Preclosing your Kissht Personal Loan means you repay the outstanding balance early, helping you save on interest and become debt-free sooner. However, before you opt for a foreclosure, it is essential to check the charges (if any) which are applicable for using this facility. Depending on the type of loan you opt for and Kissht’s discretion, the fee levied on a personal loan foreclosure is decided.
This can increase your borrowing cost and maybe even offset the benefit of preclosing the loan. Thus, it is important to check these rates before proceeding with preclosure. Let’s learn more about the process, requirements, and key considerations for preclosing your Kissht Personal Loan smoothly.
Kissht may allow you to preclose your personal loan without any foreclosure charges. This makes it easier to repay the loan early without worrying about extra costs. It can help you save on interest and close your debt hassle-free, giving you greater financial flexibility.
Up to 7% of the loan amount may be levied by the lender as a Kissht Personal Loan preclosure charge. This is subject to your loan agreement’s terms and the lender’s policies. Tax as applicable will also be charged when you opt for this facility.
Reach out to Kissht to gain more clarity on the fee you may be required to pay when foreclosing your loan.
If you are planning to preclose your Kissht Personal Loan, you must meet certain conditions to ensure a smooth and hassle-free process. Here’s what you need to check before proceeding:
EMIs Paid
Before requesting preclosure, ensure that you have paid the minimum number of EMIs as specified in your loan agreement. Lenders generally do not allow immediate preclosure, so check whether you meet this criterion.
Preclosure Request
You must formally request preclosure by contacting Kissht customer service or using their designated online channels. This helps initiate the process and ensures that your request is processed correctly.
Activity and Status of the Loan Account
Preclosure is only possible if your loan account is active and not in default. If you have missed any EMIs or have outstanding penalties, you must clear all dues first before Kissht will allow preclosure.
Preclosure Statement
Before making the payment, request a preclosure statement from Kissht. This document provides a breakdown of the outstanding loan amount, any applicable charges, and the total payment required to close the loan. Reviewing this ensures you are aware of the exact amount needed for preclosure.
Single Transaction
You are required to pay the entire outstanding amount in one go. Ensure that you have the required funds available before initiating the process.
Approved Payment Mode
The preclosure amount should be paid using NEFT, RTGS, or any other approved method specified by Kissht. Using the correct payment method ensures that your payment is processed correctly and without delays.
Kissht’s Policies
If your loan was financed by an NBFC partnered with Kissht, the preclosure process might differ. In such cases, you may need to follow the financier’s specific preclosure terms and conditions. If you are unsure about your financier’s rules, you can contact Kissht for clarification.
By meeting these preclosure requirements, you can ensure a seamless loan closure process and avoid any unexpected delays or additional charges.
The preclosure process may differ depending on whether your loan is financed by Kissht’s NBFC, SiCreva Capital Services Pvt. Ltd. or another partner.
For Loans Financed by SiCreva Capital Services Pvt. Ltd.:
Send an e-mail to care@kissht.com and request for a foreclosure link
Use the provided link to pay the foreclosure amount online
For Loans Financed by Other Partners:
Reach out to the customer service desk to inquire about the preclosure options as some lenders may not offer this facility
If available, send an e-mail to care@kissht.com to initiate the foreclosure process
Be sure to review your loan agreement to understand the terms and conditions of foreclosing the loan. After repayment, collect the No Objection Certificate (NOC) and ensure your credit report reflects the loan closure after 45 days. If not, raise a complaint with the respective credit bureau to make sure that the right information is reflected in the report.
You can also opt to foreclose the loan through Kissht’s official mobile application. For this, follow the steps mentioned below:
Open the Kissht App and go to the 'Loan Details' section for your loan account
Select ‘Foreclose Now’ to initiate the preclosure process
The foreclosure page will display the total payable amount, allowing you to complete the payment online.
Before you decide to apply for a Kissht loan preclosure, take the following advantages and disadvantages into consideration:
Advantages
Interest Savings: By preclosing, you can save on future interest payments
Better Debt-to-Income (DTI) Ratio: Eliminates debt obligations ahead of schedule, providing financial freedom and reducing your DTI ratio
Improved Credit Score: Successfully closing a loan can positively impact your credit history
Disadvantages
Preclosure Charges May Reduce Savings: A fee of up to 7% may be charged on the outstanding loan amount. This could offset the financial benefits of closing the loan early.
Reduces Available Funds: Paying off the loan in one go may strain your savings or limit opportunities for other investments
Loss of Growth of Credit History: Regular EMI payments help strengthen your credit history. However, preclosing the loan removes this long-term credit-building benefit.
Here are some tips you can use to ensure a smooth and hassle-free foreclosure of your Kissht Personal Loan:
Calculate Net Savings: Assess whether interest savings outweigh preclosure charges and potential investment returns
Confirm Procedures: Understand the preclosure process thoroughly to avoid delays or misunderstandings
Obtain Documentation: After preclosure, secure a No Objection Certificate (NOC) and ensure your credit report reflects the loan closure
Seek Assistance: For queries or assistance, reach out to Kissht's customer care team through any of the following points of contact:
Phone Number: 080 44745884 / 080 62816309
WhatsApp Number: +91 2248913631
E-mail ID: care@kissht.com
Address: 10th Floor, Tower 4, Equinox Park, LBS Marg, Kurla West, Mumbai 400070
Preclosing your Kissht Personal Loan can be a strategic financial move if the benefits outweigh the costs. Carefully evaluate the associated charges and your financial situation before proceeding.
