Currently I am having an HDFC home loan going on and the emi amount is directly getting debited from my bank account through the NACH mandate. I want to accommodate some extra amounts against my loan emi on a monthly basis so that I can partially pay the Principal amount of loan which in turn will help me in saving the interest amount.
But when I asked the local branch they said that they don't have any online payment option to pay the extra amount, and we need to go to the bank and write the cheque if we need to do some lump sum partial payment. I can see that SBI provides this flexibility through Yono pay but HDFC is very adamant about not paying through online UPI or any other services. I got the same answer from their service desk. This is kind of an extra barrier which hinders the process of partial payment of loan principal amount.
Any comments on this?
I did hdfc online prepayments many times. Write mail to customer.service@hdfc.com telling you want to prepay. They will send mail template asking u to fill bank details, prepay amt which should be minimum 3 times emi, last 3 months bank stmt..once you reply, they will send a link to pay which is active for a day i believe.
Thanks for your input but again they have clauses and conditions to repay. I got the reply from them though. My point is if my emi is 30000 per month, I should have the option to pay an extra 5-6k in a particular month. This type of flexibility is given by SBI through Yono pay and they don't even ask for bank statements nor any conditions are given by them. Process should be easy since we are doing payment and there should be multiple modes available. UPI payment should be provided from day one and it should be flexible. If other banks can do it, then why not HDFC.
Ok..got it..max they can give is increase ur emi by 5k or any amt based on latest pay..surely not random amounts..they dont have that flexibility..sucks i know..but i usually save for few months n do prepay..
Bero part payment is quite helpful for consumers like us and is considered a big hit to the profits of the bank. So they will always make it a point to make it difficult for us. Ironically they can disperse loan online in minutes,but we can not pay more than 10% of the outstanding balance in part payment 🤣🤣
Exactly, they just want to make the process more difficult so that they can churn on the interest rates.
Have hdfc home loan but have not tried online pre payment yet. But offline pre payment is also very easy. Have done it 5-6 times.
Offline options are fine and thanks for the input, I need to explore that. But my point is banks like SBI and Icici give you flexibility of pre-payment through Yono or banking apps within a few seconds.
Next month I'll (26M) be taking a personal loan of 10L to pay off my family's borrowings.
I have avoided SBI always in the past. Even few days back, someone here on GV bashed SBI when he had to wait 3hr for account opening. But the prospect of being defrauded and shortchanged for loans, with random charges added and preclosur...
Seen enough posts about credit cards, thought it was time to ask about banks!
I have a decently sizeable income and am anticipating more coming in USD in the coming months potentially. Earlier my family and I used to have priority acco...
