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Closing an Allahabad bank is simple and it is a step by step procedure. Once you have decided to close your Allahabad Bank Personal Loan, the primary step is to visit the branch from where your loan was approved and provided to you. You can pay either by cash, cheque or demand draft the rest of the amount that is outstanding in order to close your loan. Allahabad bank also provides net banking facility and you must have savings account to pay via net banking.
Procedure for Closing an Allahabad Bank Personal Loan Account
- You have to visit the Allahabad bank’s concerned branch and obtain the Personal Loan closing form and fill up the necessary details.
- Attach a letter by communicating to the bank that you want to close the personal loan with your signature.
Things to keep in mind before Pre-closing an Allahabad Bank Personal Loan Account
- You have to clear all the outstanding dues from your side, prior to the processing related to closing your Personal Loan.
- You have to Cross check for the amount that is yet to be paid
- Request for a foreclosure once you have checked for all the dues that are pending
- Allahabad charges 2% on the Outstanding Balance of your personal Loan for prepayment.
- In the initial stage, you have to take an acknowledgement from the bank after submitting the number of documents related to loan closure.
Mistakes that you could avoid while closing an Allahabad Bank Personal Loan
There is confusion among the borrowers regarding interest amount that has to be paid, in case you are closing your personal loan in mid-term related to repayment cycle of every month. To clear all confusions you have to check with the bank and pay the related amount as specified by the Allahabad Bank.
If you have moved to a different state in India and want to avoid any inconvenience or delay in receiving documents back from Allahabad Bank, you have to mention the present existing address.
Precautions to be taken while closing your Allahabad Bank Personal Loan
- For closing your personal loan, you have to clearly mention in the subject as Closure of Allahabad Bank Personal Loan & Loan #……….in the letter to the bank
- Apart from mentioning your Loan account number, you also should mention your CIF number.
Sample letter for Allahabad Bank Personal Loan Closure
The Bank Manager,
Address of the Allahabad Bank’s Branch (From the branch where you had taken the loan)
Subject – Closure of Allahabad Bank Personal Loan & Loan #……….
I want to inform you that I am willing to close my Allahabad Bank Personal Loan bearing account #. Furthermore, I hereby request you to kindly close this loan account. Following are the details for your reference.
Contact Number #
Date of Loan taken
You can contact me on my mobile phone number for any queries related to this loan account.
Sample Letter 2 for Allahabad Bank Loan Personal Loan Closure
Complete address of the bank’s Branch (From where you have applied and taken the loan)
Subject – Closure of Allahabad Bank Personal Loan
I am (Your name) bearing Personal Loan# of Allahabad Personal Loan and I want to close my Loan at the earliest. After closing my account online or offline I request you to kindly send me the documents and acknowledgement that I had provided to the Allahabad Bank in the process of getting an approval for my Personal Loan. Furthermore I request you to send me the NOC (No Object Certificate) after the successful closure of my Personal Loan.
Following are my contact details.
Your Full Name
Your email Id
Your Phone Number
Thanking you for your kind help and guidance.
Allahabad Bank Personal Loan Closure FAQ’s:
1. When does tenure get completed?
The time period related to the existence of Personal Loan is known as Loan Tenure. The loan tenure is said to be completed either when the last EMI is made or on the date of closing the loan.
2. What is pre-closure process and what are the pre-closure charges?
Allahabad Bank charges 2% on loan amount that is outstanding as foreclosure or pre-closure charges. Pre-Closure process includes, on a single go, paying off the entire amount that is outstanding as per the bank policies and procedures.
3. When does Allahabad bank allow foreclosing of Personal Loan?
Allahabad Bank allows foreclosing on the loan after the payment of minimum 12 instalments.
4. How are the charges related to Prepayment for the Personal Loan calculated?
Based on the amount related to the personal loan that is outstanding, the personal loan charges are calculated.
5. Does Allahabad Bank allow Part Pre-payment for Personal Loans?
No, for closing personal loans part-prepayment is not allowed. Apart from paying through EMIs for a specific period of time, you can opt either full payment or prepayment since part pre-payment is not allowed.
6. What is the difference between part-prepayment and pre-closure of an individual’s personal loan?
Part payment of a personal loan means that the borrower wants to repay only a certain part to the loan amount that is outstanding while pre-closure of a personal loan reflects that the borrower wants to close by paying the full amount of the loan at once.
7. For closing Allahabad, Personal Loan are there any hidden charges?
For closing Personal Loan related to Allahabad Bank, there are no hidden charges. In fact, the process related to loan closure is simple and clear.
8. How do I get my NOC for my Allahabad Personal Loan Closure?
Once you complete all the procedures and formalities of closing your Allahabad Personal Loan, your NOC (No Objection Certificate) will be sent to your address through mail.
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