Dear All, The foremost aspect to be addressed is that the personal or any loan's foreclosure terms and conditions must be communicated very clearly in writing to all prospective customer/s and customers acceptance on the same must be obtained by the bank as a matter of record.
Secondly,above info must also be communicated to the centralised customer service centre to enable harmonius information relay to an existing or prospective customer.
The above would solve the matter to a great extent.
Thirdly,the bank must establish a separate cell to facilitate closure and they should lay down and follow timelines for return of documents etc on foreclosure or at the end of tenure.This is necesary as ending a loan relationship smoothly is as important as creating one.This would also ensure positive references by word of mouth from an old consumer and healthy probability of repeat business.
