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If you take a Personal loan from IOB, you will experience that the loan was approved very quickly. The loan amount usually gets disbursed in 3 days. If individual wishes to pre- close the IOB Personal loan, then the individual needs to first pay the prepayment charges that are going to be applicable. The prepayment charges will be mentioned to the loan applicant while applying for the loan.
How to Close IOB Bank 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 IOB Personal Loan
If an individual is planning to close their 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.
1. Keep Your Personal Loan Account Easily Available With You: It is important that you keep your personal loan account number with you easily available.
2. Documents Required To Be Carried: You need to keep with you the following documents like Loan Account Number, DD for the purpose of Pre-Closing the Personal Loan and Your ID Proof.
3. Receipt of Acknowledgement for Pre-Closure: You need to provide a cheque or DD for the pre-closure of the personal loan. Also, make sure that you have collected the receipt of the acknowledgement for pre-closure. It is better to avoid pre-closing the loan with cash.
4. Receive A Quote for Closure: It is required that you ask the lender clearly about the charges that you will have to pay for the pre-closure. You can call the customer care of the bank and ask for the amount that you should be paying for pre-closing the personal loan. Some banks do not allow pre-closure of a loan by paying the amount at the bank’s branch. They provide the borrowers with an email address and ask to send a DD by courier for the purpose of closing the personal loan.
5. It should be noted that you have received the pre-closure confirmation in a span of 15 days. In case there are any issues that arise, you should follow up by showing the receipt of the acknowledgement for pre -closure of the loan.
Steps for Closing IOB Personal Loan
Before closing a personal loan, an individual needs to check for all the specifications mentioned in the loan agreement. This will help an individual in staying cautious of the mistakes that could happen while closing a Citibank Personal Loan. Given below are the steps that should be followed while closing a Citibank Personal Loan
1. You need to call the bank on their customer care number or visit the bank personally to ask about the procedure to be adopted for closing a personal loan.
2. The next step is to check which branch you will have to approach for closing the loan.
3. You need to check with the bank for the appropriate charges that would be charged as penalty for closing the loan.
4. It is important that you keep all the important documents with you ready when you are going to close your personal loan. The list of all the important documents is as follows
- ID Proof and its Xerox Copy
- Amount of loan amount that is to be paid
5. One more crucial thing to be checked whine planning a loan closure is the date when you are closing your personal loan. You should plan to close your loan account by looking carefully at the date when you pay your EMI every month.
Finally, after the completion of all the steps in the personal loan closure, you will be provided with the letter of acknowledgement. You should keep this letter at a very safe and secured place. You will receive the agreement for the final personal loan closure after the loan has been closed completely and successfully.
IOB Personal Loan Closure FAQ’s:
1. What is meant by the Statement of Foreclosure?
The Statement of Foreclosure consists of the particulars that are related to dues that are outstanding for the closing of the personal loan account.
2. When is the Statement of Foreclosure Issued?
The Statement of Foreclosure is issued after 180 days of the loan disbursement.
3. How will I receive the Statement of Foreclosure?
You will receive the Statement of Foreclosure by 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.
4. 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.
5. When is the prepayment for an IOB Personal loan allowed?
The prepayment for IOB Personal loan is not allowed until the completion of 12 EMIs.
6. What are the pre-payment charges for an IOB Personal loan?
The prepayment charges for IOB Personal loan are nil.
7. What are the pre-closure charges for IOB Personal Loan?
The pre-closure charges of IOB Personal loan are 2.23% for rural and non-rural areas.
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