Here are general steps you can follow:
Login to the App:
- Open the Bajaj Finserv app on your mobile device.
- Log in using your credentials. If you don't have an account, you may need to register.
Navigate to Loan Account:
- Once logged in, find and select the option related to your loan account. This might be labeled as "Loan Account," "My Loans," or something similar.
Locate Foreclosure Section:
- Look for a section or option related to foreclosure or pre-closure. This is where you might find details and documents related to closing your loan.
Request Foreclosure Letter:
- Within the foreclosure section, there may be an option to request or download a foreclosure letter. This letter typically outlines the details of your loan closure.
Follow Instructions:
- Follow the on-screen instructions to request the foreclosure letter. This might involve providing specific details or selecting the loan account for which you need the letter.
Download or Receive the Letter:
- After the request is processed, you may be able to download the foreclosure letter directly from the app. Alternatively, the letter might be sent to your registered email address or be available in a document section within the app.
Contact Customer Support (if needed):
- If you're unable to find the option or face any issues, it's advisable to contact Bajaj Finserv's customer support. They can guide you through the process and provide specific instructions based on the current features of the app.
Frequently Asked Questions on Foreclosure Letter:
Q1. What is meant by a foreclosure letter?
Ans. When a borrower repays the entire outstanding loan amount in one payment rather than in EMIs, they need to write a letter for the foreclosure of the loan, which is known as the foreclosure letter.
Q2. Are there any foreclosure charges deductions?
Ans. Yes, there will be foreclosure charges which will be deducted as a part of the bank’s policy.
Q3. What are the advantages of a loan foreclosure?
Ans. Prepaying your current personal loan in full or foreclosing it is deemed favourable and can help you raise your CIBIL score. An enhanced credit score can help you conclude your next loan application faster and negotiate better terms with the lender.
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