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PNB Personal Loan Closure

PNB Foreclosure Charges

Last Updated 11th Jun 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 Allowed at Nil prepayment charges
Foreclosure fee Allowed Allowed at Nil prepayment charges
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PNB Personal Loan Pre-Closure

Foreclosure of PNB 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.PNB allows part payment of personal loan after 0 Month at Nil prepayment charges

Steps of PNB personal loan pre closure 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 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.

PNB Personal Loan Part-Payment

Apart from foreclosing of 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

Fee and Charges of PNB Personal Loan Closure

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

Part Payment Fee Allowed Allowed at Nil prepayment charges
Foreclosure fee Allowed Allowed at Nil prepayment charges

PNB Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. PNB 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 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 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 PNB Personal loan part payment. To reduce the interest burden, borrowers opt for foreclosure or part payment of the loan.

Required Documents for PNB 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 PNB.

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. 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 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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PNB Personal Loan News - Jun 2021
  • 2021-02-08 : PNB reported net profit of 506 crores
    PNB posted an 18.5% year-on-year decline in its net profit to Rs 506 crore for the quarter ended December. Further, the bank reported net interest income on the back of retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans at Rs 8,313 crore.
  • 2020-12-29 : PNB completes IT integration of all branches of two merged entities
    Punjab National Bank clarified that the customers of the former OBC Bank are now migrated to CBS of PNB wherein they can transact seamlessly via existing branches and digital banking channels like internet banking and mobile banking. The amalgamation of PNB, United Bank of India and OBC has come into effect from April 1, this year. The merger created the second-largest nationalized bank in terms of business and total branches.
  • 2020-11-03 : PNB reported an 18% decline in Q2 net profit
    PNB posted a 22% increase in net profit to Rs 621 crore in the second quarter against Rs 507 crore in the year-ago period. Bank net interest income rose to Rs 8,393 crore and the bank’s net interest margin improved to 3.21% for the quarter ended September. Further, PNB’s total income backed by retail loans like home, personal, gold, two-wheeler and car loans along with mudra and business loans stood at Rs 23,439.
  • 2020-08-25 : PNB to offer one-time loan restructuring option
    Punjab National Bank is planning to provide a one-time loan restructuring window to corporate and retail loans like home, personal, gold, two-wheeler, car, along with business and mudra loans. The plan is to assist customers whose income has decreased due to COVID-19 pandemic and subsequent lockdown.
  • 2020-08-24 : PNB Q1FY21 net profit at Rs. 475.19 crore
    Punjab National Bank posted a net profit of Rs.475.19 crores for the period ended June 30, 2020, as against a net loss of Rs.596.99 crores for the period ended March 31, 2020. In addition to this, the bank reported total income of Rs.24727.72 aided by retail loans like home, personal, car, two-wheeler and gold loan along with business and mudra loans.
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