Is it possible to foreclose HDFC personal loan online?

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Deal Subedar
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Due to current situation I couldn’t visit hdfc loan center. 

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Deal Cadet
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I recently did. You can ask customer support for the process, if they say not possible, connect again, you may get the response you want.
Or drop a mail to [email protected] [email protected] mentioning due to current situation blah blah
Or you can ask your RM to close it on your behalf.

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Deal Cadet
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I guess you are aware of the consequences of foreclosing the loan.
Hint: If you foreclose your loan offline or online, the chances are that they will continue to deduct your EMI (at least one EMI) until their records are updated. You will have to wait at least one month to get back the excess EMI.

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Deal Subedar
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ramadesidime wrote:

I guess you are aware of the consequences of foreclosing the loan.
Hint: If you foreclose your loan offline or online, the chances are that they will continue to deduct your EMI (at least one EMI) until their records are updated. You will have to wait at least one month to get back the excess EMI.

I have foreclosed more than 10 EMI from HDFC Bank till now. Never have i faced what you are saying.

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Deal Cadet
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@ramadesidime @tank_u_m8

It usually happens when the foreclosure date is close to EMI date or beyond the posting date. Usually banks has posting date after which they cannot retrieve back the EMI instructions. So they refund once they receive the funds. You can either time it well or let it go and receive back.
Generally, people go for foreclosures when they have surplus funds, so IMO whoever decides to foreclose will have the extra buffer just in case, although most people may not be aware of deduction. In my case, the representative who assisted in closing the loan alerted me when discussing about the details about the possible EMI deduction and refund later.

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Analyst
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Also some banks like icic has penalty for foreclosure if closing way sooner like 4 year loan closing in 2..

Also it doesn’t make sense for foreclosure if only 10 emi’s are remaining since you have already paid interest for those in advance. The last few transacting are only the principle.

Only thing you will save is the18% gst on interest to the govt.

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Deal Newbie
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Anyone know how to get foreclosure charges waiver for auto loan? Currently they are charging 5% +gst as foreclosure charges. I have 15L autoloan outstanding, going to close it by next month.

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