• How To Close Personal Loan Early With No Hassel!

  • Personal loans are proven to be a great help to people who are in need of funds for day to day fulfilments or emergency situations. Also, because the complete procedure is done online, without any need of extra efforts! Personal loans are used for many purposes such as, health treatments, house repair, wedding etc.


    However in situations, where individuals face surplus of money in hand, then individuals must consider in pre-closure of personal loans and take the burden off their shoulder. Most of the lenders in India allow pre-closure of loans with an amount of extra closing charges and after six months of instalments. Also, recommended and lenders expect their customers pay all the outstanding payments or charges before closing loan.


    Lets further talk about the types of personal loans and how to close personal loan early without any hassles.


    Different Types Of Personal Loan Closures

    • Regular Personal Loan Closures:
    The regular closing of personal loans happens when individuals complete the tenure of EMI according to the agreement. Borrower must intimate the lender after completing the last EMI payment; in order to get the issuing of No Objection Certificate. Also, to receive a final loan closure certificate.
    • Personal Loan Pre-Closure:
    If an individual chooses to close the personal loan tenure, before the set of tenure according to the loan agreement, it is called as personal loan pre-closure. Most of the lenders avail pre closing of personal loans after a year or minimum of 12 EMIs. Also, borrowers willing to close loans require to pay EMI of the current month, outstanding dues and foreclosure fees.
    • Personal loan part-payment:
    When the personal loan borrower chooses to change the monthly instalments and tenure of personal loans. They must choose a personal loan part payment, Also, keep in mind that the amount of part payment amount is determined according to terms and conditions of financial lenders.


    Document Requirement For Pre-Closure Of Personal Loans

    • Relevant loan documents
    • Proof of address and identity: Passport, Aadhar card, PAN (Permanent Account Number) Voter ID card etc.
    • Loan statements that displays the information of the EMI payments till the date.
    • Cheque or demand draft
    • These are some of the documents to keep in handy to complete the process of pre-closure of personal loans. Lets further look into 


    These are some of the documents to keep in handy to complete the process of pre-closure of personal loans. Lets further look into the list of documents, individuals need to collect after approval of pre-closure of personal loans.


    Documents For Collection After Personal Loan Pre-Closure 

    • Pre-closure payment receipt.
    • No Objection certificate while closing the personal loans.
    • Personal loan closure certificate
    • Payment of dues certificate


    Thus, receive all these documents as proof of completion of personal loan pre-closure and for further reference as well.


    The Bottom Line:

    Availing personal loans and completing the task of fulfilling financial needs, can benefit everyone mentally and financially. It is a big relief sometimes to avail personal loan closure, at time of facing debts, defaults, and financial burdens. Often it can be overwhelming and stressing to individuals if they are having to pay most of their earnings. Thus, take personal loans at the time of need from Buddy Loan, and avail the leisure of closure when the repayments overwhelm you. Also take personal loans from here for no additional costs, that means individuals can save a lot of money.