Personal loans is the most important financial product in the market. They provide a great help to individuals, in need of money for daily activities or in an emergency situation. Also, the whole procedure is available online, thus individuals need not put any extra effort! Personal loans are of many uses such as, health treatments, house repair, wedding etc.
However, in situations, where personal loan applicants face surplus of money, they should consider applying for pre-closure of personal loans and stop burdening themselves with heavy repayments. Mostly, in India, lenders tend to allow pre-closure of personal loans with extra charges for closing. Also, only after six months of payments, individuals are allowed to close the loan account. Borrowers are suppose to complete all the outstanding payments or other charges before closing loan.
Lets further read more about, how to close personal loan early, its complete procedure is given bellow
Personal Loan Pre-Closure Procedure:
It is not a herculean task, to pre-close personal loan, Anyhow it is important to pay attention to the procedure as its different for different lenders. So, assess information from the particular lender, before applying for the closure.
Some of the basic steps, individuals can follow to pre-close a personal loans are as follows:
- Borrowers cannot pere-close personal loans online. Therefore, individuals require to visit Bank, here you can apply to close the loan. Contact customer’s care of the particular branch to know more in detail.
- Visit the bank and take assistance of the bank executive from loan section for pre-closure procedure and conditions. Once individuals have enough information about the process, they can request for a pre-closure form.
- Go through the form carefully and fill all the necessitate details of loan and personal as required in the form. Fill the form with out any blank space and at last sign the form to complete form filling and submit.
- Individuals are suppose to submit few documents for the closure. They are as follows:
● Identification proof: passport, driving license, Aadhar card
● Loan documents
● Bank statements that reflects clearance and payments of the last EMI.
● Pre-payment statements, can be availed from the bank on request. You can receive it either by online or via post.
- After the submission of the form, one can pay by cheque, demand draft, or cash.
- In case, the particular potential person cannot visit the bank, on behalf of the person, a representative can be sent. But the representative must carry authority letter signed duly by the potential borrower. Also, the representative must submit documents such as:
● Loan borrower’s identification proof like PAN card, Passport, Driving License or Voter ID.
● Authorisation letter given by loan applicant.
- After completing the submission, Bank will alot an acknowledgement letter, which must be carefully saved.
- The final closure is sending loan closure agreement to the applicant after a few days ofthe loan closure.
Thus this the main process, one must follow to close personal loans.
The Bottom Line:
Getting personal loans and satisfying the financial need, is a big relief. However, sometimes its important to get personal loan closure, while facing debts, financial burdens and defaults. Many times its overwhelming and stressful to the individuals, who have responsibility of repayments and repay most of their earnings. Therefore, apply for personal loans only at the time of need from Buddy Loan; and get the availability of closure, when repayments are burdening. Also, avail personal loans with no additional costs and save quite a lot of money.
Working for a reputable organization provides you with not only a good salary and benefits, but also a bunch of other advantages.
Personal loans for Collabera employees are normally available at a discounted rate.
Almost all banks and non-bank financial institutions (NBFCs) provide Collabera workers a personal loan with low-interest rates.
As a result, borrowers will compare interest rates from various lenders to find the best deal.
An instant personal loan can give you a financial boost in your tough times.
Whether you are a salaried person or self-employed, at certain times you may confront financial crunches.
Yes, a quick & easy personal loan at a reasonable interest rate could be the solution to all your monetary problems.
Being a salaried employee, it can be easier to get the loan approved showing the income proof, but when it comes to a self-employed individual, people believe that it can be difficult to get a loan sanctioned.
Lenders are willing to give loans to self-employed individuals who have their documents ready.
Eligibility Criteria: The borrower should be a resident of India between the age 18 - 65 yearsThe annual turnover or profit has to be 1 lakh or as per the requirement of the lenderThe borrower has to be in the same business for at least 3 years or moreDocuments Required:Proof of age - Birth certificate/passport/PAN cardProof of ID - Voter ID/Passport/Aadhar/PANPhotographsProof of residence - passport/utility billLast 3 months bank statementProof of income - Latest income tax return, the balance sheet of last 2 years, profit/loss certificateCheck with the lender if you need to submit any other documents.
A personal loan is an unsecured (without collateral) loan that can be used by the borrower for any purpose.
These loans are the most popular kind of loans in the market, as Applying for Personal Loans and their eligibility criteria are very easy-going for borrowers.
Read on to find out about How to apply personal loan Online in India.When can you apply for a personal loan?
Being a multipurpose loan, the borrower can use the amount on:For Home renovation:The borrower can use personal loans to fund the repair and renovation of their residential or even non-residential properties.
They might be limited; meanwhile personal loans can help mitigate the further need for capital while pursuing higher education.Wedding:Indian weddings are massive financial burdens; however, it is the dream of many to have an elaborate wedding celebration.
Personal loans can help mitigate some of the burdens of Indian Wedding finances.Medical Emergencies:While special medical loans exist personal loans are much quicker to obtain in times of emergencies with minimum documents.For Traveling:With the value of the Indian Rupee declining, a trip to foreign locations has become more expensive.
