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

by Vinaya HS on November 23, 2007

in Finance

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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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Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.

{ 3 comments… read them below or add one }

Vishu November 23, 2007 at 12:56 PM

vinaya,

thanks dude..for such a useful information.

Noel February 17, 2008 at 7:44 PM

Great info, thanks

Arun May 5, 2008 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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