How to foreclose credit card EMI?

Foreclose credit card EMI in easy steps:

What is Foreclosure ?

If you have an outstanding home loan, then you are legally liable to pay monthly Equated Monthly Instalment (EMI). If you receive a lump sum amount, then you can foreclose the existing loan to be free from debt or current EMIs for the loan/credit cards etc. Now that you know what is foreclosure of Credit Card Emi, Let’s read about the foreclosure process.

Submit an application and required documents:

How to foreclose credit card EMI

Visit the nearest branch of the financial institution or bank and submit an application for the foreclosure of your loan or you can call on their customer care number and request for foreclosure .

Prepayment of the outstanding loan:

After considering the interest and EMI paid so far as well as the applicable foreclosure charges and taxes, the organization or the bank will calculate the balance loan amount to be paid and communicate the same to you. Then, you will be required to pay the outstanding dues through demand draft, cheque, or online transfer in the form of RTGS or NEFT.

Receipt of documents:

After that, the financial institution or bank will begin the foreclosure formalities which includes stopping all EMI reminders and instructions, returning all original documents within 10-15 business days, and providing these documents:

  • Loan closure certificate.
  • No Objection Certificate to close the personal loan
  • No dues certificate
  • Pre closure payment receipt
  • Acknowledgment letter

Foreclosure charges for Credit cards:

SBI cards:

They charge 3% foreclosure charge if transaction is not refunded and user wants to cancel emi even before bill generation.


They will charge pro rate interest plus you have to clear all your outstanding on that card within 3 days of giving the request else you will get charged interest on the total outstanding. No matter when you close the EMI. EMI process fee also won’t get reversed ( in the case of Amazon, it’s 199+gst )


no foreclosure charge atleast till January 2021, heard they are going to change there policy not sure.

Axis Bank

If a call / email for cancellation is made before the first EMI is debited, processing fee will be waived off. If a call / email is made after 30 days of EMI debit, this will be considered as a foreclosure and 3% foreclosure charge plus service tax will be applied on principal outstanding.

What is foreclosure amount In ICICI Credit cards?

There is no foreclosure fees which will be charged, if you want to foreclose a running EMI. But you will have to call our 24-hour Customer Care and request for foreclosure. This is the standard procedure followed.

What happens when I foreclose ? What happens to the pending EMIs ?

Lets assume that you have 3 EMIs of Rs 2000 pending and you call to foreclose. In this scenario, when the cm receives his next credit card bill, the balance EMIs totalling to Rs 6000/- will be billed to you as a part of TAD.

How to foreclose HDFC Credit card EMI?

You might have taken a loan from your HDFC credit card to buy a car or for a holiday and now you want to foreclose the loan. For this, it is crucial for you to learn how to foreclose HDFC credit card EMI. There are many methods to pay off your debt with credit card. I will share the processes below for how to foreclose HDFC credit card loan.

For monthly instalments, you can opt for Net Banking, Mobile Banking App, ATM machine, AutoPay etc, but to foreclose the process is a bit tricky since you have to pay a processing fee to pay off your debt.

Generally, the bank charges 2-3% processing fee on your outstanding loan amount. 

How to foreclose HDFC credit card EMI online?

You can contact the HDFC bank and learn how to foreclose credit card EMI HDFC by emailing them. They will connect with you once they receive your query. 

You can also visit the bank and foreclose your credit card EMI. But I feel the best option is to call the customer care number. I will elaborate on how can I foreclose HDFC credit card EMI below.

  • Contact HDFC customer care, credit card division.
  • You will find IVR option
  • Language option
  • 3 for cc division
  • Wait and listen to the customer care 
  • Ask them about foreclosing your credit card loan.
  • Make the payment

You are done! You can find the customer care number and email ID on the internet as per your location. If you are facing difficulty reaching out to customer care, you can simply visit your bank branch and talk to bank authorities about foreclosure.