Personal loan: Whenever sudden finance is required, a personal loan is useful in such a case. There are many such tasks such as medical expenses, education expenses or any other other way to fulfill the sudden expenses. But when it comes to closing it, the process may seem a bit confused. Don’t worry! Closing the personal loan offline is the same in most banks, just some terms and conditions may be different.
Step-by-step process to close personal loan offline
1. How much is the outstanding amount
First of all, you should find out what is the outstanding amount of your personal loan. You can go to the bank branch and get information about this. Along with this, also get this information how much fee you will have to pay for closing the personal loan ahead of time.
2. How to close Personal Loan
Do you want to pay a personal loan before the entire duration of the loan ends or to close the loan by regularly paying all EMIs? You should get information from the bank about whatever option you are choosing. Like pre closure fee etc.
3. Submit application form
To close your personal loan account, you have to get an application from the bank. In this application form, information about account number, name, closure, etc. will have to be given. If you are adopting the option of foreclosure, then you have to give information about the medium of payment – bank transfer, cash or check, information.
4. Payment of full dues
In case of foreclosure, the bank will give you information about the outstanding amount, which will include interest and other fees. Which you will have to pay through demand draft cash check or RTGS/ANFT.
If you want to close the account of personal loan regularly, then for this you make sure that all your EMIs have been paid on time. Do not forget to take payment receipts to avoid future problems.