Collecting your loan NOC belongs to one of the loan closure formalities. NOC means no objection certificate. A loan NOC is a legal document issued by the lender, and it verifies that all your outstanding dues have been executed and no other dues are payable on a given date.
A personal loan NOC from your lender indicates the formal closure of the repayment cycle of loans. Thus, it prevents any legal complications from your loan in the future.
How To Apply For and Get A Loan NOC?
You can apply for and get a loan NOC easily. You can apply for a loan NOC only after repaying your loan.
Below are the steps via which you can apply for and get an NOC
- Firstly, you need to notify your lender that all the installments have been paid.
- You will be required to furnish documents to prove your address, identity, etc. You will also be required to furnish loan related documents and statements of the loan that have the details of the EMI that have been paid.
- You have to submit a cheque and ID proof for the lender to verify details such as your account number and identity.
- After the documentation related formalities are over, your loan account will be closed and you will get a loan NOC from the lender.