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If you take a personal loan from Citibank, your loan will get approved very soon. The loan amount usually gets disbursed within a short span of time. If you are willing to pre- close your Citibank Personal loan, you need to primarily pay the prepayment charges that are applicable. Usually the prepayment charges are mentioned in the loan agreement while the loan applicant has applied for a loan.
How to Close Citibank Personal Loan through Creditseva
Creditseva will guide you in maintaining a good CIBIL Score throughout, and with Creditseva’s DIY tools and apps you can not only close your loans easily and a hassle free manner, but also get eligible for new loans.
Points To Be Kept in Mind While Closing a Citibank Personal Loan
If an individual is planning to close a Citibank personal loan, the following are the steps that should be kept in mind. By keeping in mind these points, you will be able to save a lot of time.
- Keep Your Personal Loan Account Easily Available With You: It is necessary to keep your personal loan account number with you handy and ready for reference.
- Documents to Be Taken Along: You should maintain with you always few important documents. These documents include Loan Account Number, DD for the purpose of Pre-Closing the Personal Loan and Your ID Proof.
- Acknowledgement Receipt: You have to provide a cheque or DD for the personal loans pre closure. You also need to be sure of collecting the acknowledgement receipt.
- Quote for The Closure: You need to the lender particularly about the charges that you need to pay for the pre-closure. You should call the customer care and check for the amount that you need to pay for pre-closing the personal loan.
- You will have to make note of this fact that you will receive the confirmation for pre-closure in 15 days.
Steps for Closing Citibank Personal Loan
Before you close your Citibank personal loan, you should check for all the terms and conditions that have been written in the loan agreement. By doing this you can stay alert and avoid the mistakes that could happen with you while you are in the process of closing your personal loan. The important steps that should be considered while closing a personal loan are listed below.
1. The first and foremost step to be taken is to call the bank’s customer care number. You can also go to the bank personally and ask about the procedure that should be followed while you are planning to close your Citibank personal loan.
2. In the second step, the borrower will have to verify as to which bank of the bank has to be approached for the closure.
3. In the third step, the borrower has to ask the bank about the exact charges that are to be paid towards the penalty of closing the personal loan.
4. The following are the important documents that have to be kept ready with the borrower always.
- ID Proof and its Xerox Copy
- Amount of loan amount that is to be paid.
5. Your personal loan closure date should also be kept in mind.
6. Eventually you need to see to it that you have received your receipt that acknowledges your loan closure.
Citibank Personal Loan Closure FAQ’s:
1. Can I pre-pay the Citibank Personal Loan?
Yes. An individual can prepay the Citibank personal loan. There are two options for it
- Full Prepayment
- Partial Prepayment
2. When is the prepayment allowed for Citibank Personal Loan?
The Prepayment of Citibank personal loan can be done 1 year after the booking. This applies to the loans that have been booked on or after October 1, 2015.
3. What are the pre-closure charges of Citibank Personal Loan?
Pre-closure charges of a Citibank personal loan are charged at the rate of 3% on total principal outstanding.
4. How will I receive the Statement of Foreclosure?
You will receive the Statement of Foreclosure by an email at the email address that you had provided while applying for the loan. It will be sent to you after 3 days of requesting for it.
5. How is the foreclose amount of a loan calculated?
The amount of a loan that is remaining and is paid in a single payment is known as the foreclosure amount of a loan. It is calculated by considering the number of EMIs that have been already paid and the month when the borrower has requested the foreclosure.
6. When can the prepayment of the Citibank Personal Loan be done?
Citibank Personal Loan can be done after zero EMIs.
Personal Loan Closure By Banks
- How to Close Personal Loan
- Axis Bank Personal Loan Closure
- Andhra Bank Personal Loan Closure
- HDFC Bank Personal Loan Closure
- ICICI Bank Personal Loan Closure
- SBI Personal Loan Closure
- Citibank Personal Loan Closure
- Bank of Baroda Personal Loan Closure
- Capital First Personal Loan Closure
- Allahabad Bank Personal Loan Closure
- Fullerton Personal Loan Closure
- IDBI Bank Personal Loan Closure
- IndusInd Bank Personal Loan Closure
- Standard Chartered Bank Personal Loan Closure
- Tata Capital Personal Loan Closure
- Union Bank Personal Loan Closure
- Bajaj Finserv Personal Loan Closure
- Kotak Bank Personal Loan Closure
- Yes Bank Personal Loan Closure
- SBH Personal Loan Closure
- HSBC Personal Loan Closure
- Oriental Bank Personal Loan Closure
- RBL Bank Personal Loan Closure
- PNB Personal Loan Closure
- J&K Bank Personal Loan Closure
- IOB Personal Loan Closure
- Karur Vysya Bank Personal Loan Closure