Fill in Loan Closure Request Letter

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Loan Closure Request Letter

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You and your lender
The loan
Closing the account
Reply, delivery and signing

Step 1 of 4

You and your lender

Your full nameNeeded

For example: Rohit Anand Kulkarni

Your postal addressNeeded

House / flat / plot no.

Street, sector or locality

City area and PIN code

Your mobile numberNeeded

A number somebody can be reached on. Ten digits is the usual Indian form, and a country code in front of it is fine if you want it there.

For example: +91 XXXXX XXXXX

Your email addressNeeded

An email address somebody actually reads. Notices under a document like this can be sent to it, so a working one matters more than a tidy one.

For example: rohit.kulkarni@example.com

Name of the bank or lenderNeeded

For example: Bank of Baroda

Branch or office that services the loanNeeded

House / flat / plot no.

Street, sector or locality

City area and PIN code

Where a complaint goes if the lender does not act — pick by the kind of lenderNeeded

If the matter is still unresolved, I will complain to the RBI Ombudsman under the Reserve Bank – Integrated Ombudsman Scheme, 2026, which came into force on 1 July 2026 and replaced the 2021 Scheme, and which covers you as a bank. Under that Scheme I may complain once thirty days have passed from the date you received my complaint without a reply, or once I have your reply and am not satisfied with it. A complaint may be filed free of cost online at https://cms.rbi.org.in, by email to crpc@rbi.org.in, or by post to the Centralised Receipt and Processing Centre, Reserve Bank of India, Central Vista, Sector 17, Chandigarh 160017. The RBI contact centre number is 14448. A complaint must reach the Ombudsman within ninety days of the date that thirty-day period expires, or of your last communication to me, whichever is later; after that it is not maintainable.If the matter is still unresolved, I will complain to the RBI Ombudsman under the Reserve Bank – Integrated Ombudsman Scheme, 2026, which came into force on 1 July 2026 and replaced the 2021 Scheme, and which covers you as a non-banking financial company registered with the Reserve Bank of India. Under that Scheme I may complain once thirty days have passed from the date you received my complaint without a reply, or once I have your reply and am not satisfied with it. A complaint may be filed free of cost online at https://cms.rbi.org.in, by email to crpc@rbi.org.in, or by post to the Centralised Receipt and Processing Centre, Reserve Bank of India, Central Vista, Sector 17, Chandigarh 160017. The RBI contact centre number is 14448. A complaint must reach the Ombudsman within ninety days of the date that thirty-day period expires, or of your last communication to me, whichever is later; after that it is not maintainable.If the matter is still unresolved, I will take it to your Grievance Redressal Officer and then to the Grievance Redressal Department of the National Housing Bank through its GRIDS portal, housing finance companies being outside the Reserve Bank – Integrated Ombudsman Scheme, 2026, which came into force on 1 July 2026 and replaced the 2021 Scheme. I set that out so that neither of us spends time on a forum that has no jurisdiction over you. It takes nothing away from what I have asked for above: the Reserve Bank's direction of 13 September 2023 on the release of property documents on repayment is addressed to non-banking financial companies inclusive of housing finance companies, and binds you.

More details — you may leave these

Co-borrower's full nameYou may leave this

For example: Sneha Rohit Kulkarni

Branch or service email addressYou may leave this

An email address somebody actually reads. Notices under a document like this can be sent to it, so a working one matters more than a tidy one.

For example: branch.andheri@examplebank.co.in

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__________
__________
Mobile: __________
Email: __________

To
The Branch Manager
__________
__________

Dear Sir / Madam,

1. MY ACCOUNT

2. WHAT I AM ASKING FOR

If this loan carries a floating rate of interest and was not taken for business purposes, please confirm in writing that no pre-payment or foreclosure charge is being levied or has been levied. The Reserve Bank of India has directed regulated entities not to levy pre-payment charges on floating rate loans granted to individual borrowers for purposes other than business. The current instrument is the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025, dated 2 July 2025, which apply to loans sanctioned or renewed on or after 1 January 2026; earlier RBI circulars to the same effect govern loans before that date. If you are levying any charge, please state the amount, the clause of my sanction letter you rely on, and the RBI instruction that permits it.

On the account being closed, please issue and give me the following. I have set out against each the date by which I expect it.

7. REFUND OF ANY EXCESS

If, after my payment is applied, any amount is found to have been collected in excess, or any unearned insurance premium, unadjusted instalment or credit balance is lying to my account, please refund it to my bank account on record and tell me the date and reference of that refund.

8. ACKNOWLEDGEMENT

9. IF I DO NOT HEAR FROM YOU

If the items above do not reach me by the dates I have set, I will take the matter forward in this order:

(a) I will write again to this branch and to your Grievance Redressal Officer, quoting the service request number.

(b) I will escalate to the Principal Nodal Officer or Grievance Redressal Officer of __________, whose name, address, telephone number and email you are required to display at your branches and on your website.

(d) Separately, if my credit report is not corrected, I will pursue it with the credit information company and with you under the Reserve Bank's framework for compensation to customers for delayed updation or rectification of credit information, now carried in the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025, which provides for compensation of ₹100 for each calendar day where a complaint is not resolved within thirty calendar days of its initial filing.

I would much rather none of this were necessary, and I do not expect it to be.

10. DELIVERY OF THIS LETTER

11. GENERAL

Nothing in this letter waives any claim or right I have against you. I will not treat this account as closed until I have received the No Objection Certificate and No Dues Certificate asked for in paragraph 6.

Thank you for your assistance.

Yours faithfully,

_______________________________
__________
Borrower

FOR THE BANK'S ACKNOWLEDGEMENT

Received on ____________________ at ____________________ (branch)

Name and designation of receiving official: ____________________________________

Signature and branch stamp: ____________________________________

Service request / complaint reference number: ____________________________________

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