Procedures to Follow When Closing a Personal Loan

- You can contact the bank’s help desk any time.

How do you make a pre-closure of your loan account?

A pre-closure is when you repay the loan amount, before the binding due date. You can follow the procedures listed below that will facilitate a neat pre-closure, devoid of any hassle.
- Visit the lender where you had availed the loan from.
- Take necessary documents along, including a proof of identity, loan account number, bank passbook pointing at all EMI clearance and finally a cheque for pre-paying the amount.
- The lender might levy a foreclosure penalty, a charge that is mandatory (if imposed, that is) and needs to be settled along with the loan.
- After having settled the entire loan, the bank will issue you an acknowledgement letter, mentioning the clearance details. Retain that for any future reference that may come up.
- In some cases, a No Dues Certificate (NDC) may also be issued to you.

Don’t forget or undermine the importance of closing your personal loan account, regardless of a regular closure or a pre-closure.

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