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What are the benefits of paying early i.e. foreclosing?

You can pay all EMIs for a loan early, i.e foreclose your loan. When you foreclose, interest from the date of foreclosure, offset by 2 days, to the date of last instalment gets waived off. 

You can also pay your card dues early. This impacts your credit score positively. Also note:

  1. If you foreclose your repayments before the 1st installment, you get interest waiver benefit from the next installment (not first).

  2. If you foreclose only the last installment, you won’t be able to get the benefit of the last installment.

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