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PNB Personal Loan Closure

PNB Foreclosure Charges

Last Updated 06th Dec 2021

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

You can avail foreclosure of PNB 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.PNB allows part payment of personal loan after 0 Month at Nil prepayment charges

Steps of PNB personal loan preclosure are as follow:

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

PNB Personal Loan Part-Payment

Apart from foreclosing PNB Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. PNB allows part payment after 0 Month at Nil prepayment charges

Fees and Charges of PNB Personal Loan Closure

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

  • Part payment is Allowed at Nil prepayment charges
  • Foreclosure is Allowed at Nil prepayment charges

PNB 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 PNB Personal loan are as follow:

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

Required Documents for PNB Personal Loan Closure

The documents required for Personal loan foreclosure from PNB 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 PNB.

Check Prepayment Charges of Other Banks

FAQs

What is the PNB 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. PNB allows part payment of personal loan after 0 Month at Nil prepayment charges.

Can we close personal loans online for PNB?

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

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

Does foreclosure of PNB personal loan affect CIBIL?

Foreclosure of PNB 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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PNB Personal Loan News - Dec 2021
  • 2021-12-06 : Punjab Bank Introduces New App for Disabled
    PNB has launched a new Andriod-based App, PNB Pride- CRMD Module Tool, to help differently-abled employees. The app will aid Special Mention Account Borrowers for banking services.
  • 2021-11-09 : PNB Increases Personal Loan Rates
    Punjab National Bank has revised personal loan rates by 25 points basis, and as a result, the lowest personal loan rates start at 8.90%.
  • 2021-10-28 : Punjab National Bank Profit Jumps To 78 percent
    Punjab National Bank (PNB) has posted a profit of 78 percent in net profit at Rs 1,105 crore for the second quarter ended September 30, 2021. Last year, the lender posted a net profit of Rs 620.81 crore during the corresponding quarter a year ago.
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-09-24 : PNB Reduces Personal Lending Rates
    Punjab National Bank has decreased the personal loan rates by 25 points basis. The new personal loan rate now stands at 8.70%.
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