When can I foreclose the Personal loan? What is the procedure for full prepayment?
Following are the procedures:
- We do not allow prepayments for a period of 12 months from the date of your first EMI. 30 days foreclosure intimation period is mandatory.
- You need to inform us in writing or via email about your request for full prepayment.
- Once your intimation period is complete, the foreclosure statement of your loan will be issued to you from our end.
- You need to submit this full prepayment cheque at our branch at least 7 working days before your next EMI date.
- Once your foreclosure cheque is cleared your loan closure will happen in the banks records.
- We will send the No Objection Certificate (NOC) and the balance Post Dated Cheques (if any) to your correspondence address within 15 working days post termination of your loan account.
- After the 12 + 1 month intimation period, the foreclosure charges applicable would be 5% + service tax on principal outstanding.
*Terms subject to change as per the lending banks