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Introducing the First-in-industry IDFC FIRST Bank's Super Account
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FAQs
What does foreclosure of Two Wheeler loan mean?
Two Wheeler loan foreclosure refers to paying off the remaining balance of a loan before the agreed upon loan term is over. This can save the borrower money in the long run, as they will not have to pay as much interest. However, some lenders may charge prepayment penalties for early loan closure, so it is important to carefully read the terms of the loan agreement before making any early payments.
What are Two Wheeler Loan foreclosure charges?
Two Wheeler loan pre-closure or foreclosure charges are fees that a borrower must pay if they choose to pay off their Two wheeler loan before the end of the loan term, in addition to any outstanding loan dues.
Foreclosure charges can vary depending on the lender and the terms of the loan agreement. Click the below link for further information:
https://www.idfcfirst.bank.in/personal-banking/loans/two-wheeler-loan/fees-and-charges
Can I foreclose my Two-Wheeler Loan?
You can conveniently foreclose your Two-Wheeler loan through the following modes:
Customer portal
- Visit the loan closure page: https://partner.idfcfirst.bank.in/QuickPayEMI/Login/LoginEMI.aspx
- Enter your registered mobile number and date of birth or loan account number to authenticate your account
- A list of all your active loans eligible for foreclosure will be displayed
- Select the loan account you wish to foreclose. Review the foreclosure charges, foreclosure amount and proceed to make the payment using one of the available payment modes
- Upon successful payment, your loan will be closed in our system, and you will receive a physical No Objection Certificate in 7 to 10 working days at your communication address
- You can update your NOC address by clicking on https://www.idfcfirst.bank.in/noc-landing-page.
IVR
- Dial our toll-free number 1800 10 888, and select the Loan option
- Verify your identity using your Date of Birth in the DDMMYYYY format
- Select the Two-Wheeler loan you wish to foreclose
- Select the option for loan foreclosure, then confirm your selection
You will receive an SMS on your registered mobile number with a secure link to complete the foreclosure process.
SMS (link valid for 72 hours):
- Open the link sent via SMS and review your Two-Wheeler loan details
- Review the loan foreclosure amount, charges, and other details
- Select your preferred payment mode and make the payment
- Upon successful payment, your loan will be closed in our system, and you will receive a physical No Objection Certificate in 7 to 10 working days to your communication address
- You can update your NOC address by visiting https://www.idfcfirst.bank.in/noc-landing-page
IDFC FIRST Mobile Banking app:
- Register on the app using your registered mobile number and date of birth (DOB)
- Navigate to the ‘Loans’ section and select the Two-Wheeler loan you wish to foreclose
- Review the foreclosure charges, foreclosure amount, and proceed to make the payment using one of the available payment modes
- Click on ‘Foreclose loan’ and proceed to make the payment as per the specified amount
- Upon successful payment, your loan will be closed in our system, and you will receive a physical No Objection Certificate in 7 to 10 working days at your communication address
- You can update your NOC address by visiting https://www.idfcfirst.bank.in/noc-landing-page
WhatsApp:
- Send ‘Hi’ to 95555 55555 (on Whatsapp activation number) to get started
- Select ‘Loans’ > ‘Foreclose loan’ and select the Two-Wheeler Loan account you wish to close
- Open the link received and review your Two-Wheeler loan details
- Review the foreclosure charges, foreclosure amount, and proceed to make the payment
- Upon successful payment, your loan will be closed in our system, and you will receive a physical No Objection Certificate in 7 to 10 working days to your communication address.
- You can update your NOC address by visiting https://www.idfcfirst.bank.in/noc-landing-page
Need Further Assistance?
For personalised support, feel free to contact our dedicated customer service team on our toll-free number 1800-10-888
Visit us at the nearest IDFC FIRST Bank Branch for in-person assistance. Locate a branch here.
Our team is committed to providing you with prompt and efficient support to address any queries or concerns you may have.
