How to Get Loan Foreclosure?

Loan foreclosure refers to repaying the outstanding loan amount before the tenure ends. This helps in saving on interest payments and reducing financial burden.

Steps to Apply for Personal Loan Foreclosure

1. Check Your Loan Agreement

Review your loan agreement for foreclosure terms and conditions.
Check if there are any foreclosure charges or restrictions.

2. Contact Your Lender

Reach out to your loan provider’s customer support or visit the nearest branch.
Request a foreclosure statement mentioning the outstanding balance, interest, and applicable charges.

3. Pay the Outstanding Amount

Make the full payment as per the foreclosure statement.
Choose online payment, NEFT, RTGS, cheque, or cash deposit options.

4. Obtain a Loan Closure Certificate

After payment, request a No Objection Certificate (NOC) and a Loan Closure Certificate from the lender.
Ensure that your CIBIL score is updated to reflect the loan closure.

Foreclosing a Loan with Vizzve Financial

Vizzve Financial simplifies the personal loan foreclosure process with transparent policies and low foreclosure charges. Here’s why you should consider Vizzve Financial:

✅ Hassle-free Process – Quick and easy foreclosure assistance.
✅ Minimal Charges – Competitive foreclosure fees.
✅ No Hidden Costs – Transparent repayment policies.
✅ Fast Loan Closure – Immediate processing upon payment.

For more details, visit 👉 www.vizzve.com

Loan Foreclosure Process for Leading Banks & NBFCs

HDFC Bank Personal Loan Foreclosure

Foreclosure is allowed after 12 EMIs.
Charges: 2% to 4% of the outstanding principal.
Visit the branch and submit a foreclosure request.
Pay via cheque, demand draft, or online transfer.
Collect the NOC & Loan Closure Certificate.

ICICI Bank Personal Loan Foreclosure

Foreclosure allowed after 6 EMIs.
Charges: 3% to 5% of the remaining balance.
Apply online via ICICI Bank Net Banking or visit the nearest branch.
Payment can be done via cheque, online transfer, or demand draft.
Receive confirmation of loan closure and CIBIL update.

SBI Personal Loan Foreclosure

Foreclosure allowed after 1 month from loan disbursement.
No foreclosure charges on SBI Xpress Credit loans.
Visit the branch with loan account details and ID proof.
Make payment and collect the NOC & Loan Closure Certificate.

Bajaj Finserv Personal Loan Foreclosure

Foreclosure is allowed after 1 EMI.
Charges: 4% of the principal outstanding + GST.
Apply online via the Bajaj Finserv customer portal or visit the branch.
Pay the remaining amount and collect closure documents.

Tata Capital Personal Loan Foreclosure

Allowed after 6 months of loan tenure.
Foreclosure charges: 2% to 4% based on loan type.
Visit the Tata Capital branch or apply through customer care.
Ensure CIBIL score is updated after foreclosure.

Fullerton India Personal Loan Foreclosure

Foreclosure allowed after 6 months of timely EMI payments.
Charges: 3% to 7% of the remaining balance.
Request a foreclosure statement via email, customer portal, or branch visit.
Payment modes: NEFT, RTGS, cheque, or cash.

Things to Consider Before Foreclosure

✔ Check if foreclosure is allowed after a minimum repayment period.
✔ Compare foreclosure charges with interest savings.
✔ Ensure the lender updates your credit report post-closure.

If you are looking for an easy loan foreclosure option, Vizzve Financial provides the best solutions tailored to your financial needs.