Prepayment of Credit Card EMIs without foreclosing

[partha108]

Can I prepay my Credit Card EMIs without foreclosing the entire amount, and will the bank recalculate and reduce my EMI amount? Just for an example If I've already paid 10 out of 36 EMIs and wanted to prepay 20 more...but want to keep the remaining 6 EMIs open. will the bank recalculate the principal and change EMI amount?

Are there any charges for partial prepayment for such scenario, or is full foreclosure the only option?

I'm asking because I want to improve my credit score, and I have credit cards from Axis, ICICI, and Yes Bank.

 

[Fini7777]

Does banks allow Credit Card EMIs without foreclosing it ? And recalculating and reducing the EMI ?
If I am paying 10 EMIs out of 25 EMIs or any such partial numbers will they allow it? Is there any preclosure charge for partial prepayment?

Or only fully foreclosing all EMIs is the only option?

btw, my goal is to improve credit score.

My Cards are Axis, ICICI, and Yes bank

ur que is not clear

if u paid 10 out of 25 EMIs and u want to pay the remaining outstanding amount a Foreclosure charge of 1% to 3% is applicable depending on bank to bank

Some banks allow partial prepayments on credit card EMIs, but it's less common than on loans. If partial prepayment is allowed, they will either reduce the outstanding principal, recalculate the EMI, or reduce the tenure

in ur case, u have to foreclose the full EMI plan but Axis might agree to prepayment(not sure)

 

[Fini7777]

Does banks allow Credit Card EMIs without foreclosing it ? And recalculating and reducing the EMI ?
If I am paying 10 EMIs out of 25 EMIs or any such partial numbers will they allow it? Is there any preclosure charge for partial prepayment?

Or only fully foreclosing all EMIs is the only option?

btw, my goal is to improve credit score.

My Cards are Axis, ICICI, and Yes bank

it would be helpful if you could explain ur query clearly

 

[partha108]

it would be helpful if you could explain ur query clearly

rephrased. Edited.

I hope this is better now

 

[Fini7777]

Can I prepay my Credit Card EMIs without foreclosing the entire amount, and will the bank recalculate and reduce my EMI amount? Just for an example If I've already paid 10 out of 36 EMIs and wanted to prepay 20 more...but want to keep the remaining 6 EMIs open. will the bank recalculate the principal and change EMI amount?

Are there any charges for partial prepayment for such scenario, or is full foreclosure the only option?

I'm asking because I want to improve my credit score, and I have credit cards from Axis, ICICI, and Yes Bank.

Not possible banks don't accept partial payments for cc EMIs but accept prepayments for loans
especially Axis, ICICI, and Yes Bank, will ask you to foreclose the entire EMI plan if you want to pay more than your monthly EMIs.

I hope I answered ur que if yes, Mark my post as solution...

 

[partha108]

Mark my post as solution...

I am new in the forum . Not sure how to do this

 

[keerthirahul123]

As far as what I understood from your query, here is an example that I have done.

There was an offer for a service that I use for 9 months EMI on icici banks. So I took the 9 months EMI which was coming up to 13k on the whole. So approx 1400 per month. I paid 2 months diligently and then I paid the remaining outstanding to the CC.

Now every month the statement is generated and I see 0 outstanding to be paid.

If this is what u r asking then yes it is possible to pay the outstanding EMIs in one shot.

 

[Fini7777]

As far as what I understood from your query, here is an example that I have done.

There was an offer for a service that I use for 9 months EMI on icici banks. So I took the 9 months EMI which was coming up to 13k on the whole. So approx 1400 per month. I paid 2 months diligently and then I paid the remaining outstanding to the CC.

Now every month the statement is generated and I see 0 outstanding to be paid.

If this is what u r asking then yes it is possible to pay the outstanding EMIs in one shot.

No, he's asking that if he can pay the some EMIs (say 10 EMIs) out of 36 EMIs in one shot and pay that remaining 26 EMIs later
like he don't want to completely foreclose EMI but want to partially pay 10 EMIs

 

[Fini7777]

As far as what I understood from your query, here is an example that I have done.

There was an offer for a service that I use for 9 months EMI on icici banks. So I took the 9 months EMI which was coming up to 13k on the whole. So approx 1400 per month. I paid 2 months diligently and then I paid the remaining outstanding to the CC.

Now every month the statement is generated and I see 0 outstanding to be paid.

If this is what u r asking then yes it is possible to pay the outstanding EMIs in one shot.

For ex we pay some part of principal amount of home loan in advance so that bank reduce Either EMI amount or reduce tenure
likewise he's asking if the same is possible for CC EMI

 

[keerthirahul123]

No, he's asking that if he can pay the some EMIs (say 10 EMIs) out of 36 EMIs in one shot and pay that remaining 26 EMIs later
like he don't want to completely foreclose EMI but want to partially pay 10 EMIs

Ahh ok.. i think it is possible. Pay 10 emis in one shot and the next 10 months statement would be 0. 11th month the regular emi starts. no change is possible on the EMI amount reduction or tenure reduction for sure.

 

[keerthirahul123]

For ex we pay some part of principal amount of home loan in advance so that bank reduce Either EMI amount or reduce tenure
likewise he's asking if the same is possible for CC EMI

Yup got it now. Not possible in any reduction in emi amount or tenure or interest.

 

[Fini7777]

Ahh ok.. i think it is possible. Pay 10 emis in one shot and the next 10 months statement would be 0. 11th month the regular emi starts. no change is possible on the EMI amount reduction or tenure reduction for sure

Like Loading an extra amount on top of the credit limit?
currently, through bbps, it is not possible and if he uses the card for any other purchases it usually gets settled in that credit limit and that 10 EMIs amount may become 9 or 8 or.... so, IMO it'd not be a good option unless he doesn't use it for any other transactions

 

[keerthirahul123]

Like Loading an extra amount on top of the credit limit?
currently, through bbps, it is not possible and if he uses the card for any other purchases it usually gets settled in that credit limit and that 10 EMIs amount may become 9 or 8 or.... so, IMO it'd not be a good option unless he doesn't use it for any other transactions

Thats right.. This works only if there is no more usage on the CC. In my case, I have icici account and apay card so played this game on this cc and not touching it. As I have other ccs its not an issue for me.

As you said, am not sure about the BBPS payments though. As I pay directly from my icici account.

 

[partha108]

Like Loading an extra amount on top of the credit limit?
currently, through bbps, it is not possible and if he uses the card for any other purchases it usually gets settled in that credit limit and that 10 EMIs amount may become 9 or 8 or.... so, IMO it'd not be a good option unless he doesn't use it for any other transactions

but that does not work in improving credit scores immediately. so I have only foreclosing as the only option