CIBIL does not maintain any defaulters list. However, it does maintain the record of your credit history for up to seven years.

Before you decide to pre-close it, you need to seek permission from the lender, while in some cases, lenders also charge foreclosure penalty charges, if you pay the loan before the agreed tenure. The bank levies a penalty to compensate for the loss of interest amount.

To close your loan before it ends, you have to: Visit your bank's nearest branch or get the loan closing done online if allowed. Carry the documents mentioned above. You might have to pay a pre-closure or penalty charge for closing the loan before time.

Usually, once you have completed your EMIs and outstanding dues, banks will send you a closure certificate, either by post or email. Carry your ID proof, loan account number and a cheque if there is any pending amount to be paid. The bank will verify your documents before closing your account.

How to pre-close your loan account? Visit the lender where you had availed the loan from. Take necessary documents along, including a proof of identity, loan account number, bank passbook pointing at all EMI clearance and finally a cheque for pre-paying the amount.

Well, it is possible to clear the 'settled' status from your CIBIL report. However, the only way to do so is to clear the entire outstanding amount. Once you do so, obtain a no-objection certificate from your lender and submit it to the credit information agencies.

But cancelling your loan application will do no further damage to your credit score. The good news is that the impact of a single credit inquiry is minimal and won't make much of a difference to your credit score. If you cancel multiple applications after the lender has made a credit inquiry.