preapayment penaty on lap

POSTED BY meraj ON June 18, 2013 6:22 pm ONE COMMENT

dear 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

One reply on this article “preapayment penaty on lap”

  1. Manish says:

    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/=.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today