For learners who have taken loans through SNATIKA’s financial partners, the financial
institution provides the following loan foreclosure facilities:Loan Tenure availed: 24 months /
48 months.
The borrower may either continue to service the EMI as per schedule or choose to pre-close
the entire loan by paying the entire outstanding principal + foreclosure charges (2%+GST on
the total closure amount)* * Might vary from bank to bank.
The borrower also has to pay accrued interest + any penalties, as well as any charges that
may have been incurred during the tenure of the facility (if applicable in case of any default).
There is no part-prepayment facility, loans can be foreclosed. Loans can only be foreclosed
after a minimum of 6 months or the payment of 6 EMIs, whichever is later.
Loan Tenure availed: 12 months.
The borrower may either continue to service the EMI as per schedule or choose to pre-close
the entire loan by paying the entire outstanding principal. There are no foreclosure charges.
The borrower also has to pay accrued interest + any penalties, as well as any charges that
may have been incurred during the tenure of the facility (if applicable in case of any
defaults).
There is no part-prepayment facility; loans can be foreclosed. Loans can be foreclosed at
any time.