Can I pre-close a Personal loan after 3 months of first EMI?

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Can I pre-close a Personal loan after 3 months of first EMI?

Joined: June 15th, 2017, 12:40 pm

September 15th, 2017, 7:54 am #1

Hi, 
Currently I have a personal loan for which I am paying 17% diminishing Rate of Interest. And another bank just offered me at 11% flat.. I would like to pre-close this loan and take the other loan. However, when I contacted the bank they said I cannot foreclose the loan until completion of 12 emi's.

Is it true?I heard there has recently been a ruling that personal loans can be closed at any time.
Thanks

I didn't find the right solution from the internet.

References:
https://forums.bankbazaar.com/t/can-i-pst-emi/536

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