A foreclosure letter is a document that has details of the total amount you have to pay to foreclose your loan. This consists of the total outstanding amount due on the date you want to foreclose, applicable fees and charges and more.
Checking your foreclosure letter gives you a detailed view of the amount you need to pay to foreclose your loan. This information comes in handy if you’re planning to initiate your loan foreclosure as it helps you to arrange the required amount.
Different sections of loan foreclosure letter
Here’s the list of information you can check while you’re reading your foreclosure letter.
Basic details: This section covers information like your loan account number, loan amount, disbursal date and more.
Fees and charges: This section of the document consists of information such as interest amount, bounces charges if there are any and annual maintenance charges (AMC). AMC is charged only if you’ve opted for any of our Flexi Loan variants.
Total dues: This section covers the outstanding loan amount you need to pay on the day of loan foreclosure.
Total amount paid: This section consists of details such as the total loan amount that has been paid so far.
Foreclosure (Full prepayment) charges: When you foreclose your loan, you have to pay additional foreclosure charges. This section of your foreclosure letter will cover the details of applicable foreclosure charges.
Terms and conditions for loan foreclosure: This section consist of general terms and conditional applicable for loan foreclosure. It’s important to thoroughly read them before you decide to foreclose your loan.
If you’re looking to foreclose your loan, you can first download the letter and check the amount you need to pay. You can visit My Account – Bajaj Finance customer portal and follow these steps to download your foreclosure letter.
- Click on the ‘Sign-in’ button on this page to go to our customer portal – My Account.
- Enter your registered mobile number and the OTP to sign-in.
- Verify your details with your date of birth and proceed.
- Select the loan account number from the ‘Document Centre’ section.
- Click on ‘Foreclosure Letter’ to download it.
Once you know the amount you need to pay to foreclose your loan, you can use online loan payment services to close your loan. Your no dues certificate gets generated within 48 business hours of foreclosing your loan.
You can also use our app to download the foreclosure letter and other related documents on the go. Visit the Play Store/ App Store and download the Bajaj Finserv app today.
