2 Answers
Dear Client,
Yes, you can close your Finnable loan, but not right away you usually need to pay at least 6
EMIs first (their lock-in period), then contact them via app chat or email for the exact payoff
amount, including some pre-closure fees plus GST. If you're really stuck and can't pay, ask
about a settlement (one-time lower lump sum), but it might hurt your credit score, so try
negotiating directly first before missing more payments. Get a closure letter once paid to
prove it's done.
I hope this helps and if you have any further issues do not hesitate to contact us.
Dear Client,
Finnable offers regulated personal loans. According to their terms, you cannot make partial payments; you may pre-pay (close) the entire loan only after 6 months, subject to charges. If you have completed 6 months of repayment, request a pre-closure statement from them (their FAQ says you can email them for a pre-closure letter). You will have to pay the full outstanding (principal+interest) plus a prepayment fee/GST.
If you have no means to pay, consider negotiating a settlement. Many lenders (especially NBFCs) allow a one-time settlement (OTS) for borrowers in genuine hardship. RBI guidelines even encourage banks/creditors to consider such compromises to facilitate recovery. Contact Finnable’s customer support or grievance officer, explain your hardship, and see if they will accept a lump sum that is less than the total due. Any settlement depends on their approval, but it’s worth trying.
Also note RBI’s Digital Lending Guidelines (Sept 2022): loan disbursement must be by RBI-registered lenders/NBFCs, and apps cannot auto-debit without consent. Verify if Finnable is a registered lender. If they violate rules (harassing you, accessing your contacts without permission, etc.), you have remedies. You can file a complaint with the local cyber-crime cell or RBI Ombudsman (if they are regulated). In short, to “close” the loan: either pre-pay in full after 6 months, or negotiate a one-time settlement with the lender. If the lender still refuses, at least keep records and consider letting the loan go into default as a last resort (in that case, try to settle to avoid worsening credit).
I hope this helps, and if you have any further issues, do not hesitate to contact us.