If you’re looking to pre-close your RBL personal loan, all you have to do is to contact the bank and find out when you can do so. After this, simply pay the balance remaining in your loan account and close it. the process is easy and hassle-free.
You cannot foreclose your loan online. You have to go down to a branch near you and get it done. Before you visit the branch, make sure you have all the required documents ready. Another thing you need to keep in mind is to have the entire amount ready as well. Don’t exhaust all your savings in order to prepay your loan. In such cases, it would be wise to wait for a few months and then close it when you have sufficient funds.
|No. Of Months From Loan Disbursement||Pre-Closure Charges|
|Less than 18 months||5% of the outstanding balance|
|After 18 months||3% of the outstanding balance|
The bank does not offer the facility to pre-close your loan online. You need to visit one of the bank’s branches to do this. Here’s how you can find a branch close to you:
The process is designed to help customers pre-close their loans in the easiest possible manner. But before you close your account, make sure it is beneficial to you. Try and manage your payments in such a way so that you qualify for zero prepayment charges. This will help you save quite a bit of money.
Pre-closure is a payment facility offered by banks using which customers can terminate their loan accounts ahead of schedule. For example, if you have a loan with a tenure of 5 years, you can terminate the loan in just 2 years if you have sufficient funds.
If you want to make use of this facility, the bank will give you a statement telling you how much balance is left in your loan account. Once you pay the amount, your account will be closed. People opt for pre-closure because it helps them save on interest payments that they would otherwise have to pay for their original tenure.
This is a good option, but before you choose it, you need to make sure that you have the necessary funds for it. Make sure that the outstanding balance is not so large that paying it off in one shot will strain your finances.
Make sure you have sufficient savings to meet any immediate expenses in the near future and sudden emergencies as well.
Also, you need to ensure that the cost of pre-closure (if any) does not exceed the total interest you save. If the costs exceed the savings, it would be wiser to let the loan run through its original tenure.
RBL Bank is a private sector bank in India and is growing at a rapid rate. It offers both personal banking options as well as corporate and business banking options. Through its 324 branches and 341 ATMs spread all throughout the country, it reaches more than 65 lakh customers in 21 states. The bank is listed on both the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE).
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