Can I prepay HDFC car loan?

Can we prepay HDFC car loan?

You can prepay your Car Loan either in part or in full. If you are prepaying in full, make sure you collect any post-dated cheques you may have issued and get proper closure of your loan.

Is prepayment allowed in car loan?

Banks allow prepayment of loan only after 12 EMIs have been paid. The penalty fees may vary for the first prepayment and second prepayment. Therefore, before you decide to prepay or preclose your car loan, check the terms and conditions of prepayment and the charges levied by the bank.

How can I pay extra amount in HDFC car loan?

The balloon option allows you to pay smaller EMIs throughout the loan tenure and then pay a large lump sum amount at the end of the tenure. HDFC Bank customers enjoy the added benefits of special interest rates, quick disbursal of the loan amount, and much more.

Can I foreclose my HDFC car loan?

Once you pay off the last EMI, gather all loan documents. Visit your bank’s loan centre and submit a request for loan closure. The bank will issue you loan closure documents, such as closure letter and no dues certificate (NDC) or no objection certificate (NOC).

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How can I prepay HDFC personal loan?

You will first have to get in touch with a bank representative from HDFC Bank and express your interest in pre-paying your HDFC Personal Loan. Next, you can make the pre-payment by releasing a cheque or a demand draft at any HDFC Bank branch. You can take note that the bank does not accept cash above Rs.

Can I close my car loan off early?

People typically pre-close their car loans when they have excess money to do so. … Hence, there is a prepayment penalty associated with the loan amount if you want to close it early. This penalty is charged to offset the loss in interest income caused by early repayment. The prepayment charges may vary from bank to bank.

How can I pay my HDFC car loan EMI online?

How to Make HDFC Loan Payment Online at Paytm?

  1. Go to HDFC loan payment page on Paytm.
  2. Enter your Loan Account Number.
  3. Click on ‘Get Payable Amount’
  4. Check the payable amount and choose the payment method of your preference Proceed to make the payment.
  5. You are done with it.

How can I avoid a prepayment penalty on my car loan?

Ways to Avoid Prepayment Penalties

  1. Shopping around for a loan that doesn’t charge a prepayment penalty.
  2. Asking a lender to give you an estimate for a loan that doesn’t include a prepayment penalty.
  3. Negotiating with a lender to eliminate the prepayment penalty for a loan you’re considering or one you already have.

How can I reduce my HDFC car loan interest rate?

How to lower my car loan EMI?

  1. Larger down payment: You are happy with the interest rate and tenure and don’t want to change it. …
  2. Prepayment: If you want to reduce EMIs on an existing car loan, then consider prepaying a part of the loan if you have the funds to do so. …
  3. Balance transfer:
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How can I close my HDFC loan?

What to do:

  1. Visit bank with the complete set of documents (as mentioned above).
  2. You may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account.
  3. Pay the pre-closure amount.
  4. Sign the required documents, if any.
  5. Take acknowledgement of the balance amount you have paid.

How do I cancel my car loan?

There’s no such thing as cancelling a car loan. You can’t just bring a vehicle back to a dealership, hand over the keys, and state that you won’t be making payments anymore. However, this doesn’t mean that there’s no way you can get out of an auto loan that isn’t working for you.