ICICI Bank personal loan can be availed to fund your personal needs that are genuine and legal without any interference of the bank. Also, you can anytime repay the loan based on your convenience. The hassle-free borrowing process with flexible pre-closure facility makes ICICI personal loan a viable option for those who require urgent fund.
ICICI Bank allows the borrowers to pre-pay their personal loan after the completion of a specific time period at some additional foreclosure charges. However, there are a few ICICI personal loan preclosure criteria that you need to meet to close the account.
If you can meet the above mentioned ICICI Bank personal loan preclosure criteria, you can prepay your loan much before the due date. The process of preclosure is simple and you just need to follow a few basic steps to close your loan earlier than the specified time.
You can pre-close your loan if you have sufficient amount of fund with you by paying the following fees and charges:
Prepayment Charges - 5% p.a. of the outstanding principal amount + applicable GST.
Waiver of Prepayment Charges - The waiver, if there is any, will be applicable only if:
ICICI Bank has minimal documentation requirement when it comes to preclosure of a personal loan. Here are the documents that are needed to complete the procedure:
Personal loan preclosure statement is a vital document required to close your loan account. You can apply for it online through ICICI Bank’s official website by following the step below:
You can close your ICICI personal loan account in advance if you agree to the following conditions put forward by the bank:
The ICICI personal loan preclosure process doesn’t involve much paperwork and the borrower can easily close the loan if he or she has sufficient funds. You just need to follow the below mentioned steps to complete the process:
Note: If you are placing a preclosure request for the second time, first check the status of the previous request on the bank’s website and then proceed accordingly.
Though the process of closing an ICICI Bank personal loan early is simple and hassle-free, don’t take the decision in a hurry. Carefully evaluate your financial condition first and if you feel that the payment of the loan amount in one-go will not affect your economic stability, then go for it. Make sure to inform the bank well in advance as it might take some time.
If you are unable to visit the branch to prepay the loan, an authority letter that has been signed can be sent with your representative. The individual who is visiting the branch must carry the below-mentioned documents:
In the case of prepayment, ICICI Bank will charge 5% of the principal amount that is outstanding plus GST.
You can pre-close the personal loan after paying 12 or more EMIs.
Once you have requested for pre-closure, it may take up to 5 working days for the issuance of the pre-closure statement.
No, ICICI Bank does not provide a part-prepayment facility.
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