Shreyaa Kapoor Instagram – Imagine you got a loan a few years back, and even repaid it in full. 🫶🏼
You go to the bank and they refuse to offer you a new loan because in their system the old loan is still not closed – happens more frequently than you think. 🫠
This is because the lifecycle of a loan consists of 3 phases:
– Getting a loan
– Paying off the loan
– Collecting an NOC or NDC from the bank once loan is paid off 🙌🏼
Most of us go through the 2 phases diligently but conveniently forget an equally important third phase of the loan.😅
A No objection certificate or No dues certificate for loan is a document issued by the lenders as proof that the borrower has paid all the dues.🫡
If you don’t get an NOC/ NDC, it can negatively impact your credit score. You may not be eligible to get loans in the future.🫂
Also there is a loss of time and efforts as you may be asked to pay the outstanding amount that you have already paid. 🙏🏼
Lesson: Just collect your NOC/ NDC the moment you repay your loan and also don’t forget to collect all your original documents.🙌🏼
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[loan, personal finance, loan tips, home loan, money hacks, finance hacks, loans] | Posted on 13/Apr/2024 20:00:08
