If I per-close my personal loan – will it effect my CIBIL rating ?

POSTED BY krishnachaitanyaravuri ON November 10, 2013 3:56 pm COMMENTS (3)

I have recently taken personal loan from a nationalized bank for a tenure of 48 months, if i pre close the personal loan for 20 months will it affect my CIBIL rating, if there is an affect in which way it will affect me.Next year I am planning to take home loan hence this will be very useful for me.

3 replies on this article “If I per-close my personal loan – will it effect my CIBIL rating ?”

  1. Debrani roy says:

    I took a loan in 2012.it was pl.i was unable to repay after 14mnths emi,as it was a tenure of 48 months repay .now I want to pay their all dues …want to foreclose it ….my cibil was vry poor 525 jst bcoz of this non payment …aftr paymnt wil I be able to get loan frm any othr place in future …plz help me …

    1. Yes, after payment your score will improve , but it will take some months .. after that you can try your luck and apply for loan

  2. Credexpert says:

    Dear Krishna,

    It would be difficult to comment on the impact on your credit score based on this single information of foreclosing the Personal loan.

    Credit score is calculated based on various parameters like the number of loans/credit cards – open and closed both, outstanding balance and payment history against each account, number of enquiries. The foreclosure of your Personal loan would have an impact on your credit score based on its linkage with various such factors.

    Personal loans are high interest loans and it would be a good option to repay the outstanding balance if you have the capacity to repay.


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