The loan process generally consists of two main phases - obtaining loan approval and ensuring timely repayment. However, a significant aspect that is often overlooked in this process is the formalities associated with concluding the loan agreement.
After you have fully repaid your loan and it is officially closed, a no dues certificate (NDC) is issued. This is a crucial legal document provided by the financial institution, affirming that you have no remaining dues with the lender. Your loan cycle is closed only after you obtain this NOC letter.After you have fully repaid your loan and it is officially closed, a no objection certificate (NOC) is issued. It’s also commonly known as the ‘no dues certificate'. This is a crucial legal document provided by the financial institution, affirming that you have no remaining dues with the lender. Your loan cycle is closed only after you obtain this NOC letter.
A no dues certificate offers you the formal assurance that your loan repayment process has reached its conclusion. It serves as an official declaration confirming that your loan has been entirely repaid, and no financial obligations are remaining.
Not having an NDC after closing a loan can lead to serious consequences. Firstly, it might affect your credit score, making it harder to secure future loans. Also, you may face financial loss, as you could be asked to repay an amount you've already settled.
Bajaj Finance streamlines loan management with the customer service portal - My Account. This portal simplifies the process of monitoring your loan information and obtaining your no dues certificate upon loan closure.
Steps to download no dues certificate online through our customer portal
If you have a loan with Bajaj Finance, you can download your NDC in a few easy steps by visiting My Account:
- Click on the ‘Sign-in’ button on this page to go to our customer portal.
- Enter your registered mobile number and submit the OTP to sign-in.
- Verify your details with your date of birth and proceed.
- Select the loan account for which you want to download the NDC.
- Find all your documents and click on ‘No Dues Certificate’ to download it.