Finnable Personal Loan Pre-closure

Pre-closing a Finnable personal loan allows borrowers to repay the outstanding amount before the scheduled tenure. However, pre-closure comes with certain terms, such as charges based on the loan tenure completed, a minimum number of EMIs paid before eligibility, and any restrictions on the maximum pre-closure amount. Borrowers should review these conditions before opting for pre-closure to avoid unexpected costs.

Here’s what you need to know about Finnable personal loan pre-closure charges before making an early repayment decision:

Before pre-closing your Finnable personal loan, you must meet specific conditions:

• A minimum number of 6 EMIs must be paid before pre-closure eligibility

• Pre-closure is only allowed after a certain period from the loan disbursal date

• Pre-closure charges apply based on the outstanding principal amount

• You may need to submit a pre-closure request and clear any outstanding dues before proceeding

• The payment for pre-closure must be made through authorised channels such as bank transfer, cheque, or demand draft

Borrowers should verify the latest requirements with Finnable before initiating the pre-closure process.

To pre-close your Finnable personal loan, follow these steps:

1. Review your loan agreement to confirm if you meet the minimum tenure or EMI payment requirement

2. Contact Finnable to get the exact amount payable, including pre-closure charges

3. Submit a request at the nearest Finnable branch or through customer service

4. Pay the outstanding loan amount along with applicable charges using approved payment methods

5. After successful payment, request a loan closure certificate as proof of pre-closure

6. Ensure that Finnable updates your credit report to reflect the loan closure

Here’s a balanced look at the benefits and drawbacks of pre-closing a personal loan to help you make an informed financial decision:

Advantages

• Pre-closure reduces the total interest paid over the loan tenure

• Paying off the loan early eliminates monthly EMI commitments

• A fully repaid personal loan improves your credit score and repayment history

• Clearing outstanding debt reduces financial stress and improves stability

• Monthly EMI savings can be redirected towards other investments or essential expenses

• Without loan liabilities, financial planning becomes easier and more flexible

Disadvantages

• Lenders may charge a pre-closure fee, reducing the savings from early repayment

• Using a lump sum for pre-closure may strain your cash flow

• The money used for pre-closure could have been invested for better returns

• Paying off the loan early may reduce liquidity and limit emergency funds

• If the loan has a low interest rate, pre-closure may not provide significant financial benefits

• Closing a loan may slightly impact your credit score by reducing active credit accounts

Here’s what you need to know before pre-closing your Finnable personal loan:

• Review the loan terms to confirm the applicable pre-closure charges and ensure you meet the minimum EMI payment requirement

• Obtain an official confirmation from Finnable as proof that the loan has been fully repaid

• Check your credit report after a few weeks to ensure the loan status is updated as ‘closed’ without errors

• Make the pre-closure payment through approved banking channels to avoid any processing delays or disputes

• Save transaction receipts and bank statements as proof of loan closure for future reference

• For any queries related to pre-closure, write to Finnable customer care at makeiteasy@finnable.com

Pre-closing a personal loan can help reduce financial burdens, but ensuring all formalities are completed correctly is essential.