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You can preclose your InCred Personal Loan after completing at least 6 months of repayment. Explore the process, including eligibility, charges, and important factors to consider before proceeding.
Last updated on: Aug 28, 2026
Taking a personal loan can provide financial flexibility, but repaying it ahead of schedule, also known as pre-closure, could help you save on interest. If you have surplus funds and wish to close your InCred Personal Loan before its full tenure, there are certain conditions, charges, and processes to be aware of.
For instance, InCred allows pre-closure only after a minimum of 6 EMIs have been paid. Additionally, a pre-closure charge applies, which means closing the loan early is not always cost-free. Before making a decision, it is crucial to evaluate whether the benefits of pre-closure outweigh the costs.
Let’s explore everything you need to know about preclosing an InCred Personal Loan, from charges and eligibility requirements to the exact steps involved.
Before opting for an InCred Personal Loan pre-closure, it’s essential to understand the applicable charges. These fees ensure that the lender recovers some of the interest income lost due to early repayment. Usually, a charge of up to 5% of the outstanding principal (plus GST) is levied when you foreclose a loan.
Additional Points to Consider:
| Months Completed | Preclosure Charges |
|---|---|
Less than 6 Months |
Preclosure typically not permitted |
6 Months and Above |
Up to 5% of outstanding principal + applicable taxes |
If you are considering an InCred loan preclosure, calculating these charges in advance will help you decide whether the early repayment is financially beneficial for you.
Choose loan amounts between ₹10,000 and ₹10 Lakhs, tailored to your requirements. Interest rates start from 13.99% p.a.
Interest rates start from 13.99% p.a.
To preclose your InCred Personal Loan smoothly, you must meet certain eligibility criteria and prepare the necessary documents.
Minimum EMI Payments: You must have paid at least 6 EMIs before requesting pre-closure
No Outstanding Dues: All pending EMIs, penalties, or overdue charges (if any) must be cleared before the pre-closure is processed
Full Repayment of Outstanding Principal: The pre-closure amount includes the unpaid principal, interest accrued until the closure date, and applicable pre-closure fees
Payment through Approved Methods: InCred typically accepts pre-closure payments via NEFT, RTGS, or cheque at its designated branches or online banking channels
Request Submission: You must formally request pre-closure by contacting InCred customer care or visiting a branch
If you meet the above conditions, follow these steps to preclose your loan:
Go through your loan sanction letter or agreement to understand the exact pre-closure terms, charges, and eligibility conditions.
Call InCred customer support at 1800-102-2192 or email care@incred.com to request a loan statement.
InCred will issue a pre-closure statement with the total amount due, including fees and taxes. Verify all the details, including final repayment amount and last EMI date.
Transfer the amount via NEFT, RTGS, or a direct bank deposit to the specified InCred loan account. Ensure that the payment is made well before the due date to avoid any additional charges.
After successful pre-closure, InCred will provide a NOC confirming that your personal loan has been fully repaid. Keep this document safe, as it is proof of loan closure.
A loan pre-closure should reflect as a ‘Closed’ loan on your credit report within 30-45 days. If it doesn’t update, contact InCred to ensure proper reporting to credit bureaus like TransUnion CIBIL or Experian.
While preclosing a loan may seem like a great idea, it’s important to weigh both the benefits and drawbacks before making a decision.
Saves on Interest Costs: By closing your loan early, you eliminate future interest payments, reducing your overall loan cost
Reduces Debt Burden: Becoming debt-free sooner gives you financial flexibility and helps lower your debt-to-income (DTI) ratio
Improves Credit Score: Successfully preclosing a loan without defaults reflects positively on your credit history, improving your credit score
Pre-closure Charges Apply: The 5% charge on the outstanding loan can sometimes negate the savings from early repayment
Impact on Liquidity: Using a lump sum for pre-closure may affect your savings or limit your ability to invest elsewhere
No Future Benefits from Loan Tenure: Keeping a loan running and paying EMIs regularly helps build credit history—pre-closure eliminates this benefit
Before closing your InCred Personal Loan, consider the following points:
Compare Pre-closure Cost vs. Interest Savings: Use a loan pre-closure calculator to check whether preclosing is financially beneficial. If the pre-closure charges are high, it might be better to continue paying EMIs.
Confirm the Total Amount Before Paying: Ensure that you have the final closure amount, including pre-closure fees and pending dues, to avoid delays or penalties
Ensure Smooth Documentation: Collect your No Objection Certificate (NOC), loan closure statement, and final payment receipt for your records
Monitor Credit Report Update: Check your credit reports after 30-45 days to ensure the loan is correctly marked as closed
Reach Out for Assistance: If you have any questions or concerns, contact InCred Customer Care by using any of the following details:
Phone Number: 1800-102-2192
WhatsApp Number: +918826272192
E-mail ID: care@incred.com
Address: HDIL, Kale Donia Building, Unit No. 3B-02 and 203 - B wing, Sahar Rd, opposite mart, Sambhaji Nagar, Andheri East, Mumbai 400069
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To foreclose your InCred Personal Loan, you can request a preclosure statement from the lender, review the outstanding balance and applicable charges, and make the full repayment amount. Once the payment is processed, complete any required formalities and collect the loan closure documents for your records.
You can close your InCred Personal Loan by paying the total outstanding amount, including any applicable charges, before the loan tenure ends. After the lender confirms receipt of the payment, obtain the closure confirmation and No Objection Certificate (NOC) as proof that the loan has been settled.
InCred may levy a preclosure charge of up to 5% of the outstanding principal amount, along with applicable taxes, when you choose to close your personal loan before the scheduled tenure. Since charges may vary based on lender policies, it is advisable to obtain a preclosure statement before proceeding.
Yes, InCred generally permits personal loan preclosure only after you have completed at least 6 months of repayment. Requests made before the lock-in period may not be eligible for processing. You should review the loan agreement or contact customer support for the latest applicable terms.
Yes, after successfully preclosing your InCred Personal Loan and clearing all outstanding dues, you can obtain a No Objection Certificate (NOC) from the lender. This document serves as official confirmation that the loan has been fully repaid and that no further liability remains on the account.
Generally, preclosing an InCred Personal Loan does not negatively affect your CIBIL score if all repayments have been made on time. A properly closed loan account can reflect responsible credit behaviour and may contribute positively to your overall credit profile and repayment history over time.
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