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Loan Foreclosure

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Lendingkart Loan Foreclosure Close Your Loan Types Of Business Loan, Personal Loan, MSME Loan, Lendingkart offerd To close Loan and Settlement Of Lendingkart Loan Without Any Extra Charges. Close Your Loan Online through Help Of our Customer Support So Contact Now Lendingkart Customer care for Lendingkart loan foreclosure & Settlement Of Loan.

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08274031694

What is lendingkart loan foreclosure?

As we know well by now, an outstanding loan demands an EMI (Equated Monthly Instalment). However, in a scenario where the loan borrower can arrange for a lump sum amount, he/she can choose to repay the entire loan amount at a go before the actual due date and thus become financially debt free instead of having to pay regular EMIs over a long period of time.

If you're looking to foreclose or close your business loan with Lendingkart Finance Limited, the process can be made easier with the help of their dedicated customer support team. You can get in touch with them by calling their customer support number at 08274031694. Foreclosing your business loan means paying off the remaining outstanding amount before the agreed tenure, allowing you to clear your debt earlier than planned. This can be beneficial if you want to reduce your interest burden or close the loan to free up your finances.
When you contact Lendingkart's customer support, you can inquire about the exact process, any prepayment penalties, and the final outstanding balance. They will guide you through the necessary documentation and steps to complete the foreclosure. It’s important to ensure that you have all required details at hand, such as your loan account number and any reference numbers associated with your loan.
Once the loan is closed, you will receive confirmation from Lendingkart Finance, and your loan account will be marked as settled. Be sure to confirm with customer support that there are no further charges or dues left. Foreclosing a loan is a great way to save on interest, but it’s always a good idea to carefully consider the timing and any penalties involved.

Penalty charges for foreclosing a Lendingkart loan?

When the borrower decides to pre pay the balance loan amount at a go, he/she is liable to pay a certain percentage of the outstanding loan amount as foreclosure charges, which is also called pre payment penalty. While the foreclosure charges are different for different banks and financial institutions, it usually varies between 2% to 5% plus the applicable taxes.

The lendingkart charges this penalty to compensate for the lost interest income due to the pre closure of the loan. Hence, it is important that you calculate the pre payment penalty and carefully evaluate your financial position before taking the decision of foreclosing your outstanding loan in order to minimise your pay out.

Foreclosure Procedure – a step by step complete guide

Though the pre payment procedure is slightly different for every bank and financial institution, the basic process, as explained below, remains the same:

  1. Step 1 – Contact Through 08274031694

    2. Since foreclosure of loan can happen online, you will first need to Contact Our helpline service email from where you have borrowed the loan. You can contact the bank/financial institute’s customer care team for the same email. 

  2. Step 2 – Submit an application? 

    3. You will need to write and submit an application for the foreclosure of your loan by submitting the pre closure form through Mail: 

  3. Step 3 – Submit all the required documents

    4. The next step of the foreclosure procedure will be to submit all the necessary documents as listed by the bank or financial institution: 

      Personal identification proof; PAN card, Aadhar card, Driving license or Passport
      Loan documents
      Loan account details
      Bank statements as proof of last EMI payment and clearance.
  4. Step 4 – Pre payment of the outstanding loan  

    5. Once all the documents have been duly submitted, the Lendingkart will calculate the balance loan amount to be paid after considering the EMI and interest paid thus far, the applicable foreclosure charges and taxes as well as the date of pre payment of the loan and communicate the same to the borrower. The borrower then has to clear the outstanding dues through online transfer in the form of IMPS, NEFT or RTGS.

  5. Step 5 – Receipt of documents 

    6. Once all the pending dues have been cleared by the borrower, the bank or financial institution will proceed with the foreclosure formalities which includes stopping all EMI instructions and reminders, returning all original documents within 10 – 15 business days and handing over the below documents to the borrower:

      Acknowledgement letter
      No dues certificate
      Pre closure payment receipt
      No Objection Certificate to close the personal loan
      Loan closure certificate.
  6. Step 6 – Inform the credit rating agencies? 

    7. Once all the foreclosure formalities have been successfully completed, you must inform credit rating agencies about the pre payment of your loan, so it can be updated in their records. 

FAQ Section

FAQ

Online closure: Lendingkart offer online portals where you can make the final payment and request NOC, For NOC Contact Our Support Team 08274031694. Lendingkart Loan Foreclosure Close your loan for Loan foreclosure is the process of paying off a loan's entire balance before the end of the loan term. It can help you save on interest and improve your credit score.
"The RBI guidelines on foreclosure charges on personal loans prohibit lenders from levying this charge on credit with floating rates. The prepayment charges apply if you decide to repay your loan amount in a single payment before the end of the tenure. Usually, personal loan foreclosure charges vary between 2% and 5% of the outstanding loan amount.
You generally repay a Home Loan through regular EMI payments. However, you can also pay off the amount borrowed through a foreclosure. A foreclosure is simply the closing of a Home Loan by paying off the entire amount borrowed in one lump sum amount. It is part of the regular Home Loan process and allows you to pay off the borrowed amount before the EMI schedule. You can opt for a foreclosure even after having made a few EMI payments. To calculate the amount due, you can use the free Home Loan repayment calculators available online. You simply have to insert all required details about your Home Loan, such as the tenure, interest rate, and loan amount. Then you must provide the number of months for which you have already paid the EMI and the month of foreclosure. The month in which you decide you foreclose your loan account is known as the Foreclosure Month.
Depending on your loan and lender’s terms, foreclosure charges can apply. The applicable charges are clearly mentioned in the loan agreement and must be paid when foreclosing the business loan.
For Support Of Loan Foreclosure In Lendingkart, You Can Call Lendingkart Foreclosure Contact Number is 08274031694 You can also Write Us On Email foreclosure@lendingkartloan.com.

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