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 |
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What Our Customers Say About Us
I needed funds urgently for a medical expense, and Hero FinCorp was a lifesaver. I applied on the app, uploaded my documents, and got approval for Rs 3 lakh within minutes! The money was credited the same day. The process was completely digital, which saved me a lot of time. I could choose an EMI plan that suited my monthly budget. The app is smooth and easy to use. I could track everything in real time. It truly makes borrowing stress-free and transparent. Highly recommend it for anyone needing quick and reliable financial support!
Rohit Malhotra, Chandigarh
When my payment for my destination wedding was due, I turned to Hero FinCorp. Their instant personal loan process was unbelievably fast, with approval and disbursal! No long paperwork, no branch visits, just a few clicks on the app. I loved the flexible EMI option, which let me plan repayments comfortably. The entire journey felt professional and transparent. I got timely updates on every step through SMS and email. This kind of service is exactly what busy working professionals like me need. I’m a happy customer and will definitely use them again when needed.
Ankita Desai, Ahmedabad
I borrowed Rs 4 lakh for home renovation and had a great experience. The approval was instant, and everything was done digitally. What impressed me most was the clarity — all charges, interest rates, and tenure options were shown upfront before I confirmed. No hidden surprises! I could pick an EMI plan that fits my cash flow, and repayment has been smooth.
Vikas Reddy, Hyderabad
As a freelancer, getting credit quickly is not easy. I applied for Rs 5 lakh on their app, completed digital KYC, and received approval within minutes. I love that I could select a repayment plan that matches my irregular income. No branch visits, no stress, the entire process was smooth. The interface is clean, and I could track my disbursal status easily. For anyone who is self-employed and looking for quick funds, this is one of the best options available in the market today!
Priya Iyer, Bengaluru
I applied through the app for Rs 2 lakh, and within a few hours, I had the money in my account. The EMI customisation option was beneficial. I could keep my monthly payments light. I also appreciate the timely reminders I receive before due dates, which keep me disciplined. Everything was 100% digital, so no paperwork hassle. I’m genuinely impressed and will use this option again whenever I need quick funds.
Rahul Chauhan, Jaipur
I took a personal loan for my sister’s wedding, and the experience was excellent. The approval was instant, and everything was explained clearly, no hidden charges or last-minute surprises. The iOS app is smooth. I will confidently recommend them to anyone needing funds quickly without the stress of traditional bank loans.
Karan Mehta, Pune
When our car broke down unexpectedly, we needed funds quickly. Hero FinCorp’s instant personal loan was the perfect solution. The application process was 100% digital and very easy to follow. I chose a 24-month EMI plan that fits our household budget. The auto-debit feature works perfectly, so we never miss payments. It feels good to know there’s a reliable solution available when emergencies strike. It has made borrowing a completely stress-free experience for us.
