Overview

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.

Types of Personal Loan Closures

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:

1. Pre-closure

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.

2. Regular Closure

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.

3. Loan Extension

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.

4. Top-up Loan

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.

Requirements for Personal Loan Closure

If you would like pre-close your personal loan account, you would need the below documents:

  • Documents related to the loan.
  • Identity and Address Proof such as Aadhar Card, Voter ID, Passport, etc.
  • Statements of loans that are displaying the EMIs that have been paid to date.
  • Demand draft or Cheque for the outstanding balance.

How to Close your Personal Loan Account?

  • Inform us once you have repaid the entire loan amount.
  • Before closing your loan account, we will check your identity proof and loan account number, so carry it with you along with a cheque.
  • Your loan account will get closed automatically, and you will receive a NOC from Fullerton India that will act as the testimony of closure.

Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Higher Studies

Exotic Vacations

Hobbies

 

Related Questions

Here are some articles which could help you understand us and our products better. Do share your comments and let us know what you think!

   
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