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IDFC First Personal Loan Closure

IDFC First Bank Foreclosure Charges

Last Updated 09th Nov 2021

  • IDFC First Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of IDFC First Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the IDFC First Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed After 3 Months at In case of Smart Personal Loan at Nil Charges
Foreclosure Fee Allowed After 12 Months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan
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IDFC First Bank Personal Loan Pre-Closure

You can avail foreclosure of IDFC First Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.IDFC First Bank allows part payment of personal loan after 12 Months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan

Steps of IDFC First Bank personal loan preclosure are as follow:

  • Visit the IDFC First Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the IDFC First Bank.
  • Pay the outstanding loan amount as well as the IDFC First Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

IDFC First Bank Personal Loan Part-Payment

Apart from foreclosing IDFC First Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. IDFC First Bank allows part payment after 3 Months at In case of Smart Personal Loan at Nil Charges

Fees and Charges of IDFC First Bank Personal Loan Closure

Fees and charges associated with preclosure of IDFC First Bank Personal Loan are listed as follows:

  • Part payment is Allowed at In case of Smart Personal Loan at Nil Charges after 3 Months
  • Foreclosure is Allowed at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan after 12 Months

IDFC First Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing IDFC First Bank Personal loan are as follow:

  • Pay the last instalment of the IDFC First Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the IDFC First Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a IDFC First Bank Personal loan part payment. To reduce the interest burden, you can opt for IDFC First Bank foreclosure or part payment of the loan.

Required Documents for IDFC First Bank Personal Loan Closure

The documents required for Personal loan foreclosure from IDFC First Bank are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from IDFC First Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the IDFC First Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. IDFC First Bank allows part payment of personal loan after 3 Months at In case of Smart Personal Loan at Nil Charges.

Can we close personal loans online for IDFC First Bank?

No, you cannot close the personal loans online for IDFC First Bank. Individuals are required to visit the IDFC First Bank Branch to close the personal loan. Below are the steps to close the IDFC First Bank personal loan:

  • Visit the nearest IDFC First Bank branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the IDFC First Bank will give the acknowledgement letter and NOC.

Does foreclosure of IDFC First Bank personal loan affect CIBIL?

Foreclosure of IDFC First Bank personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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IDFC First Personal Loan News - Nov 2021
  • 2021-11-01 : IDFC First Bank Profit Jumps By 50 Percent
    Private sector bank, IDFC First Bank has reported a nearly 50 percent jump in net profit. In the quarter ended in September 2021 the lender had a profit of Rs 151.74 crore, last year the profit was of Rs 101.41 crore. Total income during July-September of FY22 rose to Rs 4,880.29 crore, as against Rs 4,090.87 crore in the same quarter of FY21.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-05-21 : IDFC First Bank profit surged 78% to Rs 128 crore
    IDFC First Bank reported a 78% jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The bank had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago. Total income during the fourth quarter rose to Rs 4,834 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan.
  • 2021-01-22 : IDFC First Bank retail loan surges 100%
    IDFC First Bank reported that its retail deposits which includes home, personal, car, two wheeler, gold and LAP increased 100% Y-o-Y. In addition to this, Customer Deposits of the Bank which includes FD and RDs increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 . CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
  • 2020-07-31 : IDFC First Bank Ltd Q1FY21 consolidated net profit at Rs. 100.07 crore
    IDFC Bank posted a net profit of Rs.100.07 crores for the period ended June 30, 2020, as against Rs.76.36 crores for the period ended March 31, 2020. The company bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans has reported total income of Rs.4413.19 crores during the period ended June 30, 2020 as compared to Rs.4553.07 crores during the period ended March 31, 2020.
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