HDFC Bank provides Insta Loans to all HDFC Bank credit cardholders based on their credit limit. Borrowers can avail of many benefits and offers when they apply for an Insta Loan with HDFC. There are many repayment options too, to conveniently repay your Insta Loan with HDFC Bank.
Closing your Insta Loan with HDFC is much similar to closing all other loans.
- After completing all the repayments, you can call up the customer support of HDFC Bank to request a ‘No Objection Certificate’ (NOC).
Additional Read: HDFC Bank Insta Loans; All That You Need To Know
Can You Pre-Close Your Insta Loan With HDFC?
You can also pre-close the loan before completing the tenure. However, you may be charged a fee of penalty for pre-closure. Currently, HDFC Bank charges a fee of 3% of the outstanding balance. At the time of pre-closure, you also need to pay the pro-rata interest applicable and outstanding balance. GST of 18% is applicable on pre-closure charges. After closing the loan, get a NOC from the bank.
The bank does not allow you to make part-prepayment on Insta Loan. The EMI is paid along with your credit card bill each month. You need to call up customer care to make the request to pre-close the loan.
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