Q:After borrowing with the agreement to payback yearly 5% for 7years
Is now not up to 2years I want to pay him back but he is asking for The full 7years EMI I'm loosing facts to this subjection Please is this right?
Latest Answer: Hi Dr. Maxwell,
Most banks have a lock-in period of 6 months to a year. Some of them allow you to pre-close even after the 1st EMI have been debited from your bank. Sometimes some of the banks tend to allow pre-closure at no cost or charge a pre closure fee. You need to clear all these doubts with the bank's’ loan adviser before signing the loan document.
