Part Prepayment Against Loan

A part prepayment allows you to repay a portion of your outstanding loan amount before the scheduled repayment date. If you have some extra funds available, you can use them to reduce your outstanding loan amount and ease the burden of future EMIs. With HDFC Bank MyLoans, you can conveniently raise a Part Prepayment Against Loan request online and manage your repayment more efficiently.

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How to Make a Part Prepayment Against Your Loan?

You can easily request a change in your EMI repayment instructions by following these steps: 
 

  • 1. Open MyLoans and enter your registered mobile number and CAPTCHA.  
  • 2. Review the Notice and Consent, then click ‘Accept’ and ‘Continue’.
  • 3. Enter the OTP received on your registered mobile number
  • 4. Select the relevant loan account from the list.
  • 5.Select your Email ID and City and the relevant Branch from the dropdown list
  • 6. Navigate to Service Requests > Part Payment Against the Loan.
  • 7. Under the Questions tab, enter the amount you wish to prepay.
  • 8. Choose how you would like the part prepayment to be adjusted:

    • a. Reduce the EMI, or
    • b.Reduce the loan tenure.
  • 9. Select the acknowledgement checkbox after reviewing the applicable terms.
  • 10. You may also explore and select relevant Products & Services, if required
  • 11. Submit the declaration to complete your request.
  • 12. The request will be processed within 2 working days after the payment is successfully received.

Know More About Part Prepayment Against Loan

What is a Part Prepayment Against a Loan?
 

A part prepayment allows you to repay a portion of your outstanding loan amount before it becomes due, without closing the entire loan. Depending on the applicable loan terms, you can choose to reduce your future EMI amount or shorten the remaining loan tenure.

 

Why Consider a Part Prepayment?
 

Making a part prepayment reduces the outstanding principal on your loan. This can help you manage your remaining repayment obligation based on your financial requirements, whether you prefer a lower EMI or a shorter repayment tenure.

 

Benefits of Part Prepayment
 

  • Reduce Your Outstanding Loan Amount: Pay a portion of the principal ahead of the scheduled repayment.
  • Pay a portion of the principal ahead of the scheduled repayment. : Opt to reduce the EMI or shorten the remaining loan tenure.
  • Potentially Reduce Interest Outgo: A lower outstanding principal may reduce the interest payable over the remaining loan period, subject to applicable loan terms.
  • Manage Your Loan Better:Use available funds towards your loan while continuing with the remaining repayment schedule.

Frequently Asked Questions

Go to MyLoans → Service Request → Part Payment Against the Loan. Follow the on-screen instructions to raise and complete your part prepayment request.

You can choose how you would like the part payment to be adjusted against your loan:

  • Reduce the EMI amount 

  • Reduce the loan tenure 

Select the option that best suits your repayment preference.

If any charges are applicable to your part prepayment request, they will be displayed on the screen before you proceed.