Canara Bank Personal Loan 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.

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

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

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.

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.

✅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.