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IIFL Personal Loan Closure

IIFL Foreclosure Charges

Last Updated 09th Jun 2021

  • IIFL 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 IIFL Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the IIFL 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 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST
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IIFL Personal Loan Pre-Closure

Foreclosure of IIFL 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.IIFL allows part payment of personal loan after 6 Months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST

Steps of IIFL personal loan pre closure are as follow:

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

IIFL Personal Loan Part-Payment

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

Fee and Charges of IIFL Personal Loan Closure

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

Part Payment Fee Not Allowed Nil
Foreclosure fee Allowed Allowed at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST

IIFL Personal Loan Regular Closure

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

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

Required Documents for IIFL 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 IIFL.

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. IIFL does not provide the facility of part payment.

Can we close personal loans online for IIFL?

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

  • Visit the nearest IIFL 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 IIFL 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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