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POSTED BY ON November 26, 2012 4:42 pm COMMENTS (25)
hi friends
pls advise the RBI guidelines of Personal loan foreclosure as i am looking to preclosure my personal loan taken from Stan Chart bank which i had completed 6 EMIs and now Bank team are saying that i need to complete min 12 EMIs to apply fir preclosure whereas this condition is not mentioned in the loan summary which i got it from bank when i availed the loan.
checked other bank’s websites and found they need only 6 EMIs to be completed to go for preclosure.
psl help with the related information to proceed further
thanks in advance to all
Satish
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I have personal loan from HDFC I had paid 7 EMI and want to foreclosed my loan. HDFC says I need to pay 12 month EMI to foreclosed. Is that correct or wrong as per RBI ?
I think it would be as per your home loan agreement.
Yes they are absolutely right as there is a locking period of 12 months in hdfc bank
Hi,
I have applied for personal loan in HDFC bank, at the time of log in I selected maturity for 3 years now I want to revise it to 2 years, but the bank executive is saying that I can not revise maturity as the file was already logged in, please suggest me how to reduce maturity as my loan is still under progress and did not given checks till date.
You can increase your EMI later which will reduce your tenure
Yes I can reduce my tenure but it’s after 1 year, till the time most part of payment will deduct for ROI only and small portion of payment will calculate for principal amount hence I am worried about my the tenure.
Hi this visweswar rao. I have takem personal. 3.20 lakhs i have paid 9 emi can close the loan in Hdfc bank
You should close personal loan at the earliest, you will save on interest
Can.i apply for personal loan from.two banks
Yes
sir i took 2.5 lakh personal loan from axis bank i was paying everymonth but due to job loose i could,nt pay last 6 installment but last month again i got new job and started topay but bank wants all dues in a time which i unable to pay i need to months to settle dues plz give some guideline
n pathak
You have not yet asked the question. Please list your questions !
Dear Sir,
With regards to personal loan I had got a approval for personal loan amt 1.5 L. On interest by above 11.49%.
My company may comes under c grade. But they had given interest @ 15.99.
Is it correct interest rate which is received mail from HDFC Bank Pune.
I hope interest should be 11.99.%.
Please advise.
Anil Choudhari.
9822535847.
That you need to check with their branch only !
Interest will be calculated on basis of your income, loan amount and Cibil score also it does matter if you applied through any third party service provider, like as Bank Bazar and Paisa Bazar. Banks will reduce interest if you approach through these kind third party sources.
Thanks for sharing that Kiran
RBI allows pre-closure charges…or not? pls anybody answer question…because HDFC bank ask to charges on my out standing 4.58% is it correct or not?
The rule applies to BANKS only, which are governed by RBI
Dear Sir,
RBI allows pre-closure charges…or not? for private sector bank…???
Yes, for home loan only .. and only for lenders which are under RBI
Does that mean that for Personal Loan, banks cannot take foreclosure charges ?
They can , as per the agreement
I HAD TAKEN PERSONAL LOAN FROM CITIBANK FOR 6 LACK. NOW I WANT TO FORECLOSE MY PERSONAL LOAN. BUT CITY BANK IS DEMANDING FOR PRE- CLOSURE CHARGES @ 3% ON THE BALANCE AMOUNT. DOES NOTIFICATIONFROM RBI IS APPLICABLE TO CITIBANK FOR NOT CHARGES ANY PRE – CLOSURE CHARGES …??
PLEASE GUIDE ME .
Hi BHUPESH
This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that
Manish
Looks like there are no “Guidelines” as such. You can talk to the Banks Nodal officer for any queries/grievances. Just talk to the CC and ask them to give the address/contacts of the nodal officer.