PaySense Personal Loan Preclosure

Once you’ve availed a loan, it’s important to pay your EMIs on time every month. If you happen to gain a windfall at any particular time during the tenure of the loan, you can either go in for a Personal Loan preclosure or foreclose the loan. PaySense offers borrowers a number of prepayment options in the event that they feel the need to close their loan accounts. This enables the borrower to pay the principal amount with interest in one lump sum amount before the end of the loan tenure. Borrowers will need to keep track of the charges levied at the time of foreclosure.

There are a number of benefits of prepaying loans in advance. The biggest benefit is a debt free life. The other benefits are:

• Savings:

You will save considerably on interest payments towards your loan account. The initial payments towards your loan go towards interest payments. Your principal payments only begin once you have cleared the interest payments. A good CIBIL score may help you secure better loan terms at the time of borrowing, potentially giving you more favourable options in the future.

• Financial Freedom:

The excess money you save from loan payments can be invested in other long and short term investments. This will help you build a significant corpus of funds for the future.

Pre-closing your loan from PaySense partners is a fairly straightforward process. Simply send an email to the PaySense Customer Service team who will get back to you within 48 to 72 working hours. The executive will then ask you to fill a pre-closure form and provide all the necessary information on how to close your loan account. Once you have completed the online process, you will receive an email confirmation from your respective bank about the pre-closure agreement.