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.
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{ 3 comments… read them below or add one }
vinaya,
thanks dude..for such a useful information.
Great info, thanks
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.