At TrustPaisa, we understand that some customers prefer to close their loans early to save on interest costs. Below are the details and important information regarding loan prepayment and foreclosure.
1. What is loan prepayment or foreclosure?
Loan prepayment (also called foreclosure) means repaying your entire outstanding loan amount before the scheduled tenure ends. This helps you reduce future interest payments, as interest is charged only for the period the loan remains active.
2. Can I prepay my loan with minimum interest?
Yes, you can close your loan anytime by making a foreclosure payment. The amount payable depends on your outstanding principal and the interest accrued up to the date of payment.
Please note that the outstanding amount changes daily due to ongoing interest calculations.
3. What happens after I pay the foreclosure amount?
Once you pay the full foreclosure amount, your loan will be completely closed. You’ll receive a closure confirmation.
4. What if I want to continue with regular EMIs?
If you prefer to continue with your ongoing EMIs, simply follow your repayment schedule.
5. How are the interest rates and terms decided?
All loan details, including interest rates, repayment terms, and applicable charges, are clearly mentioned in your loan agreement at the time of loan approval.
7. Who can I contact for more details or help?
If you need any clarification or wish to confirm your exact foreclosure amount, you can reach our Customer Care team at:
📞 022-6987-5175
🕓 Support hours: Monday to Friday, 8:30 AM to 5:30 PM (excluding bank and national holidays).