I have taken HDFC Bank personal loan some times back, I have completed 7 EMI’s and still 53 EMIs are there, But when I approach the Bank for foreclosure , i was told that after completion of 12 months only I can pre- close this Loan? Is it true? Whether Bank can make their policy like this? Is it legally correct?
Yes, bank officials are correct. They clearly mentioned the same in their portal at below link of HDFC Personal Loan. They set such restrictions to make sure they have constant income from such high-interest rate loans. If you not read such notices while going for loan means, it is your fault only.