Availing personal loan upto 40 lakh

[learningrewardgame]

Hi Everyone,

I wanted to seek advise from expert members of the forum on advise and what all precautions to take while availing a Personal loan --

1) I have talked with HDFC (10.85) and Axis (10.85) rate of interest, playing negotiation here.
2) Foreclosure post 12 months any time.
3) HDFC has told me if i prepay more than monthly EMI it will attract charges and is the norm with Personal loan. This sounded like a new info to me and hence i wanted to confirm if this True? In car, home loan we can pay more than EMI so it reduces EMI and ultimately net interest paid. (Yet to discuss this with Axis Bank)
4) Any other banks that are better in this business?
5) I tried to talk on Infinia with PL but they told max is DCB Black they can provide. I believe Axis is more interested than HDFC here also.
6) Loan Insurance -- they say unemployment clause is removed where 3-6 EMIs were waived earlier, need help here also. HDFC is also not letting go of PF charges
7) If loan is disbursed between 21st  to 6th day of the month there will be pre-EMI interest charges and the EMI will be start from 2nd month from the loan disbursal date as the personal loan EMI date is 7th day of every month.-- Need help understanding this.

Thankyou, looking forward for some help and discussion on this. Also the PSU Banks charge more interest rates than private, this is something i discovered in my search.

 

[NABNAB is verified member.]

1. You are getting a decent rate so no more bargains would be possible. PL starts @ 10.5 for most banks.
2. There may be some precloser charges for the PL, you can negotiate on this part. They have a provision to waive it.
3. You can try ICICI as well, if you already have a relationship with them, otherwise is no need.
4. You can ask them to give you full calculations, from the amount which will be credited to you with/without deductions. And all the EMIs and charges month by month in an email.
5. HDFC doesn't levy GST on the interest, not sure about the Axis, you can clarify the same once with both banks.
6. Don't know about CC negotiation along with PL. Take whatever they are offering right now.
7. HDFC is rigid about the PF charges, still, you can try.