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IDBI Personal Loan Closure

IDBI Bank Foreclosure Charges

Last Updated 15th Nov 2021

  • IDBI 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 IDBI Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the IDBI 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 2% of the outstanding loan amount + applicable taxes
Foreclosure Fee Allowed After 1 Month at Nil prepayment charges
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IDBI Bank Personal Loan Pre-Closure

You can avail foreclosure of IDBI 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.IDBI Bank allows part payment of personal loan after 1 Month at Nil prepayment charges

Steps of IDBI Bank personal loan preclosure are as follow:

  • Visit the IDBI Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the IDBI Bank.
  • Pay the outstanding loan amount as well as the IDBI 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.

IDBI Bank Personal Loan Part-Payment

Apart from foreclosing IDBI Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. IDBI Bank allows part payment after 1 Month at 2% of the outstanding loan amount + applicable taxes

Fees and Charges of IDBI Bank Personal Loan Closure

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

  • Part payment is Allowed at 2% of the outstanding loan amount + applicable taxes after 1 Month
  • Foreclosure is Allowed at Nil prepayment charges after 1 Month

IDBI 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 IDBI Bank Personal loan are as follow:

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

Required Documents for IDBI Bank Personal Loan Closure

The documents required for Personal loan foreclosure from IDBI 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 IDBI Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the IDBI 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. IDBI Bank allows part payment of personal loan after 1 Month at 2% of the outstanding loan amount + applicable taxes.

Can we close personal loans online for IDBI Bank?

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

  • Visit the nearest IDBI 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 IDBI Bank will give the acknowledgement letter and NOC.

Does foreclosure of IDBI Bank personal loan affect CIBIL?

Foreclosure of IDBI 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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IDBI Personal Loan News - Dec 2021
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