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IndusInd Bank Personal Loan Closure

IndusInd Bank Foreclosure Charges

Last Updated 24th Nov 2021

  • 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 After 12 Months at 4%
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IndusInd Bank Personal Loan Pre-Closure

You can avail foreclosure of IndusInd 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.IndusInd Bank allows part payment of personal loan after 12 Months at 4%

Steps of IndusInd Bank personal loan preclosure 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 IndusInd 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.

IndusInd Bank Personal Loan Part-Payment

Apart from foreclosing 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.

Fees and Charges of IndusInd Bank Personal Loan Closure

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

  • Part payment is Not Allowed
  • Foreclosure is Allowed at 4% after 12 Months

IndusInd 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 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 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 IndusInd Bank Personal loan part payment. To reduce the interest burden, you can opt for IndusInd Bank foreclosure or part payment of the loan.

Required Documents for IndusInd Bank Personal Loan Closure

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

Check Prepayment Charges of Other Banks

FAQs

What is the IndusInd 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. 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 IndusInd Bank personal loan affect CIBIL?

Foreclosure of IndusInd 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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IndusInd Bank Personal Loan News - Nov 2021
  • 2021-10-05 : IndusInd Bank Advances Grow by 10% Y-O-Y
    IndusInd Bank has posted a growth in advances by 10% on a Y-O-Y basis. Retail Deposits and Deposits from Small Business Customers amounted to Rs 1,11,749 crore as of 30 September 2021 as compared to Rs 1,05,737 crore as of 30 June 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.
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