Aditya Birla Personal Loan Foreclosure Charges

A set tenure is determined for every loan during which the loan must be repaid. The total monthly interest to be paid is calculated according to the tenure and the amount being borrowed. Aditya Birla Finance offers a facility to foreclose or pre-close an existing loan. Foreclosure of a loan is essentially paying the outstanding amount of the loan before the loan tenure ends.

Aditya Birla Finance allows the foreclosure of loans after 12 EMIs have been successfully made. As with other competing banks, Aditya Birla Finance levies a foreclosure charge based on the outstanding amount of the loan. Aditya Birla Finance charges a foreclosure fee of 3% of the outstanding loan amount. There is an additional charge of ₹1,000 per instance for a foreclosure quote which should also be taken into account when considering a foreclosure of the loan.

After successful payment of 12 EMIs, an applicant is eligible to foreclose their loan with Aditya Birla Finance. To repay the loan from Aditya Birla Finance, the applicant has the option of availing ECS or NACH facility to make the payment. Both facilities are similar in how the transaction is processed. The applicant can set up the bank account to automatically carry out the payment of the outstanding loan amount.

The applicant may also choose to foreclose the Aditya Birla personal loan with through Demand Draft or Cheque. In either case, the bank will provide an acknowledgement letter for the loan foreclosure. This letter will be followed by Aditya Birla Finance sending your loan agreement after pre-closing the loan.

Conclusion

Aditya Birla Finance provides personal loans for any financial need that you may have. Personal loans up to ₹50 lakh are available for salaried individuals for any financial needs. The interest rates offered on the loans are competitive with other banks offering personal loans. Aditya Birla Finance allows foreclosure of loans after 12 EMIs have been repaid, after which a maximum charge of 3 per cent of the outstanding amount will be charged as a foreclosure charge.