When can I foreclose the loan? What is the procedure for full prepayment?

Following are the procedures:

  • We do not allow prepayments for a period of 12 months from the date of your first EMI. 3 days foreclosure intimation period is mandatory.
  • You need to inform us on our helpline number 1860 266 2666 (Local call rates applicable) 9:00 AM to 6:00 PM from Monday to Saturday (excluding holidays) about your request for full prepayment.
  • Once your intimation period is complete, the foreclosure statement of your loan will be issued to you from our end.
  • You need to submit the full prepayment amount via NEFT/RTGS or submit cheque by visiting any bank branch at least 7 working days before the next personal loan instalment date
  • Once your foreclosure is cleared your loan closure will happen in the banks records.
  • We will send the No Due Certificate (NDC) to your registered email id within 2-3 working days post termination of your loan account
  • For Loans disbursed on or before Feb’20, Pre-closure charges are:
  • 5% + GST on principal outstanding after lock-in period for 12 months
  • For Loans disbursed after Feb’20, Pre-closure charges are
    • After 1st year : 5% + GST on principal outstanding
    • After 2nd year : 4% + GST on principal outstanding
    • After 3rd year : 3% + GST on principal outstanding
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