What is Incred Personal Loan Pre Closure Charges?

InCred provides personal loans ranging from Rs. 50,000 to Rs. 15 lakh, with interest rates varying based on the borrower's profile and loan tenure. The Incred personal loan pre closure charges are up to 5%+applicable taxes after 6 months of disbursement.

For fixed-rate personal loans, InCred's Fair Practices Code indicates that foreclosure charges or pre-payment penalties may be levied. However, the exact percentage or amount of these charges might vary based on the loan agreement and prevailing market conditions.

To obtain precise information about pre-closure charges applicable to your personal loan, it's recommended to refer to your loan agreement or contact InCred's customer service directly.

InCred allows borrowers to foreclose their personal loans, but certain conditions and charges apply.​ There is the imposition of Incred personal loan foreclosure charges. InCred imposes a pre-closure fee of up to 5% of the outstanding loan amount, along with applicable taxes after 6 months of disbursement. This charge is applicable if the loan is repaid in full before the end of its tenure. 

How Much is the Incred Personal Loan Pre Closure Charges?

As I already said it is 5% of the outstanding loan amount, along with applicable taxes after 6 months of disbursement. Borrowers can opt for foreclosure only after completing a minimum of 6 Equated Monthly Installments (EMIs). Prepayment in parts or partial payments is generally not permitted.​ You must settle the total amount as specified in the foreclosure statement.​

After payment, request a loan closure certificate from InCred as proof that the loan has been fully repaid and closed.​

Get Loan Up to 10 Lakhs Instantly to Your Account with NB InstaCash

Read more:

What is Incred Personal Loan Interest Rate? 

InCred personal loans pre-closure charges are applicable after completing a specific minimum number of EMI payments, typically 6 to 12 months, depending on the loan terms. The pre-closure charges usually range between 4% to 6% of the outstanding loan amount, excluding applicable GST. These charges may vary depending on the loan agreement and prevailing company policies.

InCred imposes these charges to compensate for the interest income loss resulting from early repayment. Before opting for pre-closure, borrowers should consider factors such as the remaining interest payable versus the pre-closure fee. Calculating this can help determine whether pre-closing the loan is financially beneficial.

To initiate pre-closure, borrowers must provide a written request, clear any outstanding dues, and submit relevant documents, such as identity proof, loan account details, and a cheque or draft for the pre-closure amount.

This is all about incred personal loan preclosure charges. I hope this information helps you with your query!

Read more