Can we close personal loan before tenure sbi?
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PRE-CLOSURE CHARGES: Loans on Fixed and Floating rate of interest: No pre-payment/ Pre-closure penalty will be levied except for Rent Plus in which 1% of the loan amount prepaid will be charged as prepayment penalty.
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SBI Personal Loan Pre-Closure Fees and Charges. If you pre-pay your SBI Personal Loan EMIs in parts or entirely before your original due date, you will need to pay 3% on your prepaid amount. If you close your personal loan account from the proceeds of a new loan that you take under the same loan type, you will not be required to pay any foreclosure or pre-payment charge.
The loan is to be repaid in Equated Monthly Installments over the tenure of the loan or in Lump sum at the end of the tenure depending on the product. The repayment installment commences from a date specified in the sanction letter. The liability to the bank will be extinguished only when the outstanding in the
SBI Personal Loan Preclosure Charges and Other Processing Fees. Before knowing the charges for preclosure, let’s first understand its meaning. So, when you pay off a part of your personal loan before the scheduled due date, it is called part prepayment. While when you pay off the entire loan amount before the end of the designated tenure, it is called pre-closure or foreclosure. The following table depicts the charges for both part prepayment and foreclosure of SBI personal loan.
The tenure plays an important role in every loan, including a personal loan, which you can take for a maximum of 5 years. State Bank of India (SBI) and a couple more lenders can offer you more time to pay a personal loan. Ideally, one should choose an optimized personal loan tenure, which should be neither too short nor too long.
The rest of the procedure will be conducted by the cordial bank representatives. It is wise to preclose your Axis Bank personal loan account only when you have enough money to repay the entire amount before the end of the loan tenure. Axis Bank Personal Loan Preclosure Requirements