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An ICICI Bank Personal Loan is granted without asking for a guarantor or a security as collateral. There are very few documents that are needed to be submitted while applying for this loan.
How to Close ICICI Bank Personal Loan through Creditseva
The best thing to do is to pre-pay the complete amount before the completion of the loan tenure, so that you are able to utilise the benefits and end up paying less interest. The simplest process to close an ICICI Personal Loan account is by taking up the Credit advisory services of Creditseva and stays creditworthy.
Creditseva will guide you in properly closing your ICICI Personal Loan Account. For closing your personal loan, you just need to sign up, fill in your basic details and receive detailed as well as holistic insights of your credit-related data and thus close your personal loan account within no time. With Creditseva’s tools, you can maintain, improve your credit score in an easy and simple manner.
Procedure for closing an ICICI Personal Loan
You will be able to prepay the entire outstanding loan after the payment of 6 instalments.
For the purpose of prepaying your Personal Loan account, you should visit the ICICI Bank’s Loan Asset Department Branch.
Documents Required for Closing an ICICI Personal Loan
You have to carry with you the following documents to complete the process.
1. You need to carry the bank statement as it will depict that you have paid the last EMI.
2. The loan request letter that you will present to the bank should have a signature of the loan applicant.
3. It is important to collect the statement of Pre-payment from the ICICI Bank.
4. You can make the Prepayment either through cheque, cash or demand draft
5. In case you are not able to personally go to the ICICI bank for the personal loan closure, you can ask someone to represent you on your behalf. In such a scenario, you need to be ready with the following documents.
- A letter of Authorization from You
- Your Identity Proof (Example: PAN Card, Aadhar Card, Driving License or Passport)
Basic Precautions to be taken
- Before taking a loan, you should attentively read the terms and conditions related to the prepayment clause.
- It is usually seen that people who already have savings account are preferred for granting personal loans because it is easy for the ICICI Bank to recoup the loan repayments.
Procedure for Closing a Personal Loan
- Personal Loan Closure by Lump Sum Payment: After making the complete payment for the entire term of your loan, your loan account will be closed by the ICICI bank naturally. The other way of closing your ICICI bank personal loan is by prepayment method.
- Personal Loan Closure by Pre-Payment: If you pay the entire amount of your ICICI personal loan before its tenure is over, it is known as prepayment.
Prepayment Charges for ICICI Bank Personal Loans
- You can do the prepayment for your personal loan only after 180 days of availing it.
- The prepayment charges are applicable at 5 % of the outstanding principal amount or on the interest that is outstanding for that period of the loan that has not been expired. ICICI Bank calculates the lower of these two and thus the charges are calculated and applicable accordingly.
Important Points to Be Noted While Doing the Pre-prepayment of Personal Loans
- In order to avail the prepayment facility for personal loans, the borrower needs to visit the loan asset department of the allotted branch.
- The borrower must carry all documents pertaining to the personal loan including the bank statement depicting the payment of the last instalment and also the request letter to foreclose the loan duly signed by the borrower and pan card.
- Carrying your PAN Card is crucial if you are doing the pre-payment through cash, particularly if the amount is above Rs.50,000
- In addition to the above documents, the borrower also needs to carry a pre-payment statement which can be requested online through ICICI’s bank’s website.
- According to your accessibility, you can opt the right way to foreclose the loan either by cheque, demand draft or cheque.
ICICI Bank personal Loan closure FAQ’s:
1. When is the foreclosure statement for a personal loan issued by ICICI Bank?
The Foreclosure Statement for Personal Loan by the ICICI Bank is issued after 180 days from the loan’s disbursement date.
2. What is included in the Foreclosure Statement of a Loan Closure Account?
The Foreclosure statement includes the dues that are outstanding for the loan closure account.
3. When will I receive the foreclosure statement?
The foreclosure statement is sent to you via an email in a span of 3 days from the date you had requested it.
4. What are the prepayment charges that ICICI Bank levies on Personal Loans?
ICICI bank charges 5% for prepayment and it does not charge any prepayment fee for personal loans that exceed the amount of 10 lacs.
5. How and when will I get my unused cheques back from the ICICI bank?
You will get back your unused checks from the ICICI Bank while your personal loan account is going to get closed. You will have to request for it and then you will get them back in a period of one month.
6. What are prepayment charges levied by ICICI Bank?
ICICI Bank charges 5% for prepayment. ICICI Bank does not charge any prepayment fee for personal loans in excess of 10 lacs.
7. What are the details that I need to be fill in while asking for a foreclosure statement?
The following are the details you need to fill in while you are asking for a foreclosure
- Loan Account Number
- Reason for Foreclosing the loan
- Your Contact Number
- Your Email ID.
8. What can I do if I need a duplicate NOC?
You can ask the ICICI bank for a duplicate NOC by paying an amount of Rs 500/- per NOC plus service tax
9. What if I don’t collect the NOC after closing the loan?
If you do not collect the NOC from the ICICI bank after closing the loan account, you will be declared as a defaulter. This means that you have not closed the loan and you have some dues pending.
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