Federal Bank Personal Loan Preclosure

The listed below are some of the basic requirements for a personal loan pre-closure:

Check the Tenure: Most of the banks allow personal loan pre-closure only after you have completed a certain portion of the loan tenure. In the case of a Federal bank personal loan, check the tenure completion requirement before applying for a pre-closure.

Check the Outstanding Balance: Get in touch with the lending bank to know the outstanding balance and the exact amount to be paid for foreclosing the loan.

Documents required: For pre-closing a loan, generally, no additional documents are required. However, it is advisable to check with the bank.

Notify the bank: Once you have transferred the balance payment, you will have to notify the bank for completing foreclosing formalities.

Collect No Objection Certificate (NOC): Upon successful processing, the bank will send the NOC to your registered email ID within 48 hours.

How to Pre-Close Your Federal Bank Personal Loan

Follow the steps given below to pre-close your Federal Bank personal loan:

Step 1: You can either contact the bank to know the outstanding loan balance amount or you can log in on the application through which you have availed the loan.

Step 2: You need to transfer the total outstanding amount to your loan account using the specific IFSC code provided by the bank or the lending platform.

Step 3: Once the payment is completed, you need to notify the Federal bank to complete the pre-closure formalities.

Step 4: Once the pre-closing process is completed, you will receive the ‘No Objection Certificate (NOC)’ from the bank.

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