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Aditya Birla personal loan pre closure charges
. Aditya Birla Capital offers personal loans with flexible repayment options. However, if a borrower wishes to pre-close the loan, specific charges apply.
What are the Aditya Birla Personal Loan Preclosure Charges?
Pre-closure refers to the settlement of the entire outstanding loan amount before the completion of the loan tenure.
The pre-closure charges for an Aditya Birla personal loan generally range between 2% to 4% of the principal outstanding amount. This percentage can vary based on factors like the duration for which the loan has been held and the terms agreed upon at the time of loan sanctioning.
For example, the pre-closure charge might be lower if the borrower has held the loan for a more extended period before deciding to pre-close it.
In addition to the pre-closure charges, the borrower may also have to pay the applicable Goods and Services Tax (GST) on the charge amount. It's important to note that pre-closure of a personal loan can be subject to specific conditions, such as a minimum lock-in period.
During this lock-in period, pre-closure may not be allowed or may attract higher charges.
To initiate the pre-closure process, the borrower must submit a written request to Aditya Birla Capital and pay the outstanding loan amount along with the applicable charges. The lender will then provide a No Objection Certificate (NOC) and close the loan account.
Pre-closure can be beneficial for borrowers looking to reduce their interest burden and become debt-free sooner. However, it is advisable to carefully consider the pre-closure charges and compare them with the potential interest savings before making a decision.
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Aditya Birla personal loan pre closure charges
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What is Aditya Birla Personal Loan Pre Closure Charges?
shikhar
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47 days
2024-07-31T13:06:52+00:00 2024-07-31T14:01:35+00:00Comment
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