I borrowed car loan for 3 years from ICICI Bank for Rs. 3, 50,000. Till date I have paid 24 installments. Nearly Rs. 1, 50,000 is still outstanding. I am interested in closing this loan account. Will it have any sort of impact on my CIBIL score? Will you recommend me to prepay this loan?
Only 12 more installments are left to be paid. Why you want to prepay your loan? You can invest the money with in some profitable investment alternative. Even if you choose to prepay your car loan, it won’t negatively affect your CIBIL score.