New Delhi, May 8 -- Pre-closing a personal loan with a prominent bank can result in long term savings on interest payments. Such a development hence can provide financial relief. Still, it is essential to clearly understand the process, associated charges, eligibility criteria along with other associated terms and conditions before proceeding.

Banks generally allow for a personal loan pre-closure only after the repayment of a minimum of 12 EMIs. If an applicant attempts to close the loan before this period, then such a request is not allowed and could also attract additional charges.

Now, for all individual cases you can discuss your problem with your respective bank and seek remedies as per the policies and rules of the financial insti...