A personal loan is a great way to get some urgent funds when you need it. Whether it is for a new car, a family vacation, or just to cover some unexpected expenses, these instant personal loans can be extremely helpful. But once you have paid off your loan, there is one last thing you need to do – get a No Objection Certificate or NOC. This little piece of paper is really important. Wondering why? Let’s find out.
In this blog, we will learn what is NOC, the importance of NOC, the consequences of not having an NOC and how to get one.
What is a Personal Loan NOC?
So, what exactly is a Personal Loan NOC? It is an official document that is issued by your lender after you have paid off your personal loan completely. It is there to state that you have no outstanding dues and that the lender has no further claims against you. This certificate is important as it formally closes the loan account and serves as proof that you are all clear and free from that loan.
Importance of Obtaining a NOC
- As mentioned earlier, it is the proof of payment as NOC shows that you have paid off your loan in full.
- It helps keep your credit score in good shape by proving that you are reliable.
- An NOC would keep you safe from any future legal troubles with the lender.
- Having a NOC makes it easier to get more loans later as lenders trust you more.
- Sometimes, when you are buying or selling things like a house, you need to show the NOC to prove you are debt-free.
Consequences of Not having an NOC
- Without an NOC, your loan may still show up as unpaid, and this can hurt your credit score.
- If you do not have an NOC for your personal loan, then lenders may be hesitant to give you another loan as they won’t consider you reliable.
- There could be mistakes or misunderstandings if the lender thinks you still owe money.
- Without clear proof, it can get tricky to keep track of your financial status.
- If you are selling property, then not having a NOC can make things messy.
How to Obtain a Personal Loan NOC
To get a personal loan NOC, you need to first finish paying your loan. So, make sure you have paid every penny including any extra fees.
To get a personal loan NOC from CASHe, you need to simply send an email requesting the same to support@cashe.co.in. However, ensure the details you provide in the mail are updated.
Once you have it, check if everything is correct in the document like your name and amount, and it’s signed by the lender.
What to Check in Your NOC
- Your details such as name and address.
- Loan info such as loan account number and the amount.
- A clear statement that you have paid off everything.
- Official signature and stamp from the lender.
- The date when you finished paying your loan.
Conclusion
By securing your personal loan NOC, you are not only protecting yourself from future headaches but also keeping your financial history neat and clear. So, make sure you get it and keep it safe!
Now, if you are looking for an instant personal loan with great repayment schedules, then download the CASHe app right away. Sign up, create your profile, and get funds instantly in your bank account. With CASHe, you can avail competitive interest rates and great loan terms.
