A No Objection Certificate (NOC) can be obtained from the lender of the loan after the borrower completes payment of all due installments.
Generally, the lenders viz. banks and financial institutions are supposed to dispatch the NOC to the loan account holder after the loan account is closed. There may be delays in receiving the NOC either because of the fault of the lender or because of a change in address of the customer, which is not updated on records.
A No Objection Certificate (NOC) is considered as a legal document. It is otherwise known as a “No Dues Certificate” or “Loan Clearance Certificate”. It certifies that the customer has no outstanding dues towards the lender for the concerned loan account.
