POSTED BY June 18, 2013 6:22 pm ONE COMMENT
ONdear manish
i have a lap from fullerton india credit for business.
rs. 1300000 @ 16% floating with 3% prepayment charges.
i have paid 15 emi till 5 june 2013.
now i want to close my loan account .
i want to know that would i have to prepayment charges.
please help as per latest rbi guidlines
thanking you
pls
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Dear Miraj,
Please see your welcome letter given by finance company in which you find your outstanding principal amount, so what outstanding principal amount in 16th installment + prepayment charges i.e 3%.
That amount you have to pay or you can request them to some relaxation in foreclosure charges.
Example: If outstanding amount is 100 than 3% prepayment charges it means you have to pay 103/=.