Many people who avail the personal loan facility try to pre-close it. It is because the personal loan is an unsecured debt and carries a higher interest rate.
When someone wants to pre-close their personal loan before the scheduled tenure, it is called foreclosure.
But, when someone wishes to pre-close the loan account before the scheduled tenure, the lender asks for a penalty. It is known as the personal loan foreclosure charge.
If you wish to know the exact amount that the lender will charge, it is possible by using the personal loan foreclosure calculator.
If you wish to know how to use the personal loan foreclosure calculator, you can go through this post.
Here’s how you can use the personal loan foreclosure calculator
The personal loan foreclosure calculator is available on the website of the lender you have availed the loan from. The tool is available online 24x7 and free.
Open the personal loan foreclosure calculator on your lender’s website.
Choose the availed loan amount, tenure and the applicable rate of interest.
Select the number of personal loan EMIs paid so far.
You will also need to choose the month of foreclosure.
Once you select the discussed parameters, the personal loan foreclosure calculator will display the foreclosure details. The tool will also showcase the monthly EMI, interest saved and the total foreclosure amount.
The personal loan foreclosure charges may vary from 3% to 6% on the remaining outstanding principal amount.
If you wish to pre-close the personal loan, you are now aware of using the personal loan foreclosure calculator online.
Bajaj Finserv offers pre-approved personal loan offers, business loans, home loans, EMI Network and more. Its purpose is to simplify the loan processing.
You can check out your pre-approved loan offers today after sharing your essential details such as your name and mobile number.
