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