New Delhi, Aug. 21 -- You took a personal loan and paid all the EMIs on time. After paying the last EMI, you think your personal loan journey is over. That is only partially true because an important step remains, which is collecting the No Dues Certificate from the bank.

In the article, we will understand what is a No Dues Certificate, why it is important, and how to get it.

A No Dues Certificate (NDC) is a letter issued by the bank that acknowledges the borrower has repaid the personal loan. The NDC acknowledges the repayment of the outstanding principal, interest, and any other charges (if applicable) associated with the personal loan.

The issuance of the No Dues Certificate is the formal closure of the personal loan. A personal loa...