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Canara Bank Personal Loan Closure

Canara Bank Foreclosure Charges

Last Updated 09th Jun 2021

  • Canara Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Canara Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Canara Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed Allowed at
Foreclosure fee Allowed Allowed at Nil prepayment charges
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Canara Bank Personal Loan Pre-Closure

Foreclosure of Canara Bank personal loan refers to a situation where the borrower pays back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, the borrower will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Canara Bank allows part payment of personal loan after 1 Month at Nil prepayment charges

Steps of Canara Bank personal loan pre closure are as follow:

  • Visit the Canara Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Canara Bank.
  • Pay the outstanding loan amount as well as the foreclosure charges of the bank.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that the borrower has paid the loan amount and there are no further outstanding dues left.

Canara Bank Personal Loan Part-Payment

Apart from foreclosing of Canara Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Canara Bank allows part payment after 1 Month at

Fee and Charges of Canara Bank Personal Loan Closure

Fees and charges associated with personal loan closure for Canara Bank Personal Loan are listed in the table below:

Part Payment Fee Allowed Allowed at
Foreclosure fee Allowed Allowed at Nil prepayment charges

Canara Bank Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. Canara Bank Personal loan Pre-closure is the situation where the borrower repays the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for the Pre-closure of Canara Bank Personal loan are as follow:

  • Pay the last instalment of the Canara Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Canara Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that the borrower has paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Canara Bank Personal loan part payment. To reduce the interest burden, borrowers opt for foreclosure or part payment of the loan.

Required Documents for Canara Bank Personal Loan Closure

The documents required for Personal loan closure are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates, payment receipts from Canara Bank.

FAQs

What is the pre-closure fee for personal loan?

Pre-closure fee or foreclosure charges is a penalty levied on a borrower when he prepays the personal loan before the end of the tenure. Pre-closure helps the borrower in reducing the interest burden. Canara Bank allows part payment of personal loan after 1 Month at .

Can we close personal loans online for Canara Bank?

No, you cannot close the personal loans online for Canara Bank. Individuals are required to visit the Canara Bank Branch to close the personal loan.Below are the steps to close the Canara Bank personal loan:

  • Visit the nearest Canara Bank branch.
  • Carry necessary documents like identity proof, address proof,and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Canara Bank will give the acknowledgement letter and NOC.

Does foreclosure of loan affect CIBIL?

Foreclosure may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.


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Canara Bank Personal Loan News - Jun 2021
  • 2021-06-09 : Canara Bank announces personal loan scheme
    Under the ‘Canara Suraksha personal loan scheme’, the bank is offering loans from ₹25,000 to ₹5 lakh to financially assist the customers for covid-related treatment. The moratorium is of six months and the scheme will be valid till September 30, 2021.
  • 2021-06-09 : Healthcare credit facility announced by Canara Bank
    Under the ‘Canara Chikitsa healthcare credit facility’, Canara bank will offer loans from ₹10 lakh to ₹50 crores to all the units engaged in servicing the healthcare. Valid till March 31, 2022, the loan will be available at concessional rates with a tenure of upto 10 years
  • 2021-05-28 : Canara Bank launched three loan schemes amid the fight against COVID-19
    Canara Bank launched three loan schemes as part of the fight against the pandemic. The bank will offer healthcare credit, business and personal loan to individuals. The credit will be offered at concessional rates.
  • 2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
    Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
  • 2020-09-21 : Canara Bank launched i-Lead 2.0 to boost customer services
    Canara Bank has launched the lead management system (LMS) – i-Lead 2.0 (Inspiring Leads System version 2.0). The system has been launched to provide its services to customers irrespective of where they reside. Through this, customers can enquire by using internet banking, mobile banking, call centre, SMS and missed call. This initiative is being introduced with an aim of building and sustaining business relationships with both new customers to bank and existing customers to the bank.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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