By Chaitali Dutta
Will the bank levy penalty if I prepay a personal loan of Rs 2 lakh?
No. Usually personal loans are on a floating rate basis. In such loans, you may repay the loan any time, subject to the conditions put in the sanction letter. Please read the sanction letter carefully to see if they have mentioned any upper limit for repayment or a restricted period from the loan disbursed for repayment.
My home loan was sanctioned before the lockdown. Now, the bank wants a fresh employment letter. I got a new job in August and it is not accepting that. Should I go to another bank as I have paid booking amount?
This may be due to the stress on the job front