Banks usually levy foreclosure charges and I was quite surprised to learn that the IDFC personal loan foreclosure charges are NIL. When I decided to prepay my loan, I visited my IDFC bank branch and asked the official about the foreclosure charge. That is when I learned that no foreclosure or prepayment charges are levied by them. Here are some more details you should know about the foreclosure fee.
What are the IDFC First Bank Personal Loan Foreclosure Charges?
IDFC bank personal loan foreclosure charges are NIL. I enquired about it from an official and even later checked it on their website and found the same answer. They levy ZERO foreclosure charges on personal loans. This means that you can repay your outstanding amount within the stipulated time without having to pay any extra fee.
But do remember that this is only applicable for IDFC BANK. other banks might levy foreclosure charges so I will always suggest you ask for all the details before applying for a personal loan.
Mr Parth has rightly mentioned the other relevant charges correctly; hence, you can go through them as well. These are the primary fees associated with a personal loan.
I hope I have been able to answer your query on IDFC foreclosure charges for personal loan well.
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Hello there. I saw you asking about the IDFC personal loan foreclosure charges and I am here to help you with the same. Let me tell you, IDFC Bank charges no foreclosure charges for their personal loan.
What are the IDFC First Bank Personal Loan Foreclosure Charges and Other Fees?
As I already mentioned there are no foreclosure charges for IDFC Bank personal loans. You need to submit the sanction letter at the time of loan foreclosure. There are other charges related to the IDFC personal loan, which I feel will be useful to share with you.
Here are the different kinds of charges levied by IDFC First Bank for their personal loan.
Charge Type |
Fees |
Credit line processing fee |
2% of the total loan amount including GST |
Penalty on overdue EMIs |
2% of the unpaid EMI |
Part Pre-Payment |
Not allowed |
EMI Bounce Charges |
Rs. 500 + taxes per instance |
Credit line rate of interest |
ROI Starting from 10.99% |
Stamping charges |
As per State’s Stamp Act |
Payment swap charges (Charges for changing the mode of EMI payment) |
Rs. 500 + taxes per instance |
EMI Pickup or Collection Charges |
Rs. 500.00 |
Duplicate No Objection Certificate Issuance Charges |
Rs. 500.00 |
Cooling-Off Period |
3 days |
Foreclosure Charges |
NIL (Customers need to showcase the sanction letter while foreclosing the loan) |
Foreclosure or Prepayment charges |
NIL |
Document retrieval charges (per retrieval) |
Rs. 500.00 |
Physical Statement of Account/Repayment Schedule |
Rs. 500.00 |
This is all from my side for this answer.. I hope you now know the IDFC foreclosure charges for personal loan.
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Authors Of The Question
What are the IDFC Personal Loan Foreclosure Charges?
Vicky
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3 months
2024-07-24T17:55:11+00:00 2024-07-24T17:55:12+00:00Comment
2 Answers
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