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