisable not to use cash for pre-closing your loan account.
4. What is the main reason to obtain an NOC after the loan closure is completed?
Obtaining an NOC from the bank after completing the loan closure process is very crucial because it legally proves that the personal loan has been closed successfully.
5. How much time does it take to receive a pre-closure confirmation?
It usually takes a time of 15 days to receive the pre-closure confirmation.
6. What should be done upon not receiving the pre-closure confirmation?
If you have not received the pre-closure confirmation, you can either ask or follow-up with the acknowledgement receipt of pre-closure.
7. What will happen to the processing of my loan closure request if my next EMI is about to arrive soon?
If your next EMI is about to arrive very soon, your loan closure request will still be processed.
8. Why my closed account is tagged as settled and not closed?
If your loan account has been tagged as settled and not closed, you need to verify why the lender has done so. One reason for this could be that you haven’t paid the entire outstanding amount and not any amount lesser than that.
9. How the HDFC Personal loan is finally closed?
After the completion of all the legal formalities, you will receive the agreement for loan closure through a mail to the address specified by you to the bank while you have opened the personal loan account.
10. What is the ideal thing to do after closing the HDFC Personal loan account?
After closing the personal loan account, the ideal thing to do is to know your credit score and make sure that there are no errors in it. Though it is not compulsory for everybody, this should be done if you are planning to take any other loans in the near future.
11. When can I expect to receive an NOC after the closure of my Personal Loan?
If your personal loan is being foreclosed, you will receive the NOC in 15 days.
12. When is the NOC issued if I have opted for a top up on my personal loan?
If you have opted for a top up on your personal loan, the NOC will be issued 15 days from the closing date.
Personal Loan Closure By Banks
- How to Close Personal Loan
- Axis Bank Personal Loan Closure
- Andhra Bank Personal Loan Closure
- HDFC Bank Personal Loan Closure
- ICICI Bank Personal Loan Closure
- SBI Personal Loan Closure
- Citibank Personal Loan Closure
- Bank of Baroda Personal Loan Closure
- Capital First Personal Loan Closure
- Allahabad Bank Personal Loan Closure
- Fullerton Personal Loan Closure
- IDBI Bank Personal Loan Closure
- IndusInd Bank Personal Loan Closure
- Standard Chartered Bank Personal Loan Closure
- Tata Capital Personal Loan Closure
- Union Bank Personal Loan Closure
- Bajaj Finserv Personal Loan Closure
- Kotak Bank Personal Loan Closure
- Yes Bank Personal Loan Closure
- SBH Personal Loan Closure
- HSBC Personal Loan Closure
- Oriental Bank Personal Loan Closure
- RBL Bank Personal Loan Closure
- PNB Personal Loan Closure
- J&K Bank Personal Loan Closure
- IOB Personal Loan Closure
- Karur Vysya Bank Personal Loan Closure