HDFC Personal Loan Closure Online: A Step-by-Step Guide

Introduction

HDFC Bank, one of India’s leading private sector banks, offers a wide range of financial products and services, including personal loans. While these loans can be a valuable financial tool, there might come a time when you wish to repay the loan before its scheduled tenure. This process, known as pre-closure, can be conveniently done online through HDFC Bank’s digital platforms. In this comprehensive guide, we will walk you through the step-by-step process of closing your HDFC personal loan online.

Understanding HDFC Personal Loan Pre-Closure

Before diving into the online process, it’s essential to understand the key aspects of pre-closure:

• Pre-Closure Charges: HDFC Bank may levy certain pre-closure charges, which vary depending on the loan tenure and other factors. It’s advisable to check with the bank to get the exact amount.
• Required Documentation: While the online process is primarily paperless, you might need to submit certain documents, such as a pre-closure request form and proof of payment.

Step-by-Step Guide to HDFC Personal Loan Online Closure

1. Log in to Your HDFC NetBanking Account:

• Visit the official HDFC Bank website.
• Log in to your NetBanking account using your customer ID and password.

1. Navigate to the ‘Loans’ Section:

• Once logged in, look for the ‘Loans’ section on the main dashboard.
• Click on the ‘Personal Loan’ option.

1. Select ‘Pre-Closure’ Option:

• Within the Personal Loan section, you should find an option to ‘Pre-Close Loan’.
• Click on this option to initiate the pre-closure process.

1. Provide Required Information:

• The system will prompt you to provide certain details, such as the amount you wish to prepay and the reason for pre-closure.
• Ensure that you provide accurate information.

1. Confirm Pre-Closure:

• Review the details and confirm your pre-closure request.
• You might be required to authorize the transaction using a One-Time Password (OTP) sent to your registered mobile number.

1. Make the Payment:

• You can make the pre-payment through various online channels offered by HDFC Bank, such as:
  • NetBanking
  • Mobile Banking
  • UPI
  • Credit Card
  • Debit Card

1. Verify Pre-Closure:

• Once the payment is processed, you will receive a confirmation message from the bank.
• You can also verify the pre-closure status by logging into your NetBanking account or contacting HDFC Bank’s customer care.

Additional Tips for a Smooth Pre-Closure Process:

• Check Pre-Closure Charges: Before initiating the process, clarify the exact pre-closure charges with the bank.
• Plan Your Payment: Ensure you have sufficient funds in your account to cover the outstanding loan amount and any applicable charges.
• Keep Documents Ready: Although the process is primarily online, it’s wise to keep relevant documents handy, such as your loan agreement and identification proof.
• Contact Customer Care if Needed: If you encounter any difficulties during the online process, don’t hesitate to contact HDFC Bank’s customer care for assistance.

Conclusion

HDFC Bank’s online platform offers a convenient way to pre-close your personal loan. By following the steps outlined above, you can streamline the process and complete it efficiently. Remember to carefully review the terms and conditions, including pre-closure charges, to avoid any unexpected costs.

5FAQs about HDFC Personal Loan Online Closure