POSTED BY June 18, 2013 6:22 pm ONE COMMENTON
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
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One reply on this article “preapayment penaty on lap”
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/=.