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Things to Know While Closing a Personal Loan

Most borrowers are unaware of the personal loan foreclosure process. Once they have saved enough money, they just go to the lender, deposit the money, and pay off their debts. This is not always a bad idea, especially if you have a poor credit history. But still, if you are planning for a personal loan closure online, you must keep a few things in mind

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Things to Know While Closing a Personal Loan

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  1. Things to Know While Closing a Personal Loan

  2. Different types of loan closure

  3. Regular closure • Borrower closes the loan as per the loan agreement.

  4. Pre-closure • Borrower closes the loan before the binding due date.

  5. Bad loan closure • If the borrower fails to repay their dues, the lender will write off the loan.

  6. Part-prepayment • Under this, the lender increases the EMI amount for any given month.

  7. Understand the charges • Foreclosure or pre-payment attracts additional fees or penalties.

  8. NOC procedure • Borrowers must be aware of the process of obtaining a NOC.

  9. Credit update • Ask your lender to send a credit upgrade request to the rating agency.

  10. Process of early personal loan closure • Inform your lender that you intend to close your loan. • Submit all your relevant documents. • Obtain a NOC certificate from the lender.

  11. Documents required for a personal loan closure • Request letter along with a duly filled loan closure application form • Identity and address proofs • Bank statement specifying EMI payment details • Cheque or demand draft for clearing outstanding dues.

  12. Can the lender reject your pre-closure application? • Lenders may not allow you to foreclose on a loan during the first year after taking it out.

  13. You can easily foreclose your personal loan and the additional fees associated with it are also kept to a minimum.

  14. Thank You ! Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : corporate@herofincorp.com Website : https://www.herofincorp.com/ Know More : Things to Know While Closing a Personal Loan

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