Loan NOC Details
The No Objection Certificate or NOC is a legal document that states you have paid all the EMIs and cleared all the outstanding loan dues that may have been in your name. It is also known as No Dues Certificate.
What is NOC for Personal loan?
It is a legal document that is provided by the bank or Non-Banking Financial Companies (NBFC) at the end of the repayment of your personal loan availed from them. It contains information like your name, the loan account number, address of the property, and date of loan closure, among others. The certificate implies that the borrower has paid the loan amount and all other dues in full to the lender.
How Can I Get the NOC?
Generally, the certificate is sent by the lender to the designated address after the personal loan formalities are completed. In case you change your address provided in the loan application form, you can request the bank or NBFC to give you your No Dues Certificate to the new address.
Money View Personal Loan NOC
Money View provides a no objection certificate to the customer after the successful payment of all the loan EMIs and all other dues.
Importance of Collecting NOC on Full Repayment of Personal Loan
When you complete paying off your personal loan, it feels like a huge responsibility has been lifted off your back. Once repaying the personal loan is completed, the next important thing to do is get the No Objection Certificate from the lender through whom the personal loan was availed. Getting the certificate from the lender is important for a number of reasons. Let’s take a look at them:
- Keeps you legally secure:
Having the certificate implies that the lender has successfully closed your personal loan account and you do not owe any money to them. NOC is a legal document that is important to avoid future discrepancies with the lender.
- Proof that the personal loan has been repaid:
It acts as proof that the dues have been cleared. It ensures that the bank can’t trouble you later with a notice stating that certain dues with regard to the personal loan are pending.
- NOC can help you maintain a good credit score:
In case the information about you paying off the personal loan is not updated in your credit report, you can take the help of the no-objection certificate (NOC) to correct your credit report. You can submit the NOC to the credit bureau and ask them to update your credit history to show that the loan had been paid off.
Documents Required for NOC
There aren’t specific documents that need to be submitted to the bank for getting this certificate. However, if you end up misplacing the document and have to apply for it again, you would need to submit the below-mentioned documents to the bank officials:
- A copy of the FIR
- The details of the loan availed
Usually, banks and NBFCs send the NOC to the address mentioned in the loan application form after you complete repaying the loan amount. However, that is not the case always, so you must be proactive in this regard.