HDFC Bank provides Insta Loans to all HDFC Bank credit card users against their credit limit. Cardholders can avail Insta Loans depending on their eligibility, card type, card limit and credit profile.
Closing the Insta Loan is similar to closing all other types of loans. After obliging with all the repayments, you can call up the customer support of HDFC Bank to request for a NOC (No Objection Certificate).
You can also pre-close the loan before completing the actual tenure. However, you may be charged a penalty fee for pre-closure. Note that HDFC Bank charges a fee of 3% of the outstanding balance for foreclosures. At the time of pre-closure, you also need to pay the pro-rata interest applicable with the outstanding balance. GST of 18% is applicable on pre-closure charges. After the closing of the loan, get a NOC from the bank.
The bank does not allow its customers to make part-prepayment on Insta Loans.
Steps To Close The Loan on HDFC Bank
Step 1: Login to web link for the retail assets service request form
Step 2: Choose the linked loan to be closed. Choose the type of service as a foreclosure request.
Step 3: Select your city and nearest branch from the drop down
Step 4: Choose the reason for closure and confirm as soon as the outstanding loan amount is shown.
Step 5: Save the request
Step 6: Click on the link received in SMS and validate using OTP.
Step 7: Confirm to terms and conditions and make the payment on payment gateway
Step 8:You will receive an SMS as soon as the loan is closed in the bank’s portal.
Additional Reading: Things You Must Know While Closing A Personal Loan