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Personal loans fund most immediate and urgent needs of people. HDB Financial Services Ltd is a premium Non-Banking Financial Company (NBFC) that offers personal loans to salaried and self-employed individuals at attractive interest rates (13.99% p.a. minimum) with flexibility of preclosure of the loan before the stipulated tenure ends.
HDBFS offers one-stop lending solution for secured and unsecured loans (or personal loans) to help customers with their immediate personal needs. As a subsidiary company of HDFC bank, HDB Financial Services offers personal loans up to 20 lakhs without collateral for 1 to 5 years. Doorstep service, easy processing formalities, minimum documentation and special attractive schemes for reputed organizations and professionals make HDBFS a leading name in personal loans.
HDB Financial Services Ltd. Personal Loan Charges
The interest rate ranges from 13.99% to 16.99% p. a. Borrowers aged 21 to 60 years may avail loans of 1 lakh to 20 lakhs. The minimum EMI annually is Rs. 2,326 for 60 months on a loan of 1 lakh.
Personal Loan Foreclosure Charges
HDB Financial Services personal loans can be closed before maturity. Borrowers can also make part payments to decrease future equated monthly installments (EMI). In order to foreclose or part pay, the borrower must ensure that he has paid EMI for the first 6 months. Unlike many premium banks, HDBFS offer part payment facility. HDB Financial Service’s personal loans offer nil penalty per payment for the longest unsecured loan tenure (36 months).
Personal Foreclosure charges Of HDB Financial Services Ltd
Foreclosure charge is 4% of the principal loan amount plus added taxes likes GST. Part payment of personal loans has zero penalty at HDBFS. Borrowers in the armed forces or governmental organizations can avail personal loans at lower interest rates compared to private salaried employees. There are no foreclosure or part payment charges for customers in select companies.
Different options to foreclose Personal Loan from HDB Financial Services Ltd
One can take a top-up loan to meet increasing need for money at the same interest rate (i.e. 13.99% p.a.) of the current loan (to be foreclosed). Besides paying off the outstanding loan amount, one can save on interest money and address many other financial needs.
HDBFS allows top-up loans only to customers who have a clean repayment record on the existing personal loan. Top-up loans can also be availed at the time of balance transfer to a new bank.
Prepayment is another viable option to end loans before the last date. Full prepayment increases the borrower’s CIBIL score and makes him more credit worthy for future secured or unsecured loan approval.
In order to foreclose, the borrower needs to send a foreclosure request statement, furnish important documents for foreclosure formalities, and make the full payment online or in cheque.
Conclusion
Choosing HDB Financial Services for personal loans is wise because of the flexibility to opt for fixed rate of interest or floating rate of interest (applicable for long term loans). Minimum processing fee, no hidden charges and dual facility of either foreclosing or part paying of the loan amount make HDBFS an ideal option for personal loans.