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Can I clear my car loan early SBI?
The foreclosure charges levied by SBI are mentioned below: Any foreclosure or prepayment before the end of the loan tenure will attract a prepayment charge of 3\% of the amount that has been paid. No charges will be levied if the loan is closed with the help of another loan under the scheme.
When can we close SBI car loan?
After the clearance of the funds is complete, the loan account will be completely closed and it takes about one week to ten days in order to complete the whole process. After that, you can get the NOC or the No Objection Certificate.
How can I close my SBI car loan?
To close a loan account:
- Click Requests > Closure of Loan A/C. A Closure of Loan A/C page appears.
- Select the loan account you wish to close.
- Select the transaction account which will be debited to close the loan. Figure 1 shows sample settings.
- Click [Submit].
Can I prepay my SBI car loan online?
If you have an SBI account, you can make use of the netbanking service. To make a prepayment all you need to do is transfer money to the loan account. The loan account is just like other savings or current bank accounts, it has an account number and IFSC code.
How do I cancel my car loan?
Visit your bank’s loan centre and submit a request for loan closure. The bank will issue you loan closure documents, such as closure letter and no dues certificate (NDC) or no objection certificate (NOC). Also fill a form to submit to the Regional Transport Office (RTO).
What happens if I clear my loan early?
It is possible to pay off your personal loan early, but you may not want to. The prepayment penalty might be calculated as a percentage of your loan balance, or as an amount that reflects how much the lender would lose in interest if you repay the balance before the end of the loan term.
How do I know the EMI of an SBI loan?
Your EMI would be calculated depending on the tenor you choose, to repay your loan. The EMI would be higher if you choose to repay within a shorter period as against a longer-term loan. You can also contact your nearest SBI Branch to know the EMI for proposed loan amount and tenor.
How do I Close a car loan in SBI?
Visit your branch from where you have taken Car loan and ask for the closure amount, then make sure that amount should be in your Saving account. They will debit your saving account and credit it to Car loan account, thereby closing it. Then they will give you NOC for car loan.
How many EMI can I repay in a loan?
A. The minimum amount that you are expected to pay every month is the EMI.You can repay the loan in upto 84 EMIs. Q. What is EMI? How is it calculated?
What happens if I pre-pay my SBI personal loan?
If you pre-pay your SBI Personal Loan EMIs in parts or entirely before your original due date, you will need to pay 3\% on your prepaid amount. If you close your personal loan account from the proceeds of a new loan that you take under the same loan type, you will not be required to pay any foreclosure or pre-payment charge.