Dear friends, I am planning to foreclose my loan which i took last June. I have an o/s car loan with HDFC Bank for Rs. 4.50 lacs. I am planning to foreclose the same. The Bank is charging me 5% of o/s principal as pre-closure charges. Is there any way that this can be waived ? or reduced ? Sometime back, one of the local branch manager informed me that the charges can be waived if i open a savings a/c with them with 1 lac average monthly balance. Now this guy has moved to some other Bank and the none in the branch/loan centre is willing to waive/reduce the charges. I dont stand to benefit if i preclose with 5% penalty. If that being the case, i would like to invest the money wisely & let the loan remain. Your advise please !