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Union Bank Personal Loan Closure

Union Bank of India Foreclosure Charges

Last Updated 06th Dec 2021

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

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

Steps of Union Bank of India personal loan preclosure are as follow:

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

Union Bank of India Personal Loan Part-Payment

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

Fees and Charges of Union Bank of India Personal Loan Closure

Fees and charges associated with preclosure of Union Bank of India Personal Loan are listed as follows:

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

Union Bank of India 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 Union Bank of India Personal loan are as follow:

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

Required Documents for Union Bank of India Personal Loan Closure

The documents required for Personal loan foreclosure from Union Bank of India 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 Union Bank of India.

Check Prepayment Charges of Other Banks

FAQs

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

Can we close personal loans online for Union Bank of India?

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

  • Visit the nearest Union Bank of India 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 Union Bank of India will give the acknowledgement letter and NOC.

Does foreclosure of Union Bank of India personal loan affect CIBIL?

Foreclosure of Union Bank of India 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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