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Individuals who have borrowed personal loans from IndusInd Bank can opt to pre-close their loans before the completion of the loan tenure. IndusInd Bank charges a 4% pre-closure fee, which the borrower will need to pay at the time of pre-closing the loan along with the outstanding loan balance.
Salaried individuals can pre-close their loans after at least 12 EMIs have been repaid, while self-employed individuals can pre-close their loans after the payment of 6 EMIs. Read on for more information about the charges that you will need to pay and the procedure that you will have to follow to pre-close your loan.
IndusInd Bank makes the pre-closure process quite hassle-free for personal loan borrowers. That said, there are a few things that you should take into consideration when deciding whether to pre-close your loan:
If you have a surplus of funds in hand, it is best to pay the penalty and pre-close your loan since you will save on interest payments. Also, pre-closing your loan can increase your eligibility. Thus, if you require funds in the future, you can avail a much higher amount.
That said, if your lender charges you a very low rate of interest on your personal loan, you can opt to invest the surplus funds into financial avenues of your choice and earn substantial returns.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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