IMPORTANCE OF SECURING A NOC AFTER LOAN CLOSURE

In those phases of life, when we don’t have enough capital to fulfill our needs be it for education in a foreign country, or buying a car or a home, loans come in handy. But they also prove to be a burden that eats into our savings. Everyone wants to get that burden off their back as soon as possible.

However, it’s very important that in our joy of having repaid a loan, we should not forget one last but extremely crucial step - procuring a No Objection Certificate (NOC) from the financer. The borrower brings a complete closure to the loan only when he/she has the legal document that declares that he/she has no outstanding dues towards the lender and the lender has no right over the collateral.

So, let’s learn a bit more about what is NOC and why obtaining it is essential and how you can do it.