Problem: What Are The Steps To Be Followed After Closing My Personal Loan?

by Vinaya HS on November 23, 2007

in Finance

All that is required is a bit of diligence from your side. Follow these simple steps and you are good to go.

Step 1

  • Ensure that you have received all the canceled post-dated checks that you had issued — as guarantee — to the bank/finance company when you took the personal loan.

Step 2

  • Ensure that you have received the No Objection Certificate (NOC) stating that there are no dues pending on this loan account.

Step 3

  • Store the above documents somewhere safe. A photocopy kept a different location wouldn’t hurt. I’m not being paranoid here — just that I don’t trust our modern-day banks to have their records straight.

That is all you need to do.

Related Post(s):

Further reading:

  1. Problem: What Are The Steps To Be Followed After Closing My Car / Vehicle Loan?
  2. How to Calculate the Loan Amortization Schedule (EMI, Principal, and Interest Components) for Your Personal Loan?
  3. Why It’s Not Such a Good Idea to Take a Loan from Your Employer Even if It’s Interest Free?
  4. How to Calculate the Loan Amortization Schedule (EMI, Principal, and Interest Components) for Your Car Loan?
  5. Know Your Rights: Banks Should Compulsorily Furnish A Copy Of The Loan Agreement

{ 3 comments… read them below or add one }

1

Vishu 11.23.07 at 12:56 pm

vinaya,

thanks dude..for such a useful information.

2

Noel 02.17.08 at 7:44 pm

Great info, thanks

3

Arun 05.05.08 at 10:56 am

This is a great info, especially about the NOC. I am sure this will give a good warning to those who are dealing with private banks.

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