Can I pay HDFC credit card EMI in advance ?

Hey, I can't tell you the number of times I have asked myself ‘can I pay EMI in advance HDFC’. If you have taken a credit card from any bank. You will know that each EMI racks up a big amount because of the interest rate. This is why I try to finish off my payments by putting money towards EMI advance. Check out NoBroker Home Loan services to get a loan against your dream house. Calculate your loan EMI with a simple click. Check out NoBroker EMI calculator today!

Can I pay HDFC credit card EMI in advance?

HDFC bank allows its customers to pay EMI in advance on any personal loan, home loan, car loan, or any other credit line from HDFC. The process is also known as the re-closing of the loan account. You will have to pay pre-closure charges or penalties. From what I know, the calculation is (sum of all pending EMIs + preclosure charges, if any). Keep reading  ‘can I pay EMI in advance HDFC credit card’?. Converting your bills in EMI is a smart decision, you can pay the pending EMI amount in advance. You will need to log in to your HDFC Net banking account and opt for the available option(s). You can download the HDFC application from the app store.

Advantages of paying EMI in advance :

• Doing so boosts your credit score. Having a good CIBIL score will help you get a loan in the future.
• It will decrease the interest being levied as well.
• The EMI amount impacts your credit limit as well.eg,  If your credit card limit is Rs 50,000 and shop for an item that is worth Rs 40,000, then your credit limit will come down to Rs 10,000 after you go for repayment of the bill via EMIs.

I hope you have achieved clarity on ‘can I pay EMI in advance HDFC’. Read more : How to Redeem HDFC credit card points? How To Close HDFC Credit Card? How To Add Nominee In HDFC Bank Online?

If you're wondering can I pay credit card EMI in advance HDFC then let me tell you that whichever kind of loan you take you are allowed to repay all your EMI in one go in HDFC. Whether you take a home loan, car loan, personal loan or any kind of loan you can pay your EMI all at once. I think that if we repay our EMI in one go it is a great way to become debt free and also it helps in boosting up our credit score. I have done this myself so I can vouch for it.

Can I pay full amount on credit card EMI in advance?

Yes, we certainly can pay the full amount of credit card EMI in advance. But there are some banks which charge a prepayment fee for early payment of credit card EMIs or credit card dues.

So now that you know the answer to the question can we pay credit card EMI in advance, let me explain to you some pros and cons of prepayment of EMI in advance

Pros of prepayment of EMI in advance:

• A lower interest rate results in greater savings.

• If you’re debt-free, your credit score will increase.

• Free money to use for whatever you please – reinvesting, splurging, etc

• An opportunity to apply for a new loan that might have a better interest rate

• Ongoing costs can be avoided.

After understanding whether Can I pay EMI before due date, and the pros of prepayment of EMI in advance, let us focus on the

Cons of prepayment of EMI in advance:

• Prepayment fees could result in a large loss for you.

• Interest on business loans is deductible and you will lose this deduction

Now you know

can I pay credit card EMI in advance HDFC.

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Last year, I opted for an HDFC home loan. However, I always wanted to pay off the debt as soon as possible. I believe that one will spend less time in debt if he/she pays off the debt more quickly because doing so will help lower the total amount of interest charges. However, I was not sure whether can we pay EMI in advance. 

As a result, I asked the Bank manager, “Can I pay all EMI of credit card at once?” To this, he highlighted that,

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Can I pay full amount on credit card EMI in advance?

In HDFC, usually one can pay all of their EMIs at once. 

However, the question of, “Can I pay credit card EMI in advance?” depends on the, 

• Type of loan:

We will have to keep in mind that some loans may come with a prepayment penalty, so it would be smart to check with the bank to see if this applies to your loan. 

• Money in hand:

Furthermore, as this may affect your credit score, you should make sure you have the money on hand to pay back the entire loan at once.

I hope this satisfies your query: can we pay all EMI at once.

I’d like to conclude my answer here about whether Can we pay EMI in advance. I hope this helps:)

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Read More:

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