Personal Loan Foreclosure Calculator
Use Hero FinCorp's Personal Loan Foreclosure Calculator to find out how much you'll pay if you close your loan early and plan your savings better.
Calculate Personal Loan EMI
What is a Personal Loan Preclosure Calculator?
A personal loan foreclosure calculator is a free online tool that helps you determine exactly how much you need to pay to close your loan before its expiry. By entering details such as the loan amount, interest rate, repayment period, EMIs already paid, and your chosen foreclosure month, the calculator shows:
1. Foreclosure or prepayment charges (if applicable)
2. Possible savings on interest by paying off the loan early
Using such a tool allows you to compare the costs and benefits before making a one-time payment. Reliable calculators from RBI-licensed NBFCs, including Hero FinCorp, can help you make an informed decision.
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:
1. Balance loan amount, the amount due for payment at the date of deal closure
2. The interest rate at which the loan was sanctioned
3. The maximum tenure year for the loan deal
4. Any prepayment charges or costs involved in loan foreclosure
5. Part paid amount or amortisation schedule
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:
- 1
Use a slider to enter the Personal Loan amount you borrowed initially.
- 2
Select the pre-determined repayment tenure using the ‘tenure’ slider.
- 3
Move the slider or interest the exact interest rate at which you borrowed the loan.
- 4
Choose the part-prepayment amount you wish to make other than your regular EMI.
- 5
Select the payment tenure to display the revised term and EMI amount.
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 | Foreclosure Charges |
|---|---|
| Up to ₹ 20,000 | Nil |
| ₹ 20,000 to ₹ 1 Lakh | 4% of the outstanding principal amount |
| ₹ 1 Lakh and above | 4% of the outstanding principal amount |
