How to foreclose a loan
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Foreclose your loan account
If during your loan tenure, you have surplus funds, you can foreclose your loan by paying the outstanding amount. You can foreclose your loan at any point after your first EMI, however, you may be asked to bear a foreclosure charge.
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Here are the steps you can follow for loan foreclosure
To foreclose your loan account:
- Visit our Service portal by clicking the ‘Sign-in’ button.
- Enter your registered mobile number, and submit the OTP to sign-in.
- Verify your details with your date of birth and proceed.
- Go to 'Service’ section, and select your loan from ' Your Relations.'
- Click on 'Make loan payments', and select 'Full payment/Foreclosure' option and click on "proceed to payment"
- Select your preferred payment mode and click on ‘Pay now’.
You can also click on ‘Foreclose your loan’ to sign-in. Once signed-in, select ‘‘Full payment/ foreclosure‘’ from the list of options, choose your loan account, and proceed with the payment. You can download your no dues certificate within 48 hours of foreclosure.
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Check your loan account
Use your mobile number and the OTP to sign-in to our customer portal.
Frequently asked questions
Loan foreclosure means closing your loan early by paying the entire outstanding amount in one instalment. If you have an ongoing loan with Bajaj Finance, visit our service portal and foreclose your loan in a few simple steps.
If you have surplus funds while you are repaying a loan, you can use those funds to close your loan early. This is called loan foreclosure. With this payment option, you can pay the entire outstanding amount in one go and become debt-free faster.
The interest component in your EMI may seem tiny but the longer your tenure is, the more interest you’ll end up paying. If you opt for a loan foreclosure, you’ll be able to save on the total interest outgo.
When you foreclose an ongoing loan with Bajaj Finance, you don’t need to submit any documents. You can visit our service portal and foreclose your loan in just a few clicks. Your no dues certificate gets generated within 5 business days.
With our loan foreclosure option, you can pay your entire outstanding amount in one go ahead of the tenure. Once you foreclose your loan, you don’t need to pay any more EMIs of that loan and can become debt-free faster.
If you’re foreclosing a loan, you might be asked to pay additional foreclosure charges along with the outstanding loan amount. You can check your loan agreement or click on the below link to know more about the foreclosure fees.
