Can HDFC car loan be foreclosed?

When you pay off a Car Loan, you release the hypothecation on the vehicle and have full ownership. Apart from this, lenders will also offer additional benefits. For example, HDFC Bank offers zero foreclosure charges to selected customers.

How can I foreclose my HDFC loan online?

You will not be able to foreclose the HDFC Bank Personal Loan online. You will have to visit the branch and close the account after getting the information about the outstanding loan amount and penalties, and other charges collected by the Bank for such preclosure.

What is the process of foreclosure of car loan?

Procedure to close a car loan NOCs are valid for 90 days from the date of issue. Ensure you have the original RC book, Insurance documents, tax documents, and Emission Certificate. At the bank, get Form 35 which will mention that the hypothecation has been cancelled between you and the bank.

Does HDFC charge foreclosure fees?

HDFC Personal Loan Pre-Closure or Pre-Payment Fees and Charges. 4\% of the outstanding principal amount for 13 to 24 months. 5\% of the outstanding principal amount for 25 to 36 months. 2\% of the outstanding principal amount for more than 36 months.

How can I pay my HDFC car loan overdue?

Make your payments to HDFC Bank Overdue Loan payment in 3 simple steps. Enter your HDFC Bank overdueLoan account number and Date of Birth. Select your net banker from drop-down and click on PAY. You will be securely redirected to the bank payment interface of your chosen net banking option.

How can I get my HDFC foreclosure letter online?

1. You can send request through online request (write to us)
2. You can Personally Visit your nearest/ respective Branch.
3. You can email us at [email protected] through your registered email ID,or.

How is foreclosure amount calculated?

It is the month in which you repay the full loan amount in advance. For e.g. if the tenor of your loan is 5 years (60 months) and you plan to repay the total loan left after 3 years 4 months (40th month), then that month (the aforementioned 40th month) is your foreclosure month.

Can we close car loan early?

People typically pre-close their car loans when they have excess money to do so. Hence, there is a prepayment penalty associated with the loan amount if you want to close it early. This penalty is charged to offset the loss in interest income caused by early repayment. The prepayment charges may vary from bank to bank.

Is foreclosure of loan good or bad?

If you already have a good credit score, foreclosing a personal loan may not significantly impact your credit score. Additionally, it will signal to future lenders that you are committed to repaying your debts on time.

Why are there foreclosure fees?

If you want to repay the loan before the loan tenure, the lender may levy a prepayment penalty, which is called foreclosure charges. The lender charge prepayment penalty to cover the lost interest revenue from the early closing of the loan.

Does HDFC Bank allow foreclosure for car loan?

HDFC Bank doesn’t allow foreclosure within 6 months from date of availing the car loan. In case of any outstanding amount there are certain foreclosure charges which you can refer to HDFC Bank Rates & Fees

How to close a car loan in foreclosure?

Foreclosure of your car loan will bring the loan amount along with prepayment charges, if any, and then close the account. While visiting the bank carry your loan approval letter. Once the loan account is verified by the bank, they will grant approval for a closure.

How to get bank loan foreclosure certificate (LFC) and loan closure certificate (LC)?

Here is how to get bank loan foreclosure certificate (LFC) and Loan Closure Certificate (LC) offline- 1. Visit any HDFC branch that deals with auto loans in any city of the country along with the necessary documents. You can find a branch near you by visiting- https://v1.hdfcbank.com/branch-atm-locator

How to get NoC for car loan from HDFC?

Visit any car loan branch of HDFC in any city with the required documents- PAN Card, Aadhaar or Voter Card, RC Copy and authorization letter (in case of the third party). Fill ‘Request Form’ for duplicate NOC Submit the necessary documents in the original and self-attested copy.