Banks have lock-in periods ranging from 6 months to a year, but some allow you to pre-close after your bank has deducted your first EMI. It may also be a restriction that you can only use your own funds (not the balance transfer check of another bank) to clear a loan. Furthermore, banks may allow pre-closure for no charge or charge a fee (2-5% of the pre-closed amount). Please consult the loan advisor of ours or the bank regarding all these factors before signing anything.