- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Pre-closure: Pre-closure simply means that a borrower wants to close his personal loan prior to the end of the period of repayment.
Steps for Closing Yes Bank Personal Loan
- Firstly you need to request the bank for a date when you can pre-close your personal loan.
- The second step is to sign a DD or cheque for the amount that has been specified by the bank.
- You will be given an NOC by the bank.
- An NOC is a document that specifies that the agreement between the borrower and lender has been terminated. Therefore, the personal loan account is closed.
How to Close Yes Bank Personal Loan through Creditseva
The credit advisory services offered by Creditseva will help you in understanding what are the steps to be followed for closing a personal loan and also follow these steps in a careful manner so that there are no mistakes in the loan closure process.
Points To Be Noted Before Closing a Yes Bank Personal Loan
There are certain points that have to be considered while closing a personal loan.
- Amount Saved On Principal
Different lenders have set different penalty rates for the early closure of loans by borrowers. The borrowers need to check for the penalty rates that would be applicable if they are opting for an early closure of their personal loan.
The penalties are calculated by considering the interest of the months that are left over for the loan period to end.
2. Savings on Principal Amount:
By opting for pre-payment, a borrower can save a lot on their principal amount. Prepayment is a great way to reduce the interest payments on a loan.
List of Things You Should Not Miss
- Is it A Good Idea to Prepay Your Personal Loan: This is a question that should always come to your mind whenever you are planning to prepay your personal loan? Raising this question will help you in understanding whether it is a good decision to pre-pay your personal loan or not.
- Decision: It is important to keep the opportunity costs while deciding to close a personal loan.
- You can pre-close a floating rate loan by using your own funds. Sometimes the best option is to transfer the loan to another bank which offers a lower rate and that too without any penalty.
Yes Bank Personal Loan Closure FAQ’s:
1. When is the prepayment of a Yes Bank Personal Loan Allowed?
The prepayment of a Yes Bank Personal Loan is allowed after 12 months.
2. What are the prepayment charges for a Yes Bank Personal Loan?
The prepayment charges for a Yes Bank Personal Loan are 4% of the amount that is outstanding.
Eventually, it should make a point to close a Yes Bank Personal Loan in a proper way by following the steps given above. This will enable you to stay credit healthy and maintain a good CIBIL Score so that you are able to become eligible for new loans.
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