How to Foreclose ICICI Credit Card EMI?

Do you want to foreclose an amount with your credit card? If so, then the process of how to foreclose ICICI credit card EMI is easy. I will share with you all the details on how to foreclose EMI on ICICI credit card.

If you have enough money to pay the outstanding amount along with the processing fee, it is always better to pay off your debt. The prepayment of the outstanding amount is called foreclosing. 

How to foreclose ICICI credit card EMI online?

The best thing about paying your debt with credit is that it gets debited automatically from your bank account but for foreclosing you may have to visit your bank. Although ICICI Bank hasn't come up with an online process to foreclose EMI with credit card, you can still pay off your debt by calling the ICICI customer care number.

The bank authorities will talk to you and levy a processing fee for the foreclosing. Usually, they charge around 2-3% processing fee while foreclosing ICICI credit card EMI. 

It is always best to visit the ICICI bank branch for foreclosing because you negotiate with the bank authorities regarding the processing fee. If you are in luck you may not need to pay the processing fee while foreclosing when you visit the bank.

To learn how to foreclose credit card EMI ICICI you will need to provide documents such as

• Loan Statement

• Demand draft

• ID proof such as Aadhar Card, Voter Card, and Passport.

I have explained the process of how to foreclose ICICI credit card EMI. I hope you find this helpful.

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There are many ways on how to foreclose ICICI credit card EMI. You can cancel it by visiting the ICICI official website, via the official app of ICICI or by calling 18001080 from your registered mobile number. If you want to do it offline, you can simply go to the bank branch and get your credit card EMI foreclosed. But do note that in this case, you will have to pay off the entire debt and other relevant charges levied one at a time.

How to Foreclose ICICI Credit Card EMI Online?

Here are the different ways on how to foreclose EMI on ICICI credit card:

• Visit the

  ICICI official website or net banking portal

• Download the

  ICICI bank app

  and get your EMI foreclosed there

• Call 18001080, provide your loan details and get it foreclosed next

I feel the calling process to be the easiest among these and here is how it works:

• Call 18001080 from your registered mobile number

• Press the dedicated key and choose the Credit card option

• Choose the option to talk on IVR to talk to Credit Card Customer Care

• Request for EMI cancellation next

• You will receive an SMS and email about the same.

The other processes have already been shared by others; hence, I am not repeating them. You can opt for whichever process you feel is easier.

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I inquired about how to foreclose EMI on ICICI credit card from a friend and learned the methods easily. It will take only a few minutes to foreclose your credit card EMI. You can always visit the bank and ask the officials to help you out but trust me the online processes are easier. Let me share which ICICI credit card EMI foreclosure process I followed.

How to foreclosure ICICI credit card EMI?

There are two methods I am aware on how to close EMI in ICICI credit card. Here are they:

Through the iMobile Application:

• Download the

  iMobile app

  of ICICI

• Login there

• Navigate to iPal Chatbot

• Click on the three horizontal stripes on the top left corner

• Find the navigation menu

• Click on iPal Type or enter Credit card a query

• Select Service For Existing Credit Card

• Click on EMI On Credit Card.

• Select the EMI you want to foreclose and enter details as asked to complete it

Visit the

• Log in and choose Credit Card.

• Click on ‘My Accounts and click on ‘Convert to EMI’.

• Select card, transaction, and tenure and click on ‘Submit’.

You can also call Customer Care at 1860 120 7777 or leave a missed call at 9537667667 to get a call back from an ICICI Bank representative within two working days

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Nothing is better than prepaying your loan. You can be free of tension and headache so if you have the money, do try to pay all the due amount. The

ICICI credit card EMI foreclosure charges lie between 2% to 3% of the outstanding amount. But do keep in mind that there are some requirements you will need to follow before foreclosing it. I did the foreclosure ICICI credit card EMI a few months back so I can share the criteria as well. Let me share every detail about it here.

What are the eligibility criteria for ICICI credit card foreclosure?

Here are some requirements for foreclosing of EMI and they are:

• You have to pay at least 1 instalment before foreclosing it

• You will have to prepay the entire amount with all other applicable charges

• 3% of the loan amount as processing fee needs to be paid along with other taxes

These criteria must be fulfilled by the individual for foreclosure of EMI in ICICI credit card.

It is true that the foreclosure process cannot be done online entirely. You can download the foreclosure form from the ICICI portal but you will have to visit your branch to pay the loan amount and foreclose it.

The ICICI credit card EMI foreclosure charges can be reduced as well. But to do it, you will have to pursue the bank officials to do so. Hope this was helpful.

I foreclosed my debt by paying off the total balance owing. You pay an amount of the debt in advance when you make a part payment. Some borrowers do not expect foreclosing on their property or prepaying their debt when they take out a loan. But more than 40% do wind up seriously considering these choices at some time throughout the term. This answer will guide you about the ICICI credit card EMI foreclosure.

How to do ICICI credit card EMI foreclosure online?

As Farhan said, there’s no specific online process yet to foreclose a loan or EMI. You can follow the steps mentioned by Farhan to foreclose your EMI. This answers your query about how to foreclose ICICI credit card loan.

When is it wise to pre-close a personal loan?

1) Beginning of the loan term

You can save a lot of money by foreclosing on your loan with payment in full slightly earlier in the term. The majority of creditors do not let borrowers pre-close a loan within the first 6 - 12 months of the term. Additionally, there can be a foreclosure charge even if you are accepted. You must perform a cost comparison to see whether foreclosing on the loan will be to your advantage.

2) When your credit record and rating are excellent

Foreclosing on a personal loan might not have a big influence on your credit score if you seem to have a high score. Moreover, it will signal to potential creditors your commitment to timely debt repayment.

This answer guides you well about the ICICI credit card EMI foreclosure.