Loan Closure & Prepayment Policy

 Loan Closure & Prepayment Policy (NRB FINANCE)

Effective Date: 29/08/2024
Company: NRB FINANCE, Rajkot – Gujarat
Email: coustmercare@nrbfinance.in

1. Objective

This policy defines the terms under which a borrower can close or prepay a loan availed from NRB FINANCE, ensuring transparency and fairness.

2. Loan Closure

  • A loan is considered closed when the borrower has repaid the full principal, interest, and any applicable charges (e.g., late payment penalty).

  • Upon successful closure, NRB FINANCE shall:

    1. Issue a Loan Closure Certificate / No Dues Certificate (NDC) to the borrower.

    2. Return the collateral/security (Gold, Vehicle documents, or other pledged documents) within 7 working days.

  • Borrower is advised to keep the NDC for future reference.

3. Prepayment / Early Repayment

  • Borrower may prepay the loan (partly or fully) before the scheduled tenure.

  • NRB FINANCE does not charge any foreclosure/prepayment penalty.

  • Interest will be charged only up to the date of prepayment.

  • After prepayment, borrower may request an updated repayment schedule or immediate closure certificate (if loan fully paid).

4. Partial Prepayment

  • Borrower can make partial prepayments anytime during the tenure.

  • Such prepayments will directly reduce the outstanding principal and hence reduce future interest liability.

  • A revised repayment schedule will be issued on request.

5. Final Settlement

  • Any pending charges (Late Fees, Cheque Bounce, Legal Charges if any) must be cleared before issuing the Loan Closure Certificate.

  • In case of settlement under a Settlement Offer, closure will be marked as "Settled" and not "Closed in Full".

6. Borrower Rights

  • Borrower is entitled to receive:

    • Statement of Account

    • No Dues Certificate (NDC) after closure

    • Return of Collateral (if applicable)

7. Dispute Resolution

Any dispute related to Loan Closure or Prepayment shall be subject to the jurisdiction of Rajkot, Gujarat courts only.

 

 


The Applicant/Customer confirms that he/she has read and understood the terms and conditions of this Policy/Agreement. In case of any difficulty in understanding the contents, the Applicant/Customer shall immediately contact NRB FINANCE during the loan application process for necessary clarification. NRB FINANCE shall not be held liable for any misunderstanding if the Applicant/Customer fails to seek clarification before proceeding with the loan process.