ForClosure of ICICI Bank Personal Loan

This blog just posts information for ForClosure the personal loans availed. This is common practice to close the loan before the period is over. For example if you got 2 lakhs as Personal Loan in the ICICI Bank, then EMI for the two years tenure would be Rs.9556. Assume the rate of interest is 14% p.a..

Now you have completed the one years EMI Payment and you want to pay the remaining amount and close the loan account. Note that ForClosure is possible only after 6 months incase of ICICI Bank. By doing the forclosure you can save some extra interest money for the remaining period.

ICICI Bank charges 5% if you want to close the loan account. This 5% will be charged on the remaining principal amount. In the future posts I will be writing about the Personal Loans in the other banks and merits and demerits of the Personal Loans. Happy reading till my next post….Please post your comments below.

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