Close your high-interest personal loan faster. Estimate total interest savings and tenure reductions when making principal prepayments on active personal loans.
₹
%
Mths
₹
Prepayment Savings
Original EMI₹6,641
Original Interest₹39,088
New Interest Payable₹25,210
New Tenure25.5 Mths
Interest Saved₹13,878
FAQs
Frequently Asked Questions
What are personal loan prepayment/foreclosure charges?
Unlike home loans, lenders standardly levy prepayment/foreclosure penalty charges on personal loans (typically ranging between 2% and 5% of the outstanding principal amount), especially during the first 12 months.
Does prepaying my personal loan improve my credit score?
Yes. Prepaying reduces your overall outstanding debt balance (Credit Utilization Ratio) and lowers your monthly debt load, which banks view positively, boosting your CIBIL score.
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