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PaySense offers borrowers multiple prepayment options when they feel the need to close their loan accounts. This enables the borrower to pay the principal amount with interest in one lump sum payment before the end of the loan duration. Borrowers will have to keep track of the charges levied at the time of foreclosure.
You can send an email to the PaySense customer service team who will get back to you within 48 to 72 working hours. The executive will then ask you to completely fill a pre-closure form and provide all the necessary information on how to close your loan account. Once you have completed the online process, you will get a confirmation through email from your respective bank about the pre-closure agreement.
At least 6 EMIs should be paid and updated in the App before foreclosing the PaySense account. Due to the payments cycle, they accept foreclosure requests between the 10th and 20th of the month. You can contact PaySense for support between these dates for the foreclosure process.
What Are The Benefits of Prepaying The Loan?
There are multiple advantages of prepaying the loans in advance.
Savings:
You will save significantly on interest payments towards your loan account. The initial payments made towards your loan go towards interest payments. The initial payments towards your loan go towards interest payments and the principal payments start only once you have cleared the interest payments.
Financial Freedom:
The excess money you save from loan payments can be invested in other short and long term investments. This will help you build a considerable corpus of funds for the future.