How To Close HDFC Personal Loan / Auto Loan / Two-Wheeler Loan / Business Loan / Consumer Durable Loan Online

HDFC Bank is a popular Indian financial institution that provides a wide range of loan products to cater to the diverse needs of its customers. These loan products comprise personal loans, home loans, auto loans, two-wheeler loans, business loans, and consumer durable loans. HDFC loans are highly regarded for their competitive interest rates, flexible repayment options, and prompt processing time. The bank strives to ensure customer satisfaction by offering a range of benefits such as doorstep service, online loan account management, and pre-approved loan offers. HDFC Bank has a strong presence across the country and is widely recognized as one of the top lenders in India.

Importance of closing a loan account?

Closing a loan account is a crucial step in financial management. It indicates the successful completion of loan repayment and plays a significant role in maintaining a good credit score. If a loan account remains open, it may negatively impact an individual’s creditworthiness, making it difficult for them to access credit in the future. By closing a loan account, one can improve their credit score, which is an important factor in determining loan and credit card eligibility. Additionally, paying off a loan allows individuals to free up funds that were previously used for monthly EMIs, allowing them to redirect those funds toward other financial goals. Closing a loan account also provides a sense of financial stability and streamlines one’s financial portfolio. Therefore, it is crucial to ensure that all outstanding dues are cleared before closing a loan account.

Steps to close HDFC loans online

A. How to close Consumer Durable Loan Online

Step 1: Log in to the HDFC Bank website using the given web link.

Step 2: Select the loan account that you want to close and select “foreclosure request” as the type of service. Choose your city and the nearest branch from the drop-down menu.

Step 3: Select the reason for the loan closure and confirm the outstanding loan amount displayed on the screen. Save the request.

Step 4: You will receive an SMS with a link. Click on the link and enter the OTP that you receive.

Confirm the terms and conditions and make the payment on the payment gateway. Once you have completed the payment, the loan account will be on its way to closure. HDFC Bank will send an SMS to confirm that the loan account is closed in the bank’s portal. Note that the process to close a loan account may vary depending on the loan type and specific terms and conditions of the loan agreement. If you have any queries or concerns regarding the loan closure process, it is always advisable to read the loan agreement carefully and contact HDFC Bank customer care or visit the nearest HDFC Bank branch for assistance.

For Better Understand, Watch This Video

B. How To Close HDFC Personal Loan Online

The process of closing an HDFC personal loan account online is a simple and convenient process. Here is a step-by-step guide on how to do it:

• Firstly, go to the HDFC Bank website and click on the ‘Apply Now’ tab to access the loan account closure form.
• Secondly, provide all the necessary details such as your name, loan account number, and contact details.
• Thirdly, choose the reason for closing the loan account and select ‘foreclosure request’ as the type of service.
• Next, select your city and the nearest branch from the dropdown menu.
• Confirm the outstanding loan amount and proceed with the request.
• A link will be sent via SMS for validation using OTP. Once you confirm the terms and conditions, make the payment through the payment gateway.
• After the payment is complete, the loan account will be on its way to closure.
• An SMS notification will be sent to the registered mobile number once the loan account is closed in the bank’s portal. With the ease of online loan account management, closing an HDFC personal loan account has become a hassle-free process.

C. How to Close HDFC Auto Loan Online

Closing an HDFC auto loan account online is a straightforward and uncomplicated process. Follow these steps:

• Firstly, log in to your HDFC bank account by visiting the official website.
• Secondly, go to the ‘Loan’ section and select ‘Auto Loans.’
• Thirdly, click on the ‘Request Closure’ option and choose the loan account you want to close.

Confirm the outstanding loan amount and provide the reason for closing the loan account.

• Fourthly, select the payment mode and enter the payment details.
• Finally, make the payment through the payment gateway. Once the payment is processed, the loan account will be marked for closure.

An SMS notification will be sent to the registered mobile number after the loan account is closed in the bank’s portal. It is essential to ensure that all outstanding dues are cleared before closing the loan account. By following these straightforward steps, you can quickly and easily close your HDFC auto loan account online.

D. How to Close HDFC Two-Wheeler Loan Online

Closing an HDFC Two-Wheeler loan account online is a convenient and straightforward process. The following steps can be followed to close your loan account:

Step 1: Visit the official HDFC bank website and log in to your account.

Step 2: Navigate to the ‘Loan’ section and select ‘Two-Wheeler Loans.’

Step 3: Choose the loan account that you want to close and click on ‘Request Closure.’

Step 4: Confirm the outstanding loan amount and provide the reason for closing the loan account.

Step 5: Select the payment mode and enter the payment details.

Step 6: Make the payment through the payment gateway.

Once the payment is processed, the loan account will be marked for closure. An SMS notification will be sent to your registered mobile number once the loan account is closed in the bank’s portal. It is essential to ensure that all outstanding dues are cleared before closing the loan account. By following these simple steps, you can quickly and easily close your HDFC Two-Wheeler loan account online.

E. How to Close HDFC Business Loan Online

Closing an HDFC Business loan account online is a simple and easy process. To close your account, follow the steps given below:

Step 1: Log in to your HDFC bank account on the official website.

Step 2: Navigate to the ‘Loan’ section and click on ‘Business Loans.’

Step 3: Choose the loan account you wish to close and select ‘Request Closure.’

Step 4: Confirm the outstanding loan amount and give a reason for closing the loan account.

Step 5: Choose the payment mode and enter the payment details.

Step 6: Make the payment through the payment gateway.

Once the payment is processed, your loan account will be marked for closure. You will receive an SMS notification on your registered mobile number once the account is closed in the bank’s portal. Remember to clear all outstanding dues before closing the loan account. By following these simple steps, you can easily and quickly close your HDFC Business loan account online.

Conclusion

Importance of following the loan closure process

In conclusion, it is of utmost importance to follow the proper loan closure process when closing an HDFC loan account. This ensures that all outstanding dues are cleared and the account is closed smoothly and without any issues. By following the correct steps and making the payment through the online payment gateway, you can quickly and easily close your HDFC loan account from the comfort of your own home. This not only saves time and effort compared to visiting the bank branch, but it also helps improve your credit score and frees up your finances for other investments or expenses. Therefore, it is crucial to give importance to the loan closure process when closing an HDFC loan account.

Reminders to read the loan agreement and seek assistance when needed

It is important to keep in mind that before closing any loan account, it is essential to thoroughly read the loan agreement to understand the terms and conditions of the loan, including any fees or penalties that may be applicable. Seeking assistance from a qualified professional or HDFC Bank’s customer service team is recommended if you have any doubts or questions regarding the loan closure process. This can help avoid any misunderstandings or errors that may cause complications or delays in closing your loan account. By being diligent and seeking help when needed, you can ensure a smooth and hassle-free loan closure process.