Personal loan has become a problem, so do pre-close, know its two ways


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Pre-close Personal Loan Charges: Have you taken a personal loan? If yes, then you must know that personal loan is helpful in difficult times, but sometimes it becomes a problem for life. This is because its interest rate is very high. If money is not available from anywhere, then a personal loan can meet your needs. It is true that personal loans are available faster than other loans. You don’t even have to mortgage anything for this. But its EMI will keep you worried in the long run. In this case, you can close your personal loan by making prepayment. You should know that there are two ways to preclose a personal loan.

Personal Loan: Pre-close like this, know two ways

may be charged
Pre-closure is the process when you pre-pay your loan before its due date. But some banks and finance companies may charge you for this. But by pre-closing the loan, you can avoid the burden of interest and debt even by paying the charges. Different banks have different lock-in periods for loans. But if you repay the loan ahead of time, then the bank will suffer loss of interest amount, for which it can charge you a pre-closure fee.

Loan pre-close method
Visit the bank branch from where the loan has been taken. Take the necessary documents with you. These include ID proof, bank statement (containing the details of the last EMI paid), check or demand draft (through which you are making the pre-payment). Banks usually reduce some money from the loan amount itself. This money has to be paid with pre-payment. You will pay the full amount through check or demand draft. Then the bank will give you an acknowledgment letter. Keep it safe for the future. Once all the process is complete, the bank will send you the loan agreement after a few days of pre-closing the loan.

Personal Loan: Pre-close like this, know two ways

Know another way
In this method, the loan agreement that the customer gets has a fixed time period, before which the loan amount has to be paid in EMIs only. In this, all you have to do is to approach the bank for loan closure when you pay the last installment of the personal loan. Take all the documents and check all the documents with the last payment and loan account number. Then after this the bank official will verify all the information. Bank will give NOC after paperwork. This NOC will be proof that the entire loan amount has been repaid.

Regular Mode Detail
For regular mode, you need to contact the customer care of the bank for any help in closing your personal loan. They can guide you perfectly.

Personal Loan: Pre-close like this, know two ways

This is the rest of the important details
If you repay some part of the loan before the completion of the loan tenure, then it is called part prepayment. This will reduce the EMI and may reduce the repayment period. For this also go to the bank branch and contact the bank official.

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english summary

Personal loan has become a problem so do pre close know its two ways

If you repay the loan ahead of time, the bank will lose the interest amount, for which it may charge you a pre-closure fee.

Story first published: Tuesday, November 15, 2022, 19:53 [IST]





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