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    Personal Loan Preclosure Calculator

    Many borrowers avail personal loans to get through a financial crisis. Personal loans come with a fixed payment plan. However, many borrowers do not wish to continue paying high interest rate for such long tenures. If a borrower wants to pay the loan in full after few months but before the end of the loan tenure, it is called loan preclosure. Prepaying your personal loan is very beneficial and economical. Listed below are few of the benefits of prepaying your personal loan.

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    Benefits of paying off your loan in advance

    • It boosts your credit score.
    • It makes you eligible to avail other loans if needed.
    • It helps you save up a lot on the interest paid as you will be paying back the principal amount mostly and the interest rate you land up paying otherwise reduces.
    • It reduces your monthly financial obligation as it eliminates the burden of paying EMIs on a monthly basis.
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    How do you know the preclosure amount?

    Few decades ago customers used to walk into a bank to find out the preclosure amount that needs to be paid to close the personal loan account but these days one can calculate the preclosure amount online using the preclosure calculator.

    What is a preclosure calculator?

    A preclosure calculator is a tool helps you calculate the total sum amount that needs to be paid to close a personal loan account. This calculator is similar to the calculator used to calculate EMIs a borrower needs to pay.

    How to use the preclosure calculator?

    • Visit the bank’s website or use third-party websites that has a preclosure calculator.
    • Key in the details asked in the prepayment calculator. The calculator usually asks for few loan details like the tenure of the loan, interest rate, number of EMIs paid already, preclosure charges if any, total loan amount, foreclosure month, and if any part payment was made before.
    • Once you enter these details the calculator considers several factors and informs you the preclosure amount.

    Loan repayment calculator on BankBazaar Website

    You can also use the loan repayment calculator available on BankBazaar.com. BankBazaar is a neutral, third-party website that allows you to read about, compare and apply for various financial products available in the market.

    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

     

    Personal Loan Reviews

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    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar process is excellent and I have got good service from the bank bazaar team. The customer support service and the response is good from the bank bazaar. I have the bank bazaar mobile application which is easy to use and user friendly.
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      , new delhi
      Reviewed on May 18, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest and the charges were quite high with the KOTAK MAHINDRA BANK persona loan process and I have got the loan amount within a week time. The customer support service and the response is good from the Kotak mahindra bank. I would say I got excellent service.
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      , new delhi
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      The bank bazaar personal loan service was excellent and I have got the loan amount on time via bank bazaar. I know bank bazaar for more than 2 years. The customer support service and the response is good from he bank bazaar team. I use the bank bazaar mobile application which is easy to use.
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      , bangalore
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have opted the personal loan from the HDFC bank. The promised rate of interest was not approved and I am not happy about the interest rate. I have got the loan amount within a week time. The customer support service and the response is good with the HDFC bank.
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      , bangalore
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan of 190000 and their interest rate is flexible as per customer requirements . I got the loan with in 3 days, the documentation part was also easy and the loan amount was credited directly to my account.
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      , chennai
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The response is quite good from the bank bazaar team. I know bank bazaar for the past 1 year, I use the bank bazaar mobile application while applying fort the personal loan which is easy to use and user friendly. I would say I got good service from bank bazaar.
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      , visakhapatnam
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Average service"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan from the HDFC bank within 5 to 6 days of time. The customer support service and the response is good from he HDFC bank. The required loan amount has been disbursed and I am satisfied with it. The rate of interest and the charges are high with the HDFC personal loan.
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      , visakhapatnam
      Reviewed on May 18, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan experience was good with AXIS bank, the loan amount was for Rs 5 lakhs with nominal interest rate when compared to other banks. The process was quick and i received my loan amount on time. There are no charges on preclosure and the tenure period is 4 years.
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      , mumbai
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The bank Bazaar was quite good and I have got the loan on time via bank bazaar ,. The customer support service and the response is good from the bank bazaar they made very good follow up . Their executives explained the product in a very good way.
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      , tiruchirapalli
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The HDFC bank personal loan service was quite good and I have got the loan amount within 2 days of time. The customer support service and the response is good from the HDFC bank. The rate of interest and the charges are average here with the HDFC bank personal loan.
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      , tiruchirapalli
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Perfect srevice"
      0.5 4.0/5 "Great!"
      I have got good service from bank bazaar in regards to my personal loan application. I know bank bazaar for more than 23 years. The customer support service and the response is good from the bank bazaar . I have used the bank bazaar website while applying for the personal loan which is easy to use.
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      , mumbai
      Reviewed on May 18, 2018
    • Aditya Birla Finance Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The personal loan process took time with the ADITYA BIRLA FINANCE LIMITED . They have disbursed the loan amount within 2 weeks of time. The required loan amount has been given and I am satisfied with it. the rate of interest and the charges are average here.
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      , mumbai
      Reviewed on May 18, 2018
    • Axis Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the Axis. The whole application process was easy and hassle free. It took just 6 working days to disburse the loan amount to my account. The documentation was done digitally which was easy and convenient. Th EMI is paid online ..
      Was this review helpful? 0

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      , bangalore
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service was quite good from the bank bazaar team in concern to my personal loan application. I know bank bazaar for more than 3 years. The customer support service and the response is good from the bank bazaar team. I use the bank bazaar mobile application.
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      , chennai
      Reviewed on May 18, 2018
    • Tata capital Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the better service from the TATA CAPITAL in regards to my personal loan application. I have got the loan amount within 2 days of time. The customer support service and the response is good from the tata capital . The rate of interest and the charges are average.
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      , chennai
      Reviewed on May 18, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      The Axis bank personal loan service is quite average and they were ready to offer me the loan but the requested loan amount has not been approved , so that was the reason I have closed the loan application. the customer support service and the response is average here.
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      , mettur
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I am an existing customer to HDFC ban but still , I haven't got the loan from them and they have rejected my personal loan application saying that my credit score was low. the customer support service and the response is average from the HDFC bank.
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      , mettur
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I use the bank bazaar for more than 2 months. The customer support service and the response is excellent from the bank bazaar. I have used the bank bazaar mobile application while applying for the personal loan which is easy to use and user friendly.
      Was this review helpful? 0

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      , mettur
      Reviewed on May 18, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the personal loan amount within a week time. The customer support service and the response is very good from the ICICI bank. The rate of interest and the charges are average with the ICICI bank when compared with others. The loan amount was low with the ICICI bank .
      Was this review helpful? 0

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      , mettur
      Reviewed on May 18, 2018
    • Citibank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan almost seven years back for my personal use. The services which they have provided had been good. It was a paperless approval and i had submitted the documents online and it was an easy and smooth process. The rate of interest was nominal and also the loan amount was satisfactory.
      Was this review helpful? 0

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      , bangalore
      Reviewed on May 18, 2018
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