When a large purchase is converted into EMIs, the total amount is split into fixed monthly payments over a chosen tenure (e.g., 3, 6, 12, or 24 months). These payments include both the principal amount and interest (if applicable). Prepayment means paying off the full outstanding EMI balance before the chosen tenure ends. The user wants to know if PNB allows foreclosing the EMI plan early and what conditions apply. Some banks charge a foreclosure fee if a customer repays their EMI before the term ends. The user is asking if PNB imposes any prepayment penalties or if the entire amount can be cleared without extra costs. If allowed, prepaying EMIs can help reduce interest costs.
However, some promotional EMI plans (e.g., No-Cost EMI) may lose their benefits if repaid early. The user may need to contact PNB customer service or visit a branch to initiate prepayment. Some banks allow online prepayment through their net banking or mobile banking portal.
Prepaying your PNB credit card EMIs is possible.
- Prepayment Allowed - By paying the remaining balance, you can foreclose your EMI at any moment.
- Foreclosure Charges: Typically 1-3% of the remaining EMI amount, a prepayment penalty may be imposed.
- Interest Charges - Any interest accrued until the payment date will be charged, even if you prepay.
Prepayment Instructions: To request foreclosure, contact PNB Credit Card Customer Care.- To see if there is an EMI foreclosure option, use the Net Banking/Mobile App.
- Make a written request in person at a PNB branch.