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When an Insta Personal Loan is fully repaid, the loan account can be closed after all applicable dues have been cleared. A No Objection Certificate (NOC) serves as written confirmation from the lender that the loan has been repaid and there are no outstanding dues.
If you have an Insta Personal Loan, you can check your loan details and access relevant documents online using your registered mobile number and OTP. You can also check your pre-approved loan offer if you are looking for additional funds.
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What is a No Objection Certificate (NOC)?
A No Objection Certificate (NOC) is a document issued by a lender after the borrower has cleared all applicable dues on a loan. For an Insta Personal Loan, the NOC confirms that the loan has been repaid and the loan account has been closed.
The NOC may contain details such as the borrower's name, loan account details, loan closure date and confirmation that the applicable outstanding amount has been cleared.
Why is an NOC important for a personal loan?
An NOC provides useful proof that the loan has been repaid and closed. Borrowers should keep the document safely for their financial records.
Key benefits include:
- Proof of loan closure: The NOC confirms that the applicable loan dues have been cleared.
- Useful financial record: It can be retained as evidence of completed loan repayment.
- Support for credit report corrections: If a loan continues to appear as active or outstanding after repayment, the NOC may help when requesting a correction from the lender or credit bureau.
- Future reference: The document can be useful if any questions arise about the repayment or closure of the loan.
Does an NOC improve your CIBIL Score?
An NOC does not directly increase your CIBIL Score. However, once a loan is fully repaid, the lender may report the loan as closed to the relevant credit bureau. Borrowers should check their credit report to ensure that the loan status and outstanding balance are updated correctly.
What happens if you do not have an NOC?
Not having a copy of an NOC does not by itself mean that the loan remains active or that the borrower has unpaid dues. However, it is advisable to obtain and retain the NOC or other official confirmation of loan closure for future reference.
If the credit report does not show the correct loan status after repayment, the borrower can contact the lender and follow the applicable process for updating the credit record.
How to get an Insta Personal Loan NOC?
Once the loan has been fully repaid and the account is eligible for closure, borrowers can check the lender's digital account or document section for the NOC. The exact steps may vary based on the current customer service platform.
Borrowers should use the latest instructions available through the lender's official channels to access or download the NOC.
Key points about an Insta Personal Loan NOC
- An NOC confirms that the applicable loan dues have been cleared.
- It serves as a record of loan repayment and closure.
- An NOC does not directly improve the CIBIL Score.
- Borrowers should keep the NOC safely for future reference.
- The loan account and credit report should show the correct closure status after repayment.
How to get your personal loan NOC letter?
An Insta Personal Loan NOC is an important document that confirms the repayment and closure of the loan after all applicable dues have been cleared. Borrowers should keep the NOC safely for future reference and check that the loan closure is correctly reflected in their credit report.
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee | Applicable charges |
Rate of interest per annum | 10% to 30.5% p.a. |
Processing fees | Up to 4.13% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge | Term Loan – Not applicable Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes) |
Bounce charges | Rs. 700 to Rs. 1,200/- per bounce “Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason. |
Part-prepayment charges | Full Pre-payment:
Part Pre-payment
|
Penal charge | Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges | Term Loan: Not applicable Flexi Term (Dropline) Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.
Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure |
| Credit guarantee scheme fee | Up to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount |
| Credit guarantee scheme renewal fee | Up to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year. *Renewal Fee to be collected only for 3 subsequent financial years. **If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated. |
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Frequently asked questions
Overview
Closure certificate
After repaying all applicable dues, borrowers can request or download the NOC through the lender’s online account or customer service channels.
Yes, eligible borrowers may be able to access or download their loan NOC online through the lender’s digital account or document section.
An NOC after settlement depends on the lender’s policy and settlement terms. Borrowers should confirm whether the account is reported as settled or closed.
A closure certificate confirms that the applicable loan dues have been cleared and the loan account has been closed, providing an official repayment record.
There may be no separate fee for obtaining a closure certificate, but charges can vary by lender. Check the applicable loan terms or service charges.
No, NOC formats can vary between banks and financial institutions. However, they generally include loan details and confirmation that applicable dues have been cleared.
The timeframe can vary by lender and loan type. Borrowers should check the lender’s current process for details about NOC issuance after repayment.
For questions about your loan NOC, contact the lender through its official customer service channels or digital account for assistance with your loan account.
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000