In November 2012, I borrowed a personal loan of Rs. 5, 00,000 from IDBI for my daughter’s marriage. The loan was for 5 years. But instead of repaying it slowly through EMIs, I wish to pay the entire amount in lump sum and close the loan. What is the process for loan pre-closure?
Contact the loan officer of IDBI and tell him that you want to repay the entire amount. He/ she will initiate the process for you and will also guide you in relation to the other formalities required during the process.