&imwidth=800&imheight=600&format=webp&quality=medium "Loan: What is a No Dues Certificate (NDC)? Why is it important?")
A personal loan journey is not over with the payment of the last EMI. The last and most important step remains – obtaining the No Dues Certificate from the lender. It is an essential document required to complete a lot of tasks after completely paying off the loan.
What's a No Dues Certificate?
After the last EMI is paid, the lender issues a letter to the borrower certifying that she has paid the loan, the interest, and all the other applicable charges, and is not liable to pay any more money. Only after the No Dues Certificate is issued that the bank formally close the loan.
All banks follow their respective format for the No Dues Certificate. However, commonly, they mention the name and the address of the borrower, the loan details, and a declaration that the loan had been fully repaid.
After the last EMI is paid, the bank will issue the No Dues Certificate (NDC) through email, a hard copy through courier, or both.
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You must apply to the bank if the letter has not been received.
An online application can also be applied for through the loan account details.
Why is a No Dues Certificate important?
NDC is the proof of loan repayment. It is a formal letter by the bank to certify that the loan has been repaid. It provides legal protection to the borrower. It also helps get the borrower's future loans.
While selling your car or house, which was acquired by getting loans, you may be legally required to furnish the No Dues Certificate.