If online pre-closing of an HDFC credit card Insta loan is concerned then we have Net banking and Mobile banking to manage the loan services of credit cards,
But HDFC Bank credit card Netbanking has not this online process, which can be used to foreclose HDFC Insta loan online, rather than only to check loan details and EMI details are possible via Netbanking, But still, we have two options which help to preclosing the Insta loan
- foreclose HDFC Insta loan by contacting the phone banking officer
- Submit the Loan pre-closer form to the nearest HDFC Bank branch
How to Foreclose HDFC Insta Loan Online?
Instead of pre-closing Insta loan online, I would recommend contacting Customer care executive, because there have been some charges which will be levied during foreclose HDFC Insta loan, As of now, 3 % of total pre-closer charges & with that applicable GST charges are applicable on it, moreover, the benefits of contacting them through call are you will get all information such as
- How much EMIs are remaining to pay, they will calculate the Loan amounts
- What are the charges
- How much amount is to pay
- Turn around time to pay the outstanding balance after pre-closing the Insta loan
- Modes of Paying online Credit card Insta loan amount
Important Things Which are Necessary After Credit Card Insta Loan Pre-close
I would like to put some instructions which you can take as a priority basis,
- First, check if you have enabled Auto payment of credit card bill
- In the case of auto pay facility please deposit enough Amounts to your primary bank account
- Pre-close the Insta loan before the billing due date, although you can foreclose after the billing due date also
- After foreclosing HDFC credit card insta loan, do not forget to ask about the total outstanding balance
- Pay the total amount due within 3 days from the preclosing time
- Pre-close the Insta loan only in case of enough credit card balance is,
- Required credit card available balance never let that card is over limit after preclosing the insta loan,
- Check with if the Credit card will not have a negative balance after preclosing, negative balance means over-limit levy extra over-limit charges
- Think twice or thrice before you forclose the insta loan, as after 48 hours, foreclosed HDFC insta loan very often can’t be activated again
- do not forget to take insta loan statement details
- Do not foreclose HDFC insta loan on Credit card statement generate date
What are the advantages of pre-closing insta loan on HDFC credit card ?
Advantages of pre-closing Insta loan on HDFC credit card that getting rid of further interest amount to pay, closing Insta loan free up the Credit card Limit, another most advantages that Insta loan pre-closing os a quick process, customers have not to wait for a longer,
What are the disadvantages of foreclosing insta loan ?
disadvantages of foreclosing insta loan on an HDFC credit card that customers have to bear the penalty of foreclosing charges, which is 3% of the total outstanding balance of loan amount, It concludes GST charges which are applicable with 18% on total charges of preclosing amount;
for instance – if foreclose charges comes with 5000 INR; after applying 3 % of foreclosing charges, then GST charges will be 5000*18/100= 900 rupees; thus you pay the total charges = preclosure charges +GST charges+ Rate interest charges
other instructions which are to consider after foreclosing the Loan When it is to pre-close then total overdue amount comes with Credit card billed unpaid amount + unbilled overdue amount +total outstanding balance of Insta loan amount +foreclose charges including GST
If the credit cardholder is unable to pay the total foreclose of insta loan amount; then that customer has to bear the penalty of late fee and, interest charges in keeping with the credit card total overdue amount
I have more than 2 Insta loans running on my HDFC credit card so can I foreclose those loans at a time?
Ans- Yes, Bank permit for it to foreclose multiple running Insta loans at a time, there are no conditions, all you have to read the above instructions which are necessary to comply
Can I re-activate my Insta loan after preclosing?
Ans – Yes, you can re-activate your Insta loan again, after preclosing that loan, but the Bank determines the certain time period which is a maximum of 24 hours, so you can contact the customer care executive and request them to re-activate,
Note- if you contact the Phonebanking officer after 24 hours from the preclosing time, then that Insta loan can’t be activated, so you have the last option to pay the bill only,