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IDBI Bank Personal Loan Closure

IDBI Bank Foreclosure Charges

Last Updated 14th Jun 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 Allowed at 2% of the outstanding loan amount + applicable taxes
Foreclosure fee Allowed Allowed at Nil prepayment charges
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IDBI Bank Personal Loan Pre-Closure

Foreclosure of IDBI 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.IDBI Bank allows part payment of personal loan after 1 Month at Nil prepayment charges

Steps of IDBI Bank personal loan pre closure 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 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.

IDBI Bank Personal Loan Part-Payment

Apart from foreclosing of 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

Fee and Charges of IDBI Bank Personal Loan Closure

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

Part Payment Fee Allowed Allowed at 2% of the outstanding loan amount + applicable taxes
Foreclosure fee Allowed Allowed at Nil prepayment charges

IDBI Bank Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. IDBI 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 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 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 IDBI Bank Personal loan part payment. To reduce the interest burden, borrowers opt for foreclosure or part payment of the loan.

Required Documents for IDBI 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 IDBI 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. 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 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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IDBI Personal Loan News - Jun 2021
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    IDBI Bank launched its fully digitised loan processing system. This will offer over 50 products to MSME and the agriculture sector. The Loan Processing System for MSME and Agri products seamlessly integrate with data fintech, bureau validations, document storage, account management and customer notifications.
  • 2021-01-15 : IDBI Bank reported Rs 378-crore profit
    IDBI Bank posted a net profit of Rs 378 crore for the December quarter. The loans which includes home, LAP, personal, car, two-wheeler, gold, education and doctor loan along with business and mudra loans fell 7% to Rs 1.6 lakh crore (y-o-y) in December 2020. The bank’s total deposits which includes fixed and recurring deposits rose 2.85% y-o-y to Rs 2.24 lakh crore at the end of December 2020. In addition to this, CASA improved to 48.97% as on December 31, 2020.
  • 2020-10-20 : IDBI Bank launched banking services on WhatsApp
    IDBI Bank launched the banking service on WhatsApp. WhatsApp Banking service will be offered through a dedicated WhatsApp verified number. The bank customers will be able to avail various essential banking services such as account balance information, last five transactions, request for a cheque book and an email statement through newly launched WhatsApp banking services. Further, the details of the nearest IDBI Bank branches or ATMs will also be available via WhatsApp.
  • 2020-09-29 : IDBI Bank becomes the first bank to enable document embedding feature on SFMS
    IDBI Bank has become the first Bank to enable document embedding feature on a structured financial messaging system managed by IFTAS. The new feature will ease the current process of manual verification, reconciliation, reduce frauds, and enable documentary evidence for all the parties involved in the transaction
  • 2020-07-28 : IDBI Bank reported Q1 net profit of ₹144 crore
    IDBI Bank reported Rs 144 crore net profit for June quarter on account of a reversal of Rs 1335 crore of bad loan provisioning. It is IDBI second successive net profit after 13 consecutive quarters of loss. CASA increased to ₹ 1,04,315 crore and cost of deposit which includes fixed and recurring deposits improved by 64 bps to 4.65%. In addition to this, NII bolstered by home, personal, gold, car and two-wheeler loan along with business and mudra loans stood at ₹ 1,773 crores.
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