Personal loan closure letter

Read our detailed guide to know what a closure letter is and how to get one.
Personal loan closure letter
5 min read
31 January 2024

A personal loan closure also known as a foreclosure letter is a comprehensive document containing the total sum necessary to close your loan. It encompasses the outstanding amount as of the chosen foreclosure date, along with associated fees and charges.

Reviewing this letter provides a thorough understanding of the funds required for if you decide to close your personal loan early. Your personal loan closure letter comes in handy when contemplating the initiation of the foreclosure process, allowing you to adequately prepare the necessary amount. Effectively, the foreclosure letter serves as a detailed guide, ensuring clarity on the financial aspects associated with concluding your loan commitment.

With a Bajaj Finance Personal Loan, you can manage all your loan related queries through our online customer portal, My Account.

Here is the list of various sections of a personal loan closure letter.

Basic information:

This section contains essential details like your loan account number, loan amount, and disbursal date, offering a foundational overview of your loan.

Fees and charges:

In this section, you will find information regarding interest amounts, bounce charges (if applicable), and annual maintenance charges (AMC), which are incurred with certain Flexi Loan variants.You can also read our personal loan fees and charges on the website.

Total dues:

The total outstanding loan amount required for foreclosure is covered in this section. This provides you with a comprehensive view of the financial obligation on the chosen closure date.

Total amount paid:

Details within this segment outline the overall payments made towards the loan, offering transparency on the amount paid so far.

Foreclosure (Full prepayment) charges:

When opting for loan foreclosure, you are required to pay additional charges. This section highlights these foreclosure charges, ensuring clarity on the associated costs.

Terms and conditions for personal loan foreclosure:

This segment outlines the general terms and conditions applicable to loan foreclosure. Thoroughly reviewing this section is crucial before making the decision to foreclose your loan, providing insight into the applicable conditions.

If you have an ongoing Bajaj Finance Personal Loan and wish to close it early, you can download the closure letter by visiting our customer portal.

Follow these simple steps to download your personal loan closure letter.

  • Go to our customer portal – My Account on our website.
  • Enter your registered mobile number and the OTP to sign-in.
  • Verify your details by entering your date of birth and proceed.
  • Select the loan account for which you want to download the foreclosure letter.
  • Click on ‘Foreclosure Letter’ to download it.

Once you know the amount that you need for your personal loan foreclosure, use our online payment services, and make payment.

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