1. Repayment: Ensure that you have repaid the entire outstanding loan amount, including both the principal and any accrued interest. You can do this by making regular payments as per the loan agreement.
2. Check for Prepayment Penalties: Some education loans may have prepayment penalties if you want to close the account before the stipulated tenure. Check your loan agreement for any such clauses.
3. Contact the Lender: Reach out to your lender, either in person or through their customer service channels. Inform them of your intent to close the loan account and inquire about any specific procedures they require.
4. Obtain No Objection Certificate (NOC): In some cases, the lender may issue a No Objection Certificate (NOC) once your loan is fully repaid. This document confirms that you have no outstanding dues.
5. Collect All Loan Documents: Ensure you have all the original loan documents, including the promissory note, loan agreement, and any collateral-related documents (if applicable).
6. Final Settlement: Make a final settlement payment, if required, based on the lender's instructions. This may include any outstanding fees or charges.
7. Request for Account Closure: Submit a formal request to the lender for closing your education loan account. Include your loan account number and personal details.
8. Obtain Closure Confirmation: Once the lender processes your request and verifies that all dues are cleared, they will issue a closure confirmation or statement indicating that your loan account is closed.
9. Check Credit Report: After closing the loan, monitor your credit report to ensure that it reflects the closed status of your education loan account. Any inaccuracies should be reported to the credit bureau for correction.

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