ForClosure of ICICI Bank Personal Loan

November 30, 2008

Banking, Personal Loan

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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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2 Responses to “ForClosure of ICICI Bank Personal Loan”

  1. sathiyaraj Says:

    i have missed my personal loan a/c no. how can i get?

    Reply

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    Reply

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