Pre-closure of a personal loan can attract a pre-closure/ foreclosure penalty. Ideally, you should familiarise yourself with this charge while applying for a personal loan. You have to also check if your lender allows foreclosure or not.
In case your lender doesnʼt have an online foreclosure option, you have to visit your nearest branch and fill the pre-closure form.
You will have to submit your KYC documents, loan documents and bank statement reflecting the latest EMI payments.
After submitting the form and the required documents, you can make the remaining payment by cheque demand draft or cash.