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IndusInd Bank Personal Loan Closure

IndusInd Bank Foreclosure Charges

Last Updated 23rd Jun 2021

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  • IndusInd 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 IndusInd Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the IndusInd 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 4%
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IndusInd Bank Personal Loan Pre-Closure

Foreclosure of IndusInd 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.IndusInd Bank allows part payment of personal loan after 12 Months at 4%

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

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

IndusInd Bank Personal Loan Part-Payment

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

Fee and Charges of IndusInd Bank Personal Loan Closure

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

Part Payment Fee Not Allowed Nil
Foreclosure fee Allowed Allowed at 4%

IndusInd Bank Personal Loan Regular Closure

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

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

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

Can we close personal loans online for IndusInd Bank?

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

  • Visit the nearest IndusInd 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 IndusInd 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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IndusInd Bank Personal Loan News - Jun 2021
  • 2021-02-26 : IndusInd Bank to grow loan book by 15-18%
    IndusInd Bank is expecting to grow its loan portfolio by 15-18% year-on-year for the next two financial years under its fifth planning cycle.The Bank’s year-on-year growth in advances which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan was flat at Rs 2.07 trillion until December 2020. Its deposits which include fixed and recurring deposits, grew by 10% to Rs 2.39 trillion.
  • 2020-07-29 : IndusInd Bank reported a Q1 profit before tax of Rs 602.45 crore
    IndusInd Bank registered a 67.8% fall in Q1FY21 net profit on the back of a five-fold increase in provisions for bad loans. Net interest income backed by a home, personal, gold, car and two-wheeler loans along with business and mudra loans grew by 16.4% year-on-year to Rs 3,309.2 crore in the quarter ended June 2020. Further, the gross bad asset ratio spiked to 2.53 per cent from 2.45 per cent in the March quarter and 2.15 per cent in the June quarter last year.
  • 2020-06-09 : IndusInd Bank profits dip
    IndusInd Bank reported profits of ₹301.84 crores for the three months to March, down 16% on a year-on-year (y-o-y) basis, owing to rise in provisions. Its net interest income stood at ₹3,231.19 crores which were aided by a home, personal, gold, car and two-wheeler loans along with business and mudra loans grew by 44.74% from the same period last year.
  • 2020-04-28 : IndusInd Bank reported a Q4 profit of Rs. 301.84 crore
    Private sector lender IndusInd Bank registered a Q4 profit of ₹301.84 crores against ₹360.10 crores a year ago. In addition to this, the bank’s standalone net profit for 2019- 2020 surged by 33.8% backed by retail loans like home and personal loan along with business loan to ₹4,417.91 crores against ₹3,301 crores in 2018-19.
  • 2019-06-26 : Indusind Bank revises MCLR by 10 bps
    Indusind Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across all loan tenure for June. The move is supposed to make customer loans like personal loans and mortgage loans cheaper. For overnight, the rate has been revised to 9.20% from 9.30% earlier. For one-month tenor, the MCLR now stands at 9.25% which is also down by 10 bps from the earlier rate of 9.35%. While for six-month tenor, the new MCLR stands at 9.70% from 9.80%. The revised rates are effective from June 22, 2019.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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