preservation of documents

Ram (Querist) 05 April 2018 This query is : Resolved
Hi,

If loan account is closed with Bank, then for how many years? Can anyone sahre guideline on this?

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Guest (Expert) 05 April 2018
Incomplete question. Please mention clearly, what exactly you want to ask and in context of what specific problem, if you have any?
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Ram (Querist) 05 April 2018
If loan account is closed for how many years loan documents needs to be preserved? Please share guideline/notification if possible

Guest (Expert) 05 April 2018
You have not specified the real problem, if any, for which you want to have the desired information and your own concern with that problem. Information can be case specific depending upon the nature of dispute, if there is any, and the present status of the case.

SHIRISH PAWAR, 7738990900 (Expert) 05 April 2018
There may not be any use of loan document however you can preserve the loan documents alongwith the property documents for ever.

Kumar Doab (Expert) 05 April 2018
The borrower can keep the record e.g; authenticated copies of loan brochure, loan offer, loan application, loan approval, loan agreement, loan statements, NOC, as long as……….. forever .
The borrower can also ask lender for supplying (soft/hard copy) updated credit/CIBIL report/record and lender may provide IT either FR or against nominal payment as per RBI guidelines say Rs.50/-
The borrower can also attach all copies by email and send to BM and ask to confirm by email as well that loan in full has been paid …

Ms.Usha Kapoor (Expert) 06 April 2018
Till the end you can keep those loan documents. You issue an email attaching loan documents and get acknowledged by lender of repayment of bank loan on them.or confirm full payment of loan through email.