If you have an ongoing personal loan account and wish to close it earlier, then you can foreclose it.
Foreclosing the personal loan is the best thing to do to stay debt-free and even save on the interest charges. However, before doing that, it is vital to know about the foreclosure charges and more.
The personal loan foreclosure calculator is what you can use to do that easily. It is an online tool that is available on the lender’s website for free.
If you want to know about the personal loan foreclosure calculator, then here is a quick post. Continue reading!
What is the personal loan foreclosure calculator?
The personal loan foreclosure calculator is an online calculator available on a lender’s website. It can be used to know about the total interest savings and the foreclosure amount.
After using the personal loan foreclosure calculator, you can be sure of the exact foreclosure charges. Most lenders may let you foreclose the loan after you have paid more than 1 EMI.
The foreclosure charges could be 4% of the outstanding principal amount.
How to use the online personal loan foreclosure calculator?
By following the below steps, you can easily use the personal loan foreclosure calculator and know vital details about the foreclosure. Let’s take a look:
- Open the personal loan foreclosure calculator on your lender’s website.
- On the personal loan foreclosure calculator, select the loan amount and the tenor, along with the applicable rate of interest. You will also need to enter the total number of EMIs paid and the month of foreclosure.
- Once you enter these details, the calculator will showcase the exact foreclosure details. It will include monthly EMIs, total interest saved and the exact foreclosure amount.
If you don’t want to repay the loan EMI any further and save, you can surely foreclose the loan.
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