Can I close my LIC policy after 5 years?
Yes, you can close your Poonawalla Fincorp personal loan early through either part-prepayment or full foreclosure. Most lenders, including NBFCs like Poonawalla Fincorp, allow for early closure, though they often require a minimum lock-in period, such as the payment of the first 6 to 12 EMIs, before you are eligible. If you choose to foreclose the loan, the lender may charge a prepayment or foreclosure penalty, typically ranging between 2% and 5% of the outstanding principal amount, plus applicable GST. It is highly recommended to check your specific loan agreement for the exact foreclosure charges and lock-in conditions. Early closure helps you save on total interest costs, but ensure you weigh the interest savings against the foreclosure penalties before proceeding.
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