Fibe Personal Loan Pre-closure

A Fibe Personal Loan gives borrowers the flexibility to meet financial needs with easy repayment options. However, some may choose to close their loan before the scheduled tenure through pre-closure. This could help reduce overall interest costs, but it may also involve certain conditions and charges. Borrowers must meet specific eligibility criteria, such as completing a minimum number of EMIs and ensuring their outstanding loan amount meets the required threshold.

Fibe may charge a pre-closure fee, which can vary based on the tenure passed since loan disbursal. These charges, along with any restrictions, are outlined in the loan agreement. Before proceeding with pre-closure, borrowers should review these terms to assess whether early repayment is a cost-effective option.

Pre-closing a Fibe Personal Loan comes with specific terms that borrowers should be aware of. Here are the applicable charges and conditions to consider:

To pre-close a Fibe Personal Loan, the following requirements or restrictions may apply:

Minimum Repayment Period

A borrower may need to complete a specific number of months before becoming eligible for pre-closure.

Outstanding Dues Clearance

All pending EMIs, interest, and other charges must be fully paid before requesting pre-closure.

Pre-closure Request Submission

A formal request for loan pre-closure must be submitted through the Fibe app or customer support.

Pre-closure Fees Payment

If applicable, borrowers must pay the required pre-closure charges in full.

No Ongoing Disputes

The loan account should be clear of any disputes or overdue payments at the time of pre-closure.

Meeting these requirements ensures a smooth and hassle-free loan pre-closure process.

Follow these steps to pre-close your Fibe Personal Loan:

1. Log in to the Fibe app and check the outstanding loan amount, including any applicable pre-closure charges

2. Review the loan agreement or contact Fibe customer support to confirm the exact pre-closure charges

3. Submit a formal pre-closure request through the Fibe app or by reaching out to customer support

4. Use an approved payment method to clear the outstanding loan amount and any applicable pre-closure charges

5. Ensure you receive a No Dues Certificate (NDC) or confirmation from Fibe stating that the loan has been successfully closed

After loan closure, monitor your credit report to confirm that the closure is correctly updated.

Pre-closing a personal loan could help reduce interest costs but may also involve certain charges and restrictions. Here are the key advantages and disadvantages to consider:

Advantages

• Reduces overall interest costs by closing the loan before the scheduled tenure

• Eliminates monthly EMI payments, reducing financial burden

• May improve credit score by demonstrating responsible loan repayment

• Increases future loan eligibility by lowering existing liabilities

• Provides peace of mind by removing debt obligations

Disadvantages

• May involve pre-closure charges, reducing overall savings

• Requires a large lump sum payment, which may affect financial liquidity

• Some lenders impose restrictions on pre-closure before a minimum tenure

• Interest savings may be limited if the loan has a fixed-rate structure

• Using savings for pre-closure may result in lost investment opportunities

Here are important factors to check before pre-closing a personal loan to avoid unnecessary charges and ensure a smooth process:

• Check the pre-closure charges to ensure they do not exceed the potential savings

• Maintain sufficient funds to cover the outstanding loan amount and any applicable fees

• Request a No Dues Certificate (NDC) as proof of loan closure

• Monitor your credit report to ensure the loan closure is correctly updated

• Verify any additional terms in the loan agreement to avoid unexpected penalties

For further queries on pre-closure, borrowers can contact Fibe customer care at 020-6763-9797 or visit the official Fibe app.