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[Resolved]  HDFC Bank — Foreclosure Charges on Personal Loan

I took Rs. 4.5 Lacs as personal loan from HDFC Bank Limited. This loan was disbursed to me around 7 months back. I want to foreclose this loan by paying the whole outstanding amount. Bank told me today that I have to pay 4% penalty on the outstanding amount in order to foreclose the loan.

I think it is illegal for the bank to charge the penalty charges. Please help.
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Aug 13, 2020
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Comments

Will they charge 10% if it is mentioned in the Sanction Letter. It is absurd, Unless RBI come down heavily with Cap on such Charges, the fleecing charges will continue. It seems that the RBI is presumed to be the sleeping tiger.

Krishnan, Chennai
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