Personal Loan Foreclosure 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.
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.
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:
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:
Up to ₹ 20,000
₹ 20,000 to ₹ 1 Lakh
₹ 1 Lakh and above
Nil
4% of the outstanding principal amount
4% of the outstanding principal amount
