DCB Bank provides personal loan to its customers at attractive interest rates. Interest rates are updated periodically and the Benchmark Lending Rates are available on DCB Bank’s website. A processing fee of 2% + GST of the loan amount is also applicable on availing a Personal Loan from DCB Bank.
DCB Personal Loan- Foreclosure charges
There is usually a prescribed lock-in period, after which foreclosure of a personal loan is allowed by the Bank. Additionally, there are also charges which are levied on pre-payment of a loan before the tenure of the loan expires. This is required as banks need to cover their loss of interest income due to the early closure of the loan account. In case of DCB Bank as well, a customer can request for pre-closure of a Personal Loan, but only after 12 months of the Loan being disbursed. The charges applicable for foreclosure of the loan are 5% plus GST.
DCB Personal Loan- Foreclosure Process
DCB Bank has stipulated a period of 12 months, after which the customer can apply for pre-closure. Once the 12 month period post disbursal of loan has expired, a customer can request for foreclosure of the loan by visiting a branch of DCB Bank or by calling the customer care to obtain more detailed information on the process. The customer would need to carry the relevant loan documents to the branch along with the cheque/demand draft of the balance loan amount to be paid. Once the entire amount is paid, the bank issues an acknowledgement letter stating the date of closing the loan in full.
Conclusion
DCB Bank offers a personal loan within 3- 4 working days of loan approval. You have flexibility when it comes to choosing the loan amount and tenure. The interest rates offered are also attractive and the pre- closure process is easy.
