Muthoot Fincorp Ltd. Personal Loan 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.

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

• Part payment is Not Allowed
• Foreclosure is Not Allowed

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.

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.

✅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.