CASHe Personal Loan Pre-Closure

Pre-closure of a personal loan refers to repaying the outstanding loan amount before the end of the agreed tenure. CASHe allows borrowers to pre-close their personal loans, but certain conditions and charges may apply. Pre-closing a loan could help in reducing interest costs, but it is important to understand the associated terms before proceeding.

To initiate pre-closure, borrowers must meet certain conditions set by CASHe:

• Completing the minimum lock-in period, if the lender has restrictions on early loan closure

• Paying all outstanding dues, including pending EMIs, interest, and any additional charges

• Checking and confirming pre-closure charges, which may vary depending on the lender's policies

• Submitting a formal pre-closure request through the lender’s online platform or customer service

• Making the final repayment in a single transaction, as partial payments may not be accepted for pre-closure

• Obtaining a payment receipt from the lender as proof of loan settlement

• Requesting a No Dues Certificate (NDC) to ensure the loan is fully closed with no remaining liabilities

Follow these steps to pre-close your CASHe personal loan smoothly and avoid any issues:

1. Log in to the CASHe app or website to view the total outstanding balance, including any applicable charges

2. Contact CASHe customer support to confirm the exact pre-closure charges and any additional fees before making the payment

3. Pay the outstanding loan amount along with the pre-closure charges using an accepted payment method

4. Obtain an NDC from CASHe after payment to confirm that the personal loan has been fully settled

Here are the potential benefits and drawbacks of pre-closing your CASHe personal loan to help you make an informed decision:

Advantages

Lower Interest Costs

Pre-closure could reduce the total interest paid, helping you save money over the loan tenure.

Improved Credit Score

Closing a loan early may positively impact your credit score by reducing outstanding debt.

Reduced Financial Burden

Repaying the loan in full could ease monthly financial obligations and improve overall financial stability.

Disadvantages

Pre-Closure Charges

CASHe may charge a pre-closure fee, which could reduce the expected interest savings.

Reduced Liquidity

Using savings to close the loan early might affect your financial flexibility for emergencies or other expenses.

Possible Lock-in Period

Some loans may have a mandatory repayment period before pre-closure is allowed, restricting early repayment options.

Here are key factors to consider before pre-closing your CASHe personal loan to avoid unnecessary charges and ensure a smooth loan closure process:

Check the Pre-Closure Policy

Review CASHe’s pre-closure terms to understand the applicable charges, lock-in period, and required procedures before proceeding with early loan closure.

Verify Outstanding Dues

Confirm the total outstanding amount, including any pending EMIs, pre-closure charges, and additional fees, to avoid payment discrepancies.

Ensure Sufficient Funds

Make sure you have enough savings to cover the pre-closure amount without affecting your essential financial commitments.

Request a No Dues Certificate (NDC)

Obtain an NDC from CASHe as proof that the loan has been fully repaid and there are no outstanding liabilities.

Check Loan Closure Confirmation

Verify with CASHe’s customer support that your loan account is officially closed after making the pre-closure payment.

Monitor Your Credit Report

Check your credit report after pre-closure to ensure that the loan closure is correctly updated and does not negatively impact your credit score.