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Muthoot Fincorp Ltd. Personal Loan Closure

Muthoot Foreclosure Charges

Last Updated 29th Sep 2021

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

You can avail foreclosure of Muthoot 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.Muthootdoes not provide the facility of part payment

Steps of Muthoot personal loan preclosure are as follow:

  • Visit the Muthoot branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Muthoot.
  • Pay the outstanding loan amount as well as the Muthoot 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.

Muthoot Personal Loan Part-Payment

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

Fees and Charges of Muthoot Personal Loan Closure

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

  • Part payment is Not Allowed
  • Foreclosure is Not Allowed

Muthoot 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 Muthoot Personal loan are as follow:

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

Required Documents for Muthoot Personal Loan Closure

The documents required for Personal loan foreclosure from Muthoot 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 Muthoot.

Check Prepayment Charges of Other Banks

FAQs

What is the Muthoot 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. Muthoot does not provide the facility of part payment.

Can we close personal loans online for Muthoot?

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

  • Visit the nearest Muthoot 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 Muthoot will give the acknowledgement letter and NOC.

Does foreclosure of Muthoot personal loan affect CIBIL?

Foreclosure of Muthoot 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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Muthoot Fincorp Ltd. Personal Loan News - Nov 2021
  • 2021-03-24 : CRISIL upgrades rating of Muthoot FinCorp
    CRISIL upgraded its rating of Muthoot FinCorp from ‘A’ (Stable) to ‘A+ (Stable)’. The rating upgrade by CRISIL will help the NBFC in strengthening the confidence of the lenders and retail investors.
  • 2021-01-25 : Muthoot Finance Shopping Dhamaka benefited retailers
    Shopping Dhamaka, launched by Muthoot Finance, benefited more than 25,000 retailers in Kerala. Muthoot Finance has been organising this campaign to help small retailers impacted due to COVID 19. Shopping Dhamaka includes tailor made loan schemes, advisory services, and demand generation programmes such as digital market training.
*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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