How to Pre-Close ICICI Personal Loan? Definitive Guide [UPDATED]

How to Pre-Close ICICI Personal Loan

In this post, i will help you to find detailed information on How to Pre-Close ICICI Personal Loan?.

The process contains three simple steps.

  1. Request the ICICI bank for a foreclosure statement online.
  2. Visit the ICICI bank and complete the process.
  3. Get the loan closure letter.

Pre-Closure Procedure of ICICI Bank Personal Loan

Once a borrower decided to discontinue the ICICI personal loan, the bank has the facility. It is subject to specific terms and conditions.

However, the bank implies preclosure, processing charges, and GST to complete this process.

  • A borrower is eligible for the ICICI Personal Loan pre-closer at any time once the payment of the first installment.
  • You need to bear the charges of 5% of the principal amount and other fees like processing charges and GST.
  • You must repay the outstanding amount to go for the pre-closure option.

Once you meet the above condition, you can avail of the ICICI personal loan pre-payment option. The process is simple; the thing is you need to adhere to the time and meet the timelines before its due date.

Prepayment Fees for ICICI Personal Loan Pre-Closure.

The ICIC bank allows you to pre-close your loan by paying the following fees.

  • Charges for Prepayment:- Charges of 5% ( Per Annum) will apply to the outstanding principal amount.
  • Waives of the Pre-Closure Charges. ICICI gives a waiver of the pre-payment charges with the following conditions.
  1. The borrower completes the payment of 12 EMIs.
  2. The facility is not applicable if the borrower uses the balance transfer option and which is applicable when a borrower has his own money.

What are the Required Documents ICICI Personal Loan Pre-Closure?

While going to close ICICI Personal certain documents are required, which are listed below.

The bank gives the option to close the personal loan by the applicant and his co-applicant.

  • Documents for Applicant:-  For an applicant visit, the bank asks for the following documents.
  1. Applicant duly signed Request Letter (Fore-Closure Request Letter).
  2. Bank asks the PAN Card if the amount is more than 50,000 in case of cash payment.
  3. Carry a bank cheque, if you want to pay the loan amount through cheque.
  • Documents for Co-Applicant or Third Party

If the applicant is not able to visit and complete the process, he can send his co-applicant or third-party to close the loan the behalf of his name.

  1. The Co-applicant needs to carry the identity proof the applicants like passport, voter id, driving license, and PAN card.
  2. The authority letter is written and signed by the primary applicant.

ICICI Personal Loan Preclosure Request for the Statement on Preclosure.

The preclosure statement is an essential document to close the ICICI personal loan. The bank has the facility to raise the request online.

  1. First, you need to visit the ICICI official website and check for the option “Request for the foreclosure statement.”
  2. Give your loan account number in the box, which specified for the “Loan account number.”
  3. Select the reason for the pre-closure.
  4. Select the City.
  5. Then Provide a Telephone Number skip this step if you dont have or dont wish to provide.
  6. Enter your register mobile number.
  7. After that, you need to enter your email id.
  8. Once you complete the application, ensure you entered the correct details.
  9. Accept the Terms and Conditions of the ICICI bank and complete the step by clicking the SUBMIT option.

Terms and Conditions to get the ICICI Personal Loan Pre-closure Statement

The bank avails the option to Pre close the Personal loan based upon specific terms and conditions.

  • A borrower is eligible to apply for the preclosure statement once he completes the payment of 6 months or 180days. The days are calculated based on the date of the loan disbursal.
  • The borrower receives the preclosure letter to his Email ID. It takes 3-5 business days to process by the bank.
  • The Loan closure letter contains all the required details like outstanding principal and applicable charges for a specific period.
  • The bank sends a notification message to the registered mobile number as well as a statement to the registered email id.
  • ICICI does not take any responsibility in case if you requested with the incorrect details.

How to Pre-Close ICICI Personal Loan? Process.

  1. You need to request for the preclosure letter, as said in the above steps.
  2. Please keep it safe. It is essential to document that requirement at the time of closing the loan.
  3. You can visit the nearest ICICI bank branch, which is closer to your area with the documents mentioned above.
  4. Pay the outstanding loan amount and applicable charges, which stated in the preclosure letter. Bank accepts these amounts in cash, cheque, or DD (Demand Draft), which you can pay at your convenience.
  5. Take a receipt of the payment and keep it safe.
  6. Submit the request letter along with the foreclosure letter and fill the application with the sign.
  7. Make sure to take a receipt or acknowledgement of the preclosure completion request.

The process takes some time to reflect on your account or ask the bank executive for the specified time.

About ICIC Bank.

ICICI is providing a wide range of service in India like personal loans, agriculture loans, business loans, savings account, and demat accounts, etc. ICICI bank is coming under the list of four big banks in India.

ICICI Personal Loan Pre-Closure FAQs

Q. Can i Pay the ICICI preclosure outstanding in Part Payments?

No, ICIC does not accept the part payments for the preclosure of personal loans.

Q. Is there any option to Pre close ICICI Personal Loan online?

No, ICICI does not have the facility to pre-close the personal loan online.

Q. Is ICICI accept the Personal Loan preclosure amount in Cash?

Yes, but if the amount is more than 49,000, you need to provide PAN in ICICI.

I am Ram, I have completed Master of Commerce, I am Finance writer and Personal Loan Advisor in Personal Loan Xpress. I love to write finance articles and i consult the people regarding their financial decision with my Expertise.

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