I want to foreclose my loan through the HDFC app, but I’m unsure if the option exists. How can I foreclose my loan using the app?
I recently explored the foreclosure option in the HDFC app, and I found that it’s surprisingly easy to do without visiting the branch.
How to Foreclose Loan Using HDFC Mobile Banking App
Foreclosing your loan through the HDFC app lets you repay the full outstanding amount before the end of the loan tenure. This can save interest and clear your debt faster.
Steps to Foreclose Loan
• Open HDFC Mobilebanking app and login using your credentials.
• Go to the menu and select loans from the list.
• Choose the loan account you want to foreclose.
• Tap foreclose loan or full payment option.
• you will get the total outstanding amount including any prepayment charges.
• Confirm the payment details and authorize the transaction using MPIN or OTP.
• You will get a confirmation once the loan is successfully foreclosed.
Things to Know About Loan Foreclosure
| Feature | Details |
|---|---|
| Prepayment Charges | Some loans may have a small fee for early repayment |
| Outstanding Amount | Includes principal, interest, and any applicable charges |
| EMI Impact | Foreclosure stops further EMI deductions immediately |
| Interest Savings | Paying early reduces total interest paid over the loan tenure |
| Tax Implications | Prepayment may affect tax benefits claimed under certain loan types |