I have taken a car loan for 3 years. Can i clear off the loan in 1 years time by paying the balance amount

tomboy80
By tomboy80
By rog_alpha• 12 Sep 2009 12:46
Rating: 5/5
rog_alpha

yes, just u need to pay 1 to 2% extra as an early payment charges. I did the same and CBQ charged 1% of balance loan amount (i.e. just QRS 500 FOR Balance loan of 50,000/-)

By anonymous• 12 Sep 2009 12:45
Rating: 4/5
anonymous

Of course!!!! Why not!!!!

By algadomain• 12 Sep 2009 12:34
Rating: 5/5
algadomain

yes you can, but depends on the bank though.

By cool2cool• 12 Sep 2009 12:14
Rating: 2/5
cool2cool

Simple, approach your bank directly. Bank to bank the interest terms in these situations are different. It is good to settle as soon as possible. Hope you can.. all the best.

By anonymous• 12 Sep 2009 12:08
Rating: 5/5
anonymous

yes off course you can. you will get more benefit if you close your car loan advance.

By AJAY_JOSHI• 12 Sep 2009 11:57
Rating: 4/5
AJAY_JOSHI

Yes Surely you can do it. The bank may charge some extra amount. Tlak to the bank officials directly and try negotiating on the extra charge or interest rate that they may ask for. All the Best!

By yv2r• 12 Sep 2009 11:54
yv2r

S definitely u can clear the loan ,but you may have to pay the interest full.

By Kwan• 12 Sep 2009 11:49
Rating: 5/5
Kwan

Yes, you can. But most of the bank charge 1% for preclosure of loans. Check with your bank.

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