Draw The Finishing Line With Ease

That breath of relief you take, when you pay that last installment of your loan is probably one of the most memorable moments. Needless to say, a sense of accomplishment prevails when you achieve a feat like this. Whether you have availed home loans, where your home is mortgaged, or a car loan where your vehicle is hypothecated, a proper closure of the loan is essential. And when it comes to a loan closure, if a borrower does not adhere to certain processes, it might lead to several problems in the future. Having said that, every bank has its own checklist when it comes to pre and post closure of loans, which borrowers must adhere to. Usually, a personal loan can be closed in three ways, which include regular closure, foreclosure or preclosure and part-payment. “The right or wrong way to go here is decided by your financial situation and can differ from person to person,”...