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Balance loan amount, the amount due for payment at the date of deal closure
Personal Loan Foreclosure Calculator
Loan up to ₹5 Lakh
Minimum Salary Required ₹15K
Instant Approval
Personal Loan Foreclosure Calculator
What is a Personal Loan Preclosure Calculator?
A personal loan closure calculator is a free-to-use online calculator that computes foreclosure charges when you prepay a Personal Loan. It makes these calculations using several loan variables like the loan amount, interest rate, repayment tenure, paid EMIs, foreclosure month, etc. Apart from the foreclosure charges, a loan closure calculator also evaluates the interest cost you will save with the loan prepayment, helping you decide whether to foreclose or not.
Loan foreclosure has several advantages, such as reducing the debt burden, saving money on interest payments etc. However, since it requires a large payment in a lump sum, you must pay foreclosure charges according to the lender's policy. Therefore, you must use the Hero FinCorp foreclosure calculator to calculate how much the Personal Loan prepayment will cost.
How Does Foreclosure Calculator Work?
Need to know how to calculate the foreclosure amount? Well, a foreclosure loan calculator works based on the model of calculating EMIs for customers. It calculates the total loan amount due for payment by a given date with interest costs. It considers the following things to calculate the loan foreclosure charges:
The Personal Loan Preclosure calculator will consider all these factors to calculate the total amount you must pay for the loan prepayment.
Steps to use a HerofinCorp Personal Loan Foreclosure Calculator?
Do you have a surplus amount you don't plan to use anywhere? Why not repay your loan and become debt-free earlier? Hero FinCorp allows you to foreclose your Personal Loan in full or part before the tenure ends. Use a loan foreclosure calculator to calculate your foreclosure charges using the steps mentioned below:
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Charges of Foreclosure in Personal Loan
Prepayment charges, also known as foreclosure charges, are the fees you must pay to the lender when you repay the loan fully or partially before the term ends. Usually calculated as a percentage of the outstanding balance, the exact foreclosure charges vary based on your loan amount, interest rate, remaining repayment tenure, and loan type. If you decide to foreclose a Hero FinCorp Personal Loan, be ready to pay these applicable charges:
Loan Amount
Up to ₹ 20,000
₹ 20,000 to ₹ 1 Lakh
₹ 1 Lakh and above
Foreclosure Charges
Nil
4% of the outstanding principal amount
4% of the outstanding principal amount
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Frequently Asked Questions (FAQs)
You may calculate the foreclosure amount using an online EMI preclosure calculator. You must enter your loan amount, interest rate, repayment tenure, extra payment amount, and tenure to calculate your foreclosure amount.
When you foreclose a Personal Loan, you save money on the interest cost and become debt-free sooner. It reduces your DTI ratio, and your eligibility to get more loans in the future improves.
No, the foreclosure calculator calculates foreclosure charges based on the loan amount, interest rate, repayment tenure, remaining tenure, and prepayment amount. It does not consider additional fees during foreclosure.
No, the foreclosure loan calculator does not account for insurance during foreclosure.