SBFC Personal Loan Pre-closure Charges

SBFC is a financial services institution, which helps in providing credit and loans to general consumers and small businesses. It has also collaborated with the ICICI bank recently. The best thing about SBFC personal loan is that the consumer can meet all his financial requirements without worrying about keeping any kind of property or collateral. Depending on changing needs, personal loans can be customized by the institution for the customer. Personal loan from the institution can be availed by self-employed individuals or salaried people.

Personal Loan Charges

With SBFC Personal Loans, you can get a loan of a maximum amount of 10 Lakhs rupees. The tenure within which the loan amount has to be repaid is 60 months. There is a minimal processing charge for the personal loan, though the exact percentage is not mentioned by the institution.

What are Personal Loan Pre-closure/Foreclosure charges?

It has been said earlier too that personal loans are taken for meeting financial requirements. However, if you are successful in arranging the money for loan repayment, you can pre- close the personal loan by paying all the money in a single go.

Personal Loan Pre-closure/Foreclosure charges for SBFC

Like many other financial institutions and banks, customers have the facility of pre-closure of personal loans in SBFC. There is a small charge, which is levied on the customer as a pre-payment charge. The exact amount of the charges is not known. However, this charging is an integral part of the loan documentation process. The charge is just a small compensation for the untimely processing and interest loss from the loan.

Different options to pre-close or foreclose the loan with SBFC

Pre-closing of the personal loan with SBFC is not that difficult apart from paying the pre-closing charges. There are some options of pre-closing or foreclosing the personal loan from SBFC. They are as follows:

• Lowering the EMI amount while keeping the loan tenure same – In this given option, the amount of EMI that needs to be paid is reduced significantly. With the help of the saved amount on the EMI, other financial needs can be taken care of. There is the full tenure of 60 months for paying the personal loan from SBFC.
• Same EMI but reduced loan tenure – The loan can be paid earlier and the additional interest that needs to be paid is practically saved. Borrowers who are capable of paying the EMIs always resort to this means.

Conclusion

SBFC has carved quite a name for itself when it comes to offering personal loans to customers. Along with this, the financial institution also provides loan against the property to interested customers. Check the rates of interest and the charges that are levied by the institution for the different kinds of loans.