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


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/=.

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