If you have availed of ICICI personal loan, you can opt for preclosure any time during the loan tenure after at least 12 EMIs payment. The bank will levy a foreclosure charge of 5% of the outstanding balance + GST. MSME classified customers can foreclose ICICI personal loan with no additional charges if the loan is closed using the borrower’s own funds. The pre-closure statement is issued within 5 working days after the request is registered. Currently, the facility of part prepayment is not available.
Following are the ICICI personal loan preclosure charges:
The documents required for ICICI personal loan foreclosure are:
Documents for Personal Loan Applicant:
Documents for Co-applicant/Third Party:
If the main applicant is unable to visit the bank personally for personal loan preclosure and sends co-applicant or any other representative, following documents will be required:
If you are wondering how to preclose ICICI personal loan below is the stepwise process:
Yes. ICICI Bank allows you to prepay the outstanding principal amount for your loan, as directed under the loan agreement. However, the bank only allows you to make ICICI loan payment in full, and does not allow part prepayment of Personal Loans.
You will have to pay standard ICICI Bank account closing charges of 5% of the outstanding loan amount + GST. The penalty must be accompanied by GST as applicable.
If it so happens that you are unable to visit an ICICI Bank branch to initiate your Personal Loan Preclosure, you can choose to send your co-applicant, or any representative to undertake the process. In this case, it is essential for the representative to carry a duly signed authorisation letter. In addition to the same, you must also carry an identification proof of the main applicant, such as Passport, Voter ID, PAN Card, Aadhaar Card, Ration Card or Driving Licence.
If you are unable to prepay the loan in full, or simply feel that the interest charged by the ICICI Bank is higher, you can choose to transfer your loan account to another bank, which is willing to offer you better terms. However, you can only opt for the Balance Transfer Facility, after you have paid a minimum of 12 EMIs towards your Personal Loan.
We hope that you are now aware of all the nuances pertaining to the preclosure of your ICICI Bank Personal Loan. So, what are you waiting for? Make the most of this astoundingly beneficial facility and live your life debt-free!
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You can pre close your ICICI personal loan account any time during the loan tenure after at least 12 EMIs payment.
To foreclose your ICICI Bank personal loan, you will have to pay ICICI personal loan foreclosure charges of 5% + GST.
No, ICICI Bank does not allow part prepayment of personal loans as of now. You can only ICICI loan repayment in full before the due maturity date f the loan.
Also Check: ICICI CIBIL Score
No, you cannot do ICICI personal loan preclosure online. You have to visit the ICICI Bank branch for closing your personal loan account. You will have to pay standard ICICI Bank foreclosure charges to close your loan account.
Personal loans usually come with a high interest rate as it is an unsecured loan. According to loan experts, if you pay ICICI loan EMI with difficulty each month and are looking to reduce your financial burden, you should consider pre-closing the highest interest rate loan first. Considering this, if you are thinking of ICICI personal loan payment before the due maturity date, it can be a financially beneficial idea.