Closing your personal loan account must be among your top-priority goals. You can close the account by either repaying the whole amount as per the tenure of the loan, or you can even close the account prematurely i.e. before the maturity date.
There are different repayment methods made available to customers for personal loans. We, at Fullerton India, provide an option to complete the repayment before the term of the loan agreement ends. A personal loan account can be closed through any of the below processes:
If you clear the loan amount before the end of tenure, then you can save a lot on EMIs as per the personal loan EMI calculator. Pre-closing your loan also gives a boost to your CIBIL score. Usually, there is a mandatory lock-in period of 6 months to one year (depending on your loan tenure) that is mentioned in the personal loan closure letter. After the completion of this lock-in period, you can repay the remaining amount altogether. If you choose this option, we do not charge any pre-closure fee. However, foreclosure charges are applicable if you choose to prepay the loan before the lock-in period.
In Regular Closure, you can pay off the EMIs at the agreed-upon dates every month and close the loan at the end of the tenure that has been mentioned in the loan agreement. The entire process takes place without any additional terms and conditions being evoked.
A loan extension can be defined as an agreement between the lender, and the borrower that will allow the borrower to receive an extension for repayment. However, do note that this is an option which is offered only to select customers. If you would like to know more, please get in touch with us.
At Fullerton India, we value our customers and try our best to ensure that you get the best possible service. Hence, for certain select customers, we offer Top-up Loans which will allow you to borrow a certain amount of funds over the existing loan amount. To find out if you are eligible, please get in touch with us today.
If you would like pre-close your personal loan account, you would need the below documents:
You can take our personal loan for a variety of reasons.