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How to close educational loan before period?
20-Oct-2023 (In Banking / Finance Law)
There is an educational cum personal loan running which is not completely dibursed(1.75 lacs out of 4.75 lacs of loan amount is disbursed).As the loan is kind of personal loan P+I(principal + interest) is running high when the disbursed amount is higher hence we are having problems and we want to close it - but as per rule 'loan can be closed only after six months without any charges" then it should be done with some charges - Is iot legal to ask for pre-closure and if the institute do not allow then can we have lodge a case against them as we are ready to pay the disbursed amount with some charges(as applicable)?
Loan you have availed under certain terms and conditions stipulated in the loan documents.You want to close the account by repaying the loan amount (with interest as on date of closure)before the stipulated period of repayment.Bank should accept your proposal. If bank don't agree you may go to consumer forum for appropriate direction upon bank.
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Adv. Samiran Chakraborty
Kolkata | 25+ Answers
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