How to Pay Off HDFC Personal Loan?

You can pay the personal loan in equated monthly installments (EMIs) for a maximum of 5 years. But if you want to close your loan fast, you can take the route of either prepayment or part payment. The prepayment means the payment of the entire loan outstanding during the loan tenure. Whereas, part payment is defined by the name itself. You can pay some chunk in parts and get the interest burden reduced. HDFC Bank charges a low processing fee for the same. The fee can be minimum of up to 2% of the outstanding amount. The prepayment charge depends on the time you want to prepay. To know the prepayment charges of HDFC personal loan, look at the table below. 

Prepayment PeriodPrepayment ChargesFee Payable on an Outstanding Balance of 1 Lakh (In INR)Fee Payable on an Outstanding Balance of 1 Lakh Inclusive of 18% GST (In INR)
13 to 24 month4% 1000.041,180.05
25 to 36 month3% 1000.031,180.04
Above 36 months2% 1000.021,180.02

Things to Keep in Mind Before Prepaying the Loan

The prepayment is allowed only after the successful payment of the first 12 EMIs. The part payment amount can be a maximum of 25% of the principal outstanding. And, you can make part payment once in a financial year and twice during the loan tenure. You can use the HDFC personal loan calculator to estimate the benefit of pre or part payment.

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Personal Loan Interest Rates March 2024
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
SMFG India Credit12.00% - 24.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates March 2024
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.70%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%