Goa - Apply for Loan Clearance Certificate

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Procedure

Apply In-Person:

1. To Apply for Loan Clearance Certificate, the applicant has to approach the respective banks.
2. The applicant has to visit the bank with the request letter.
3. Ensure that all outstanding dues related to the loan, including principal amount, interest, penalties, and any other charges, are cleared before applying for the Loan Clearance Certificate.
4. An application form will be provided to the applicant by the concerned officer.
5. The applicant has to fill in all the necessary details in the application form. (Incomplete applications are not accepted)
6. Make sure that the applicant has attached all the necessary documents that are mentioned in the “Required Documents” section of this page.
7. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
8. Submit all the documents with the completed form to the concerned officer.
9. The applicant has to pay the prescribed fee as requested by the authority.
10. After receiving the application, the concerned authority will check the submitted application and document set. If all are in place, the application will be accepted.
11. An acknowledgment receipt will be provided. Please save it for future reference.
12. Then the application will be processed further. All the updates on the application status will be sent via SMS to the applicant’s mobile number.
13. All applications are processed within a reasonable time, having regard to the particular circumstances of each application, including the completeness of information and documents submitted to the authority by the applicant.
14. Once the process is completed, the applicant gets a call from the office regarding the application.
15. The applicant has to visit the bank to collect the Loan Clearance Certificate.
16. Keep the Loan Clearance Certificate safe as it may be required for future reference, such as while applying for new loans or other financial transactions.
17. This entire process can be completed within 2 to 3 weeks or as per the timeline advised by the respective department authority.

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Required Documents

• Completed application form
• Request letter
• Loan Account Number
• Loan Agreement/Contract
• Identity Proof (e.g., Aadhar card, passport, driver's license)
• Address Proof (e.g., utility bills, rental agreement)
• Repayment Statement or Schedule
• No Objection Certificate (NOC), if applicable
• Any other documents specified by the bank

Office Locations & Contacts

Please list down the office locations that can be approached for application. External links can also be used for specifying office locations.

Eligibility

• Any Indian citizens who need an attestation for various purposes such as educational, legal, or government-related documents are eligible to make this application.

Fees

• The applicant has to pay the prescribed fee as per the authority’s request.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• This entire process can be completed within 2 to 3 weeks or as per the timeline advised by the respective department authority.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicants must complete the application form before submitting it. Incomplete applications will not be accepted.
• Applicants must provide genuine information while applying for this procedure.

Required Information

• Name
• Nationality
• Age
• Postal address
• Date of Birth
• Gender
• Residential Address
• Residential No
• Mobile No
• Email Address
• Educational Qualifications
• Work Experience
• Loan details
• Loan amount
• Date of loan issued
• Declaration
• Date
• Signature

Need for the Document

• In India, a Loan Clearance Certificate is a document issued by the bank to certify that a borrower has repaid a loan in full and that there are no outstanding dues or obligations associated with the loan.

Information which might help

No Objection Certificate (NOC):
Purpose: An NOC is a document issued by a relevant authority or organization to certify that they have no objections to a specific action or transaction. This action could vary widely and is not limited to loan-related matters.


Loan Clearance Certificate: Purpose: A Loan Clearance Certificate, on the other hand, specifically relates to the clearance of a loan. It is issued by the lender to certify that the borrower has repaid the loan in full and that there are no outstanding dues or obligations associated with the loan.

Other uses of the Document/Certificate

Please explain what are other uses for obtaining this document/certificate.

e.g. Birth Certificate can be used as proof of identity.

External Links

Place some external links which might help.

Others

• The certificate allows borrowers to officially close the loan account with the lender. This helps streamline financial records and prevents any confusion or complications regarding the status of the loan in the future.