To pre-close your Bajaj Finserv personal loan, you will need to pay pre-closure charges of 4% of the outstanding principal with taxes. Personal loan borrowers who wish to pre-close their loan accounts will need to visit the lender’s branch with the required documentation and prepay the entire outstanding loan balance. After the loan amount is repaid completely, you will be able to pre-close your personal loan account. Read on to know more about Bajaj Finserv’s personal loan pre-closure procedure.
Bajaj Finserv Personal Loan Pre-Closure Charges
You will need to pay a pre-closure fee of 4% of the outstanding principal with taxes to pre-close a Bajaj Finserv personal loan. To pre-close a Bajaj Finserv Flexi Hybrid Loan, you will need to pay the following charges:
- Initial tenor – 4% of the sanctioned loan amount plus applicable taxes
- Subsequent tenor – 4% of the reduced assigned limit plus applicable taxes
- To foreclose a Bajaj Finserv Flexi Loan, the pre-closure fee will be calculated on the reduced assigned limit.
Requirements for Bajaj Finserv Personal Loan Pre-Closure
- Check whether you are eligible to close your personal loan account. Bajaj Finserv allows borrowers to close their personal loan account only after 1 month from the date of loan disbursal.
- Assess whether you have the required funds to pre-close your loan. It is also recommended to check whether these surplus funds can be invested in securities or market-linked products to earn a higher return. In such cases, keeping the loan account running and earning good returns on your surplus funds may make a better option.
- To pre-close your loan amount, you will need to provide certain information/documents to the lender, which include your loan account number, proof of identity, bank passbook, etc. Ensure that you keep the documents ready.
How to Pre-Close Bajaj Finserv Personal Loan
- Visit the lender’s official website.
- Navigate to the webpage with the personal loan foreclosure calculator.
- To use the calculator, you will need to input the loan amount, loan tenor, rate of interest, the EMIs that are already page, and the month in which you are foreclosing your account. Doing this will help you calculate the amount that you will need to pay to pre-close your account.
- Next, visit the lender’s branch. You will need to submit an ID proof, bank passbook, and loan account number to the lender to pre-close your personal loan. You will also have to submit the cheque to prepay the outstanding loan balance.
- Bajaj Finserv will levy a pre-closure fee of 4% of the loan amount, which you will have to settle when you prepay your outstanding loan balance.
- Once you prepay the entire loan amount, Bajaj Finserv will issue an acknowledgment letter, which will have the clearance details of the loan. Ensure that you retain this letter for future reference.
- The lender may also issue a No Dues Certificate (NDC). Ensure that you keep this document safe, as well.
Things to Consider When Pre-Closing Bajaj Finserv Personal Loan
- Pre-closing your personal loan can leave you in a financially difficult situation, given that you will be using the funds that you have to repay your outstanding loan balance. Thus, it is necessary to carefully assess your financial situation and decide if you have the required surplus funds in hand to pre-close the loan.
- After taking the loan, ensure that you retain all original documents with yourself since you may have to submit these documents to the lender for verification when you pre-close your loan.
- Ensure that you collect the No-Dues Certificate from the lender once you pre-close your loan. The No-Dues Certificate is a document that is issued by the lender to stating that all dues have been repaid by the borrower.
- Make sure that you cross-verify the various terms and conditions of your loan and the pre-closure clause.
- Make sure to check how much you will need to pay to the lender as the final settlement. The final settlement should include your outstanding principal, taxes, and the penalty that you will need to pay for pre-closing the loan.
If you have the required funds with you and find it difficult to keep a track of your monthly EMI payments, it is advisable to pre-close your loan. Pre-closing your loan will reduce your debt burden and also increase your eligibility if you are looking to borrow another loan in the future.
That said, to ensure that you don’t face any hassles when pre-closing your loan amount, you should check the various terms and conditions of your loan. Make sure to reach out to the lender’s customer service team if you have any queries regarding the pre-closure procedure or if you require assistance to pre-close your loan.