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Seven years after Mr. Iyer closed a personal loan, he received numerous calls from recovery agents asking him to pay his loan. He was mentally tortured. And, when he received a legal notice to pay the loan, he was devastated. 
Mr. Iyer had paid his loan but didn’t have the proof to show because he made the mistake of not collecting the NOC from the lender.  
The lifecycle of a loan consists of 3 phases: 
1. Getting a loan
2. Paying a loan
3. Collecting a NOC from the bank once paid
Most of us go through the 2 phases diligently but conveniently forget an equally important third phase of the loan. 
Mr. Iyer did the same. 
What happens when you don’t have a NOC?
Simply put, when you don’t have the NOC, you don’t have the proof that you paid. The repercussions of this can affect your financial and personal life adversely.  
1. Credit score gets affected
Not having a NOC can negatively impact your credit score. You may not be eligible to get loans in the future. 
2. Loss of time and efforts
You may be asked to pay the outstanding amount that you have already paid. Because you don’t have the proof of your payment, you may lose valuable time and efforts to prove to the lenders that you have paid off the loan.

So, What is No Objection Certificate (NOC)?
A NOC for loan is a document issued by the lenders as proof that the borrower has paid all the dues. Once you pay off your loan, it’s important that you collect your NOC from the lender. 
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