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Thread: Surrender of personal loan?

  1. #1
    NewBie
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    Default Surrender of personal loan?

    I work in a leading insurance company. In Jauanary'2010, I have applied for Personal loan and got it in the same month. Now I feel that the interest rate for the personal loan in quite high, so I want to surrender it. Can I surrender it now within three months of taking a loan?


    Last edited by Aansh; 30-03-2010 at 01:23 AM.


  2. #2
    PW Stalwart Master's Avatar
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    Itís called a prepayment of loan. There are prepayment charges/penalty on foreclosure of a loan. For more details please read the terms and conditions in the loan agreement.

  3. #3
    NewBie
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    Thanks Master! Can I invest the money received from personal loan into shares?

  4. #4
    PolicyWala Newbie
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    Quote Originally Posted by Aansh View Post
    Thanks Master! Can I invest the money received from personal loan into shares?
    You cannot invest money received from personal loan in speculative business. So if you are looking for trading in shares than clear 'no'.

  5. #5
    PW Stalwart Master's Avatar
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    Intraday and future trading is termed as speculative, but one can invest in MFs and shares for long term.


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