HDFC’s Insta Loan is an exceptional financial offering that provides customers with quick access to funds within minutes. This pre-approved loan product is exclusively available to existing HDFC customers. The pre-approved limit for the loan is determined based on the applicant’s income, repayment capacity, and credit history. Availing this loan is highly convenient, and repayment can be made through Equated Monthly Installments (EMIs) over the loan’s tenure period.
In the case where the Insta Loan has been sanctioned within the customer’s HDFC credit card limit, the bank will block the credit limit, and the loan’s EMI will be integrated into the credit card bill.
Apart from the convenience of availing the loan, closing an HDFC Insta Loan is also hassle-free. In fact, the loan can be closed before its scheduled tenure.
Here are the benefits of closing an Insta Loan before the scheduled tenure:
- Saving on Interest: Closing the Insta Loan before the scheduled tenure allows you to save a significant amount of money that would have been spent on interest payments.
- Satisfaction and Peace of Mind: Ending a loan before its tenure provides a sense of satisfaction and mental peace, knowing that the financial obligation has been fulfilled.
- Investment Opportunities: The money saved from closing the loan can be invested, potentially yielding additional returns.
- Focus on Other Priorities: Paying off the loan ahead of schedule frees up financial resources and enables you to focus on other important goals and priorities in life.
To close an HDFC Bank Insta Loan before the tenure period, you need to make prepayments. Prepayment involves paying off the outstanding loan amount in full before the loan’s maturity.
However, it’s important to note that HDFC charges a prepayment fee of 3%, which is calculated based on the outstanding amount and must be paid along with the prepayment amount.
Closing your Insta Loan before the tenure period helps reduce your debt burden significantly. If you have sufficient funds, you can consider prepaying the loan. You may also have the option to make a partial prepayment, but it’s advisable to confirm the details with your bank. Simply get in touch with your bank, express your intention to close the loan, and they will guide you through the process. Remember, utilizing the pre-closure facility will always alleviate your debt burden and is a favorable option when you have adequate funds at your disposal.