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Canara Bank Personal Loan Closure

Canara Bank Foreclosure Charges

Last Updated 15th Nov 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 After 1 Month at
Foreclosure Fee Allowed After 1 Month at Nil prepayment charges
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Canara Bank Personal Loan Pre-Closure

You can avail foreclosure of Canara Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you 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 preclosure 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 Canara Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Canara Bank Personal Loan Part-Payment

Apart from foreclosing 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 of Canara Bank Personal Loan Closure

Fees and charges associated with preclosure of Canara Bank Personal Loan are listed as follows:

  • Part payment is Allowed at after 1 Month
  • Foreclosure is Allowed at Nil prepayment charges after 1 Month

Canara Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing 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 you have 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, you can opt for Canara Bank foreclosure or part payment of the loan.

Required Documents for Canara Bank Personal Loan Closure

The documents required for Personal loan foreclosure from Canara Bank 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 and payment receipts from Canara Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the Canara Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. 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 Canara Bank personal loan affect CIBIL?

Foreclosure of Canara Bank personal loan 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 - Nov 2021
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 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.
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