Yes, you can absolutely get a NOC (No Objection Certificate) after your loan settlement. In fact, it’s an important document to obtain to ensure a clean closure of your loan.
Here’s why an NOC is important:
Formal closure: It serves as a formal document stating that you’ve repaid the entire loan amount, including principal and interest.
Credit score: Having an NOC helps maintain a good credit score, which can be beneficial when applying for future loans.
Collateral release: If your loan involved collateral, like a vehicle or property, the NOC acts as proof that the lender no longer has any claim on it.
While some lenders might automatically send you the NOC after complete loan repayment, it’s advisable to follow up and ensure you receive it. In case you don’t get it, you can usually request it from your lender’s branch or through their online portal (if available).
