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:
- Problem: What Are The Steps To Be Followed After Closing My Car / Vehicle Loan?
- How to Calculate the Loan Amortization Schedule (EMI, Principal, and Interest Components) for Your Personal Loan?
- Why It’s Not Such a Good Idea to Take a Loan from Your Employer Even if It’s Interest Free?
- How to Calculate the Loan Amortization Schedule (EMI, Principal, and Interest Components) for Your Car Loan?
- Know Your Rights: Banks Should Compulsorily Furnish A Copy Of The Loan Agreement
{ 3 comments… read them below or add one }
Vishu 11.23.07 at 12:56 pm
vinaya,
thanks dude..for such a useful information.
Noel 02.17.08 at 7:44 pm
Great info, thanks
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.