Youtube Channel Image
Technical Dhanu Subscribe To watch more Banking Tutorials
Subscribe

How to Foreclose ICICI Credit Card EMI

How to Foreclose ICICI Credit Card EMI: Pay off your ICICI credit card EMI faster and save money on interest by foreclosing on your loan. Learn how in this step-by-step guide.

What is foreclosure?

Foreclosure is the process of paying off a loan in full before the scheduled maturity date. In the context of credit card EMI, foreclosure means paying off the remaining balance of your loan in one lump sum.

Why would you want to foreclose on your ICICI credit card EMI?

There are a few reasons why you might want to foreclose on your ICICI credit card EMI:

  • To pay off your debt sooner and save money on interest.
  • To improve your credit score.
  • To simplify your finances.
  • To avoid paying late payment fees.

How to Foreclose ICICI Credit Card EMI

To foreclose on your ICICI credit card EMI, you can follow these steps:

  1. Contact ICICI Bank customer care and request a foreclosure statement. This statement will show you the total amount that you need to pay to foreclose on your loan.
  2. Pay the foreclosure amount in full. You can make the payment online, through your bank account, or at an ICICI Bank branch.
  3. Collect your foreclosure receipt. This receipt will serve as proof that you have foreclosed on your loan.

Foreclosure charges:

ICICI Bank charges a foreclosure fee of 3% on the outstanding principal amount of your loan plus next month's interest. This fee is non-refundable.

How to Foreclose ICICI Credit Card EMI
How to Foreclose ICICI Credit Card EMI

Point to keep in mind before foreclosing on your ICICI credit card EMI

Before you foreclose on your ICICI credit card EMI, it is important to keep the following things in mind:

  • Make sure you can afford to pay the foreclosure amount in full. Foreclosure can be a good way to save money on interest in the long run, but it is important to make sure that you can afford to pay the entire balance of your loan in one lump sum.
  • Consider the impact on your credit score. Foreclosing on a loan can have a small negative impact on your credit score in the short term. However, if you have made all of your loan payments on time and in full up until that point, the impact on your credit score should be minimal.
  • Be aware of the foreclosure charges. ICICI Bank charges a foreclosure fee of 3% on the outstanding principal amount of your loan plus next month's interest. This fee is non-refundable.
  • Get everything in writing. Once you have decided to foreclose on your loan, be sure to get everything in writing from ICICI Bank. This includes the foreclosure statement, the foreclosure agreement, and the foreclosure receipt.
HDFC bank rounded logo
Verified
100% SAVE

HDFC Bank Credit Card

Online Apply within just 5 minutes
Instantly Approved
Great Discount
Rating
5
On-Going Offer

FAQ of How to Foreclose ICICI Credit Card EMI

What happens to my credit score after I foreclose on my ICICI credit card EMI?

Foreclosing on a loan can have a small negative impact on your credit score in the short term. However, if you have made all of your loan payments on time and in full up until that point, the impact on your credit score should be minimal.

Can I foreclose on my ICICI credit card EMI if I have made a late payment?

Yes, you can foreclose on your ICICI credit card EMI even if you have made a late payment. However, you will need to pay all outstanding dues, including late payment fees, before you can foreclose on the loan.

Read Also:

  • How to Foreclose SBI Credit Card EMI
  • How to Foreclose HDFC Credit Card EMI
  • How to Foreclose Axis Credit Card EMI

Conclusion

Foreclosing on your ICICI credit card EMI can be a good way to save money on interest and improve your credit score. So, it is important to weigh the pros and cons carefully before making a decision. If you are not sure whether foreclosure is the right option for you, you should contact ICICI Bank or a financial advisor for assistance.

I hope this article has been helpful to know How to Foreclose ICICI Credit Card EMI. If you have any further questions, please feel free to contact me in the comment box below. Thank you for Visit Our Website technicaldhanu.com

5/5 - (5 votes)
Dhanurya Deep

Hey, I'm Dhanurya Deep a professional blogger and youtuber with affiliate marketer or influencer

Leave a Comment