Preclosure Of Personal Loan Will Affect Cibil Score
However pre closing a personal loan paying the outstanding amount in bulk before the end of the tenure may not always be a good idea.
Preclosure of personal loan will affect cibil score. It is important to be aware of the procedures involved in properly closing the personal loan and at any stage you face an issue or have a query the customer service of the banks can help you get through the same. Preclosure of your icici personal loan will be allowed any time during the entire loan tenure after at least 1 installment is paid by the borrower. Now you must be wondering why so isn t it.
Most of my readers or clients are worried and scared to check their cibil score. At any stage closing personal loan the right way is extremely important as it may have an effect on your cibil score. Ideally it is advisable to check cibil score every three months but it is too early.
Let me clarify you can check your cibil score as many times as you can. Your credit score helps lenders assess your creditworthiness and in certain cases decide the loan terms to be set. A settled status is likely to have a negative impact on your cibil score.
Try to transfer your settled to the closed one and take the delight of a high cibil score. It can negatively impact your credit score and hamper your chances of building a good credit history. For pre paying or pre closing your icici bank personal loan you will have to repay the total outstanding amount along with all other applicable charges.
However closed status has a far positive impact. Your repayment history 35. Usually people think that by pre closing their loan they are doing the right thing.
But contrary to the popular belief the foreclosure of a loan can actually have an adverse effect on the cibil score. Here is a lowdown on the factors that have the greatest impact on your cibil score. It will not affect your cibil score.
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