Whenever you are paying off an integral part of the automobile mortgage by creating big payments compared to EMI, through to the avoid of your tenure, then it’s entitled part prepayment. Of the part prepayment, the dominating a great might possibly be shorter and have reduce your upcoming EMIs. Always, banking institutions accept area prepayment regarding upto 25% of your prominent the amount in per year, costs contrary to the region prepayment is dependent on the latest due month off the EMI.
Including: HDFC charge 5% towards area fee amount however, if region prepayment is during 13-2 years out-of very first EMI and you can 3% into region percentage number but if area prepayment try article 2 years out of 1st EMI.Okumaya devam et