Pre closure fee

gulshan patiyal (Querist) 13 August 2012 This query is : Resolved
is pre closure fee on personal loan is applicable ,, as bank is asking for 4% of pre closure fee on loan amount

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RAJU O.F., (Expert) 14 August 2012
It depends upon the clauses/conditions mentioned in the agreement executed by you while availing of the loan. If you had agreed to pay 4% pre-closure fee you are liable to pay the same.

Trivedi Advocate (Expert) 14 August 2012
yes I do agree with raju sir, first of all you refer the terms and conditions of executed agreement if there is any clause related to pre-closure fee, you can check if it is 4% than you will be liable to pay the same, if it is different you can talk to the bank for the same for that you will pay only the ?% what you had executed.

Regards,

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