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ICICI Bank Personal Loan Closure

ICICI Bank Foreclosure Charges

Last Updated 08th Jun 2021

  • ICICI 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 ICICI Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the ICICI 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 Not Allowed Nil
Foreclosure fee Allowed Allowed at 5%
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ICICI Bank Personal Loan Pre-Closure

Foreclosure of ICICI 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.ICICI Bank allows part payment of personal loan after 6 Months at 5%

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

  • Visit the ICICI Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the ICICI 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.

ICICI Bank Personal Loan Part-Payment

Apart from foreclosing of ICICI Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. ICICI Bank does not provide the facility of part payment.

Fee and Charges of ICICI Bank Personal Loan Closure

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

Part Payment Fee Not Allowed Nil
Foreclosure fee Allowed Allowed at 5%

ICICI Bank Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. ICICI 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 ICICI Bank Personal loan are as follow:

  • Pay the last instalment of the ICICI 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 ICICI 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 ICICI Bank Personal loan part payment. To reduce the interest burden, borrowers opt for foreclosure or part payment of the loan.

Required Documents for ICICI 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 ICICI 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. ICICI Bank does not provide the facility of part payment.

Can we close personal loans online for ICICI Bank?

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

  • Visit the nearest ICICI 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 ICICI 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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