Offline personal loan foreclosure: A step-by-step guide to clearing your debt
5 days, 3 hours ago

Offline personal loan foreclosure: A step-by-step guide to clearing your debt

Live Mint  

Personal loans come in rescue when individuals suffer from sudden or unexpected financial challenges. Still, even after all the ease such personal loans provide borrowers it has been witnessed that the process of foreclosing i.e., culminating these loans can be quite complicated and challenging for borrowers. Though it is also worth mentioning that RBI’s recent draft circular aims to eliminate these foreclosure charges on floating rate loans to help borrowers in closing out loans in a smooth and seamless manner. Steps to foreclose your personal loan offline Carefully review your loan agreement: The first step is to carefully go through and review your loan agreement with your lender. It can provide much needed relief for borrowers looking to close out their loans early without any financial implications and hefty penalties, more developments on the same are still awaited.

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Personal loan pre-closure: 4 key factors to consider before paying off early
1 month, 1 week ago

Personal loan pre-closure: 4 key factors to consider before paying off early

Live Mint  

Have you recently received a lumpsum payment in the form of an annual bonus from the employer, variable pay, maturity amount from an investment, etc? Benefits of pre-closure The biggest benefit of a personal loan pre-closure is the interest amount savings. Factors to consider while deciding on pre-closure Some of the factors that you must consider while deciding personal loan …

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