Canara Bank Personal Loan 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.

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 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

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.

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.

✅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.