InCred personal loans pre-closure charges are applicable after completing a specific minimum number of EMI payments, typically 6 to 12 months, depending on the loan terms. The pre-closure charges usually range between 4% to 6% of the outstanding loan amount, excluding applicable GST. These charges may vary depending on the loan agreement and prevailing company policies.
InCred imposes these charges to compensate for the interest income loss resulting from early repayment. Before opting for pre-closure, borrowers should consider factors such as the remaining interest payable versus the pre-closure fee. Calculating this can help determine whether pre-closing the loan is financially beneficial.
To initiate pre-closure, borrowers must provide a written request, clear any outstanding dues, and submit relevant documents, such as identity proof, loan account details, and a cheque or draft for the pre-closure amount.
This is all about incred personal loan preclosure charges. I hope this information helps you with your query!
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What is Incred Personal Loan Pre Closure Charges?
annu
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2024-11-20T07:43:53+00:00 2024-11-20T07:43:54+00:00Comment
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