How To Get Your Loan Closure Documents Faster

Keeping your loan closure document provides a formal record that your loan account has been repaid and closed. It can help you verify that the final payment has been accounted for and that the loan no longer has an outstanding balance. The document may also be useful when reviewing your financial records, resolving a future query about the loan, or confirming the account status with relevant institutions. For secured loans, closure-related documents can also help you track whether applicable security or document-release formalities have been completed. Keep the closure document along with your final loan statement, payment confirmation, and other relevant records. If your loan account continues to show an outstanding amount or active status after closure, compare the account details with your closure document and raise a service request through an authorised channel with the relevant supporting records.

What documents should you receive after loan closure?

Once your loan is fully repaid and the account is formally closed, you may receive documents confirming the closure and final repayment. The documents provided can vary by loan type and account. Depending on the applicable process, these may include:

• No Objection Certificate (NOC): Confirms that the applicable loan dues have been cleared.
• Loan closure letter: Records the status of the loan account closure.
• Original documents: Documents submitted during loan processing, such as property or vehicle papers, may be returned where applicable.
• Updated loan statement: Shows the final payment and updated account status.

Not every loan will have the same set of closure documents. Secured loans may involve additional documents or security-release formalities depending on the type of loan and applicable process. Once you receive the applicable closure documents, review them against your loan account and repayment records to confirm that the details are accurate. The documents you receive depend on your loan type and closure process. For secured loans, also check whether any applicable security or original-document release formalities have been completed.

Once your final payment is reflected and the loan account is closed, you can use the available digital service options to check or request applicable closure documents. The exact options may vary by loan type and account. 

You can generally follow these steps:

1. Log in to the Bajaj Finance App or Customer Portal using your registered mobile number and OTP.
2. Go to the Account section and select View All next to My Relations.
3. Apply the filter and change the loan status from Active to Closed.
4. Select the relevant closed loan account and go to View Statements under Things You Can Do.
5. Select No Dues Certificate (NOC) or No Objection Certificate.
6. Select the Download icon to save the official PDF.

After submitting the request, monitor its status using the available digital service channel and retain the document once issued. If your loan involved original documents held by the lender, their release may follow a separate process and may require additional formalities or collection arrangements. Check the applicable instructions for your loan account rather than assuming that all closure documents will be available digitally.

What can delay your loan account closure documents?

Loan closure documents may take longer to become available when the final payment, required documentation, account verification, or closure formalities are incomplete. Checking these requirements early can help you identify and address avoidable issues.

Do not assume that making a payment automatically means the loan account has been formally closed. The payment may need to be verified and the account updated before closure documents become available.

What should you do after receiving your loan closure documents?

After receiving your loan closure documents, check that the loan account details, repayment information, and closure status are accurate. Keeping these records safe can help you respond to future queries about the loan and maintain evidence of completed repayment.

Check the following before storing the documents:

• Loan Account Number and borrower details are correct.
• The final payment details match your records.
• The document reflects the applicable closure status.
• Any NOC or No Dues Certificate, where issued, relates to the correct loan account.
• Additional security or asset-related documents, where applicable, have been addressed separately.

If you notice an incorrect balance or account status after repayment, retain the relevant proof of payment and raise a service request through an authorised channel. If your account has been subject to overdue repayment or a legal notice, closure should be confirmed only after the applicable dues and formalities have been completed.