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How to Foreclose HDFC Personal Loan: A Step by Step Guide

How to Foreclose HDFC Personal Loan: Want to foreclose your HDFC personal loan? Here is a step-by-step guide on how to do it, including the required documents and charges. Learn how to save money on interest and improve your credit score.

How to Foreclose HDFC Personal Loan
How to Foreclose HDFC Personal Loan

How to Foreclose HDFC Personal Loan

To foreclose your HDFC personal loan online, follow these steps:

  1. Go to the HDFC Bank Website. Via Click Here and Click on Raise Online Request Click Here Option.
  2. Enter Your Mobile Number and Fill Captcha Code, click Tick on Tnc, and Click on Continue Option.
  3. Verify your OTP and Click on Continue.
  4. A list of your HDFC Bank loan accounts will be displayed.
  5. To close your HDFC Bank loan account, select the account you want to close, type the city, select a branch, and click Continue. You can choose any HDFC Bank branch, including a branch that is different from your home branch.
  6. On the next screen, you will see your EMI details, loan account number (LAN), and principal amount outstanding, as well as a set of options under Service Request.
  7. Click the “Foreclosure Request” option under Service Requests on the screen above.
  8. Prepayment charges vary depending on the loan tenure. For loans longer than 24 months, the prepayment charge is 2.36%. For loans between 12 and 24 months, the prepayment charge is different.
  9. On the next page, you will see your loan account number and the foreclosure amount. Please select the reason for foreclosure and click Continue.
  10. On the next page, click “Not Now” and enter the remark “Please send me the Loan closure link ASAP“. Then, click the “Continue” button.
  11. Review the Declaration and click the Submit button.
  12. A success message will be displayed confirming that your service request has been generated. You will also receive a text message from HDFC Bank with a link to close your loan account.
  13. You received an SMS with a Link from HDFC click on the Link and Go to the Payment Gateway Page.
  14. Verify your Details and loan amount and Make Payment.
  15. Once you have made the payment, you will receive a success message confirming that the transaction was successful. You will also receive a loan closure letter by email to your registered email address within 10 working days.
  16. Your loan will be closed within the next 24 hours, and the HDFC Banking portal will be updated accordingly. You will also receive an email confirming that your HDFC loan account has been closed. The Closure NOC letter will be dispatched within 10 working days.

How to Foreclose HDFC Personal Loan

To foreclose your HDFC personal loan quickly, you can follow these steps:

  • Get a pre-closure quote online or by contacting HDFC customer care.
  • Make the payment online or by visiting an HDFC Bank branch.
  • Submit the necessary documents.
  • Collect your loan closure statement.

If you want to foreclose your HDFC personal loan as quickly as possible, it is important to make the payment online or through NEFT/RTGS. This is because it may take a few days for a check or demand draft to be cleared. You should also submit the necessary documents to the bank as soon as possible.

Read Also: How to Foreclose ICICI Credit Card EMI

FAQs of How to Foreclose HDFC Personal Loan

Q: What are the benefits of foreclosing my HDFC personal loan?

A: The benefits of foreclosing your HDFC personal loan include:
Saving money on interest
Paying off your debt faster
Improving your credit score

Q: Are there any fees or penalties associated with foreclosing my HDFC personal loan?

A: Yes, HDFC Bank charges a pre-closure penalty of 2% of the outstanding loan amount for all personal loans that are pre-closed within 12 months of disbursement. For loans that are pre-closed after 12 months of disbursement, no pre-closure penalty is charged.

Q: How do I foreclose my HDFC personal loan?

A: To foreclose your HDFC personal loan, you can follow these steps:
Get a pre-closure quote from your nearest HDFC Bank branch or customer care.
Make the payment online, through NEFT/RTGS, or by visiting an HDFC Bank branch.
Submit the following documents to the bank:
Loan account number
Pre-closure quote
Any other documents requested by the bank
Collect your loan closure statement.

Q: How long does it take to foreclose my HDFC personal loan?

A: It typically takes 24-48 hours for your HDFC personal loan to be foreclosed once you have submitted all of the required documents and made the payment.

Q: What happens after I foreclose my HDFC personal loan?

A: Once you have foreclosed your HDFC personal loan, the bank will send you a loan closure statement confirming that your loan has been closed and that you have no further outstanding balance. You will also receive a Closure NOC letter within 10 working days

Conclusion of How to Foreclose HDFC Personal Loan

Foreclosing your HDFC personal loan can be a good way to save money on interest and pay off your debt faster. So, it is important to carefully consider the pre-closure penalty and other factors before making a decision.
If you have any other queries related to this field don't hesitate to ask by comment below we are always ready to help you.

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