A NOC is required to close a loan account, which confirms that the borrower has fulfilled all the obligations related to the loan and there are no legal or contractual impediments to the account's closure. One has to submit the NOC to the bank manager in order to settle the loan. Given below is a sample letter to ICICI Bank applying for NOC to close your loan account. The letter may include important information like loan amount, installment date etc.
To
The Bank Manager
Branch Name
Bank Name
Bank Address
Subject: NOC for closing loan account
Dear Sir/Madam,
I, Jagan Joshi, am writing this letter to apply for a No Objection Certificate (NOC) to close my loan account with your esteemed bank. I am a resident of Shantipur, Nagpur and had availed a loan from your bank for opening a pharmacy. The loan amount was Rs. 10 lakhs, and I have made a payment of Rs. 2 lakhs each in three installments.
I am now in a position to settle the remaining amount in a one-time settlement, and therefore, I request you to issue me the NOC to close my loan account. I would like to mention that I have been a responsible borrower and have always made timely payments.
I would appreciate it if you could process my request as soon as possible so that I can close my loan account without any further delay. Thank you for your prompt attention to this matter.
Yours sincerely,
Jagan Joshi
Shantipur, Nagpur
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