Foreclose your loan
Depending on the additional funds you have, you may choose to pay off the entire outstanding loan amount in one go. This is called loan foreclosure or full pre-payment of loan.
Foreclosing your loan can help you save on interest payments and reduce the overall cost of your loan.
Before you decide to foreclose your loan, it is important to carefully evaluate the terms and conditions as well as the additional charges applicable for the foreclosure of the loan.
Repay your entire loan amount in advance
You can foreclose any of your loans in My Account by following these simple steps:
- Sign-in to our customer portal by using our two-factor authentication
- Select ‘Foreclosure’ from the payment options available
- Enter the required details and review the applicable foreclosure charges
- Once the required details are entered, proceed with the payment to foreclose your loan
You can also close your loan by clicking on the ‘Foreclose your loan’ option below. You can sign-in to ‘My Account’, click on the ‘Foreclosure’ option, select your loan account, and proceed with payment.
If you have surplus funds, you can pay off your outstanding loan amount in one instalment. This will help you save on interest and ease your financial burden.
However, if you choose to foreclose your loan, you have to pay an additional fee while you close your loan.
You can foreclose your loan by visiting our customer portal – My Account. All you have to do is sign-in with your date of birth and mobile number, select the ‘Foreclosure’ option, choose the loan account, and proceed with the payment.
Manage your loan EMIs
Choose from multiple payment options and repay your loan easily. Sign-in to My Account to begin.