6 easy ways to reduce loan EMIs

6 easy ways to reduce EMIs on loans

Loan borrowers have had to deal with tough situations induced by the Covid-19 pandemic since 2020. The 2nd wave of Covid dealt a bigger blow, many are left with huge medical bills, prolonged illness, loss of an earning member of the family, etc. With an influx of lockdowns across states, cash flows continue to remain majorly impacted, and this is making regular loan repayments more challenging than ever before. 

Borrowers with high EMIs may be unable to deal with this challenge and must therefore look for ways to reduce the EMI payments. Here are some tips that loan borrowers can use to reduce EMIs and deal with the present scenario.

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How to Cancel HDFC Credit Card

Credit cards

How to Cancel HDFC Credit Card

Credit cards are extremely convenient for anyone. But due to many reasons, you may decide to cancel your credit card. Banks allow credit card users to cancel their credit cards at any time. Gone are the days when you had to visit the bank branch to cancel your credit card. There are many more ways to do that. 

Read on to learn more about the ways to cancel your HDFC credit card. 

Ways to cancel your HDFC Credit Card

HDFC Bank allows you to cancel your existing credit card in the following ways

Cancel your card by calling 24/7 Phone Banking Numbers

You can easily cancel your HDFC Bank credit card by calling  HDFC Bank 24/7 Phone Banking numbers applicable to your area of residence from the numbers given below for your easy reference. 

You could follow the steps below to register your request for cancellation of your card.

Step 1: You would need to validate your Telephone Identification Pin, also called TIN to establish your identity as a valid customer. This number is provided by the bank to access phone banking services.
Step 2: After confirming your credentials, you can easily cancel your credit card by following instructions on the phone

The Phone Banking numbers for all major cities in India are given here.

Ahmedabad 079 61606161
Bangalore 080 61606161
Chandigarh 0172 6160616
Chennai 044 61606161
Cochin 0484 6160616
Delhi/NCR 011 61606161
Hyderabad 040 61606161
Indore 0731 6160616
Jaipur 0141 6160616
Kolkata 033 61606161
Lucknow 0522 6160616
Mumbai 022 61606161
Pune 020 61606161

If you are looking to call from any other town/city, you can check for those numbers here

Cancel your card by submitting a form 

You can cancel your existing credit card by filling and submitting the Credit Card Closure Application form. You could get this form either at any of the HDFC Bank branches or easily download it here

Once you fill-up the form you could submit it at your nearest HDFC Bank branch to cancel your credit card. There is no provision for online submission of the form. 

Points to keep in mind before cancelling your HDFC Credit Card

There are many transactions that you carry out with the help of your card. So, it’s good to go through these pointers before you decide to cancel the card. 

Status of Add-On cards

  • When you cancel a primary card, the add-on cards get cancelled along with the primary card. You do not have an option of keeping the Add-on card active. On the other hand, you could cancel the add-on card but keep the primary card active. 

Outstanding dues on your credit card

  • You would have to make sure that all dues on the primary and any add-on cards are cleared before applying for cancellation of your credit cards. 
  • Pay attention to any EMIs that you have scheduled on your card. You do not want them to be dishonoured as you cancel your credit card, so make alternate arrangements for regular payment of EMIs.
  • The same applies to any automatic bill payments that you are paying through your cards. Make alternative arrangements beforehand.
  • If you have any loans on your card, you would have to prepay them. You could have to bear a prepayment penalty of 3% on the outstanding balance of the loan when you close the card.
  • In case you have a credit card issued against a Fixed Deposit, the lien on the FD will continue to stay till you clear off all outstanding amounts on the card. 
  • The closure of the card will be initiated only after all the outstanding dues on the card are cleared. 
  • It is also important to ensure that you don’t use the card after applying for cancellation of the card. 
  • Before applying for cancellation, look out for fraudulent transactions on your card, if any. Once you apply for cancellation, it might get difficult to dispute fraudulent transactions. 

Reward Points

Reward points are another important component of a credit card. You would like to know what happens to your points after you cancel your card. So, these pointers will help you. 

  • HDFC Bank allows you to redeem your existing reward points even after you cancel the card, but within a maximum period of 30 days. 
  • To redeem your points, you can refer to My Rewards catalogue on HDFC website. Based on your existing number of points, you can download the redemption coupon.  A processing fee of Rs. 99.00 plus taxes is applicable per redemption request. Duly filled in redemption coupon should be sent to the following address. HDFC Bank Cards Division , P.O.Box No.8654,Thiruvanmiyur P.O. Chennai – 600 041 .

How can cancelling a credit card affect your credit score?

It is a well-understood fact that any action on your credit product like a loan or a credit card can affect your credit score in some way.

Learn in what ways can closing a credit card affect your credit score.

Can affect Credit History: Closing a credit card that has been running for a long time can shorten your credit history. Credit score calculation takes into account the experience that an individual has in dealing with credit products for a long time. So, when you close a long-standing account like a credit card, you may experience a temporary drop in your credit score.

Reduction in Credit Limit: Your credit utilization plays an important role in your credit score calculation. Credit utilization is nothing but the ratio of the amount spent on your credit card to the credit limit allotted on all your cards.

If you have more than one credit card and you end up cancelling one of them, the overall credit limit comes down. If you do not bring down your expenses, then you may end up increasing your credit utilization ratio after closing one of your credit cards. This can have a negative effect on your credit score.


Frequently Asked Questions

  • How long does it take to close a credit card?

It may take up to 10 days to close your credit card. It could also depend on if you have any outstanding balance on your credit card. The procedure to close your card is not initiated until you clear all your balances. So, pay off all outstanding amounts and only then apply for cancellation of the card.

  • How do I clear off my outstanding balance with the credit card?

If you have outstanding balances on your card, you will be informed of the same via email/ as a credit card outstanding bill over the post, etc. You are expected to clear that at the earliest so that the bank can start initiating the cancellation process.

  • What is the right way to dispose of my card?

Once your card is canceled and you get confirmation from the bank’s end, the right way to dispose of the card is to cut it into diagonal pieces. 

  • Is it good to cancel my credit card or keep it inactive?

This would depend on a case to case basis. If your card has an annual fee charged, it would be good to cancel the card if it is of no use to you. Also, keep in mind the effect of canceling a credit card. Based on these factors, you could make a decision that is best suited for you.

  • Will it be difficult for me to get another credit card if I close my credit card?

No, it shouldn’t be difficult for you to get another credit card as and when you need one, as long as you have a good credit score and follow good credit practices like paying back your loans and credit card bills on time. 


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