QUESTION: How to properly close a loan: what to check after the last payment?
Answer
The loan closure procedure requires attentiveness even after making the last payment, as formal completion of payments does not yet mean the automatic absence of any obligations to the bank. To protect yourself from unpleasant surprises in the future, you need to go through a certain verification algorithm and make sure that all formalities are observed correctly.
•Make sure that the current debt on your loan agreement is exactly equal to zero rubles. To do this, request an up-to-date loan account statement through the mobile app or at a bank branch to verify the absence of any hidden commissions, penalties, or charges for the last days of servicing.
•Obtain an official certificate from the bank stating that the loan has been fully repaid and the financial organization has no claims. This document is your main legal proof that obligations have been fulfilled in full, and it should be kept in your personal archive.
•Close the settlement account and the debit or credit card linked to it if you no longer need them. Banks often continue to write off annual maintenance fees or SMS notification fees for forgotten cards, which leads to the formation of a new accidental debt.
•Check the status of your credit history a few weeks after closing the agreement. Make sure that the information in the credit history bureau has been updated correctly and the loan status has changed to closed, which will positively affect your personal financial rating.
Compliance with these steps will protect you from bank technical errors, sudden debts, and a spoiled credit history. A responsible approach to concluding financial relations with the lender guarantees you peace of mind and financial security.
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