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Karur Vysya Bank Personal Loan Closure

Karur Vysya Bank Foreclosure Charges

Last Updated 02nd Jun 2021

  • Karur Vysya 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 Karur Vysya Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Karur Vysya 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 Not Allowed Nil
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Karur Vysya Bank Personal Loan Pre-Closure

Foreclosure of Karur Vysya 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.Karur Vysya Bankdoes not provide the facility of part payment

Steps of Karur Vysya Bank personal loan pre closure are as follow:

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

Karur Vysya Bank Personal Loan Part-Payment

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

Fee and Charges of Karur Vysya Bank Personal Loan Closure

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

Part Payment Fee Not Allowed Nil
Foreclosure fee Not Allowed Nil

Karur Vysya Bank Personal Loan Regular Closure

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

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

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

Can we close personal loans online for Karur Vysya Bank?

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

  • Visit the nearest Karur Vysya 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 Karur Vysya 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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Karur Vysya Personal Loan News - Jun 2021
  • 2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
    Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.
  • 2020-07-30 : Karur Vysya Bank reported a net profit of Rs. 105.50 crore
    Karur Vysya Bank reported a 45% increase in net profit at Rs 105.50 crore in the first quarter ended June. The company has reported total income bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans of Rs.1693.23 crores during the period ended June 30, 2020, as compared to Rs.1803.15 crores during the period ended March 31, 2020.
  • 2018-07-25 : Karur Vyasa Bank reports Q1 result, net profit slumps 69%
    Karur Vyasa Bank reports 69% decline in net profit at Rs 45.9 crore against Rs 148 crore a year ago. Net Non-Performing Asset (NPA) grew by 4.50% against 2.85% the previous year. Meanwhile, the net interest income was up 583.9 crores compared to 538.6 crores previous year.
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