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Before closing a personal loan, it is good for the individual to check for the entire process that is involved in closing the personal loan. It is not always good neither always bad for an individual to close the personal loan.
Personal Loan Prepayment: The prepayment of a personal loan implies that the loan’s complete amount is paid before the due date arrives. By doing this, an individual will be able to get complete relief from the burden of repayment of the personal loan.
Procedure to Close Oriental Bank Personal Loan
1. The bank has to be sent a letter mentioning that the borrower is willing to close the personal loan.
2. There are certain formalities that are to be completed by the borrower, by coordinating with the bank.
3. Having completed the necessary formalities, you will be able to close your personal loan account.
How to Close OBC Bank Personal Loan through Creditseva
Creditseva will provide you with proper guidance and support while you are closing your personal loan. You will have to follow certain guidelines and procedures for the purpose of closing the personal loan in the right way. With the tools and apps provided by creditseva, you will be able to close your personal loan without facing any difficulty and also get eligible for new loans.\
Generally, there are various benefits of pre-closing a personal loan. Some of them are as follows
1. Early Relief Always the Best Option:
If you want to get relief from the burden of your personal loan at the earliest, then pre-closing is the best option available to you. By selecting this option, you can get the earliest relief and reduce your financial burden.
2. Part Payment Beneficial Too:
If you are not able to make the complete payment, you can go for part payment. If you have less cash which is not going to be sufficient in paying off the entire loan. In such a scenario, you can always opt for doing the part payment for the loan. While choosing this option, you need to assure that you are making the part payment at the earliest, so that you can minimize the maximum on the interest. It is recommended to make a part payment by paying in lump sum.
3. Prepayment of the Personal Loan Completely: A personal loan can be prepaid if the borrower has enough funds to do so. But the most important thing while making the pre-payment is to read the loan agreement carefully.
A personal loan can be prepaid if the borrower has enough funds to do so. But the most important thing while making the pre-payment is to read the loan agreement carefully.
Disadvantages of Pre-Closing a Personal Loan
A personal loan closure not only has some advantages, but also some disadvantages too. Listed below are the disadvantages of pre-closing a personal loan.
1. Huge Loss of Cash at Once: While you have made the payment for pre-closure of the personal loan: Some individuals feel that it is better to invest the money that one would use while making a prepayment. The individuals should not be in a hurry to pay off their loans at one stretch while they have the option to pay it in instalments via EMIs.
2. Penalty on Prepayment: The penalty to be paid for the prepayment of the personal loan should be checked properly by the borrower. This is meant to be done so that there is no confusion while closing the personal loan.
3. Illusion of Low Interest: It has been observed that the borrowers have an illusion that the interest charged for their personal loan prepayment will be low. But, this is not the truth.
Apart from the factors that have been mentioned above, there are some other things that also are to be considered while prepaying your personal loan.
Important Points to Be Kept In Mind While Closing an Oriental Bank Personal Loan
1. The borrower will often be asked to pay some EMIs before the personal loan is pre-closed.
2. If a borrower is careful enough of considering the different offers related to the personal loan pre- closure, then these offers can be utilized and the borrowers can make the best use of it.
3. The borrower has to check with the bank for the lock in period and stay updated with this fact that a personal loan cannot be closed until the end of the lock-in period.
OBC Bank Personal Loan Closure FAQ’s:
1. When can the pre-payment be done for Oriental Bank Personal Loans?
The prepayment of Oriental Personal Loan can be done after the payment of 1st EMI.
2. What are the prepayment charges if an Oriental Bank Personal Loan is closed 6 months earlier than the disbursal date?
The prepayment charges that will be applicable are around 2% of the amount of loan that is outstanding when the personal loan is closed within a period of 6 months.
3. When can the foreclosure of Oriental Bank Personal Loan be done?
The foreclosure of an Oriental Bank Personal Loan can be done after the payment of 1st EMI.
4. What are the foreclosure charges for an Oriental Bank Personal Loan?
There are nil foreclosure charges for an Oriental Bank Personal Loan.
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