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    • Personal Loan Preclosure Calculator is Rated as "Great!" by 93284 Users

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    Personal Loan Preclosure Calculator

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    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.

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    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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    • ICICI Bank Personal Loan
      "QUICK PROCESS"
      0.5 4.5/5 "Excellent!"
      Processing and documentation was very quick, as i have the savings account with the same bank there was not having any issues in transferring the funds, i actually expected 2 lakh, but they gave only , 1lakh, as the approval from the bank end.
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      , chennai
      Reviewed on Aug 14, 2018
    • Standard Chartered Bank Personal Loan
      "EXCLLENT "
      0.5 4.0/5 "Great!"
      Customer service was excellent , about the documentation, the process was done on time, i the loan processed quickly than i expected, there was a smooth transaction while transferring fund to my account, without any hassle or delay its really good.
      Was this review helpful? 1

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      , bangalore
      Reviewed on Aug 14, 2018
    • ICICI Bank Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Documentation and processing was easy, rate of interest can be reduced in further , processing fee as well, when they informed me insurance and the processing fee comes around 6000rs but they have charges more when compared with other banks.
      Was this review helpful? 1

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      , coimbatore
      Reviewed on Aug 14, 2018
    • ICICI Bank Personal Loan
      "QUICK LOAN "
      0.5 4.0/5 "Great!"
      Application and website are user friendly , i have taken this loan for 48 months, i feel like the fees and charges, rate of interest is little high, processing and documentation was easy, i used to make payments by NEFT, which will reach them soon.
      Was this review helpful? 1

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      , gurgaon
      Reviewed on Aug 14, 2018
    • Bank Bazaar Personal Loan
      "VERY GOOD SERVICE "
      0.5 4.0/5 "Great!"
      The main benefit of bankbazaar for me is the time consumption because i no need to go to bank to bank for the informations and for applying, online itself i have uploaded the documents, executives can explain even more better so that we can get the complete information.
      Was this review helpful? 1

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      , bangalore
      Reviewed on Aug 14, 2018
    • ICICI Bank Personal Loan
      "BELOW AVAERAGE SERVICE"
      0.5 1.0/5 "Really Bad"
      Interest rate can be reduces as they have given me the rate of interest as 14.99%, every month 5th the deduction will be done from my account, also they can reduce the process timing as it took around 1 month to get processed which i felt little long period.
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      , bangalore
      Reviewed on Aug 14, 2018
    • Indian Bank Personal Loan
      "GOOD SERVICE "
      0.5 4.0/5 "Great!"
      I have got the flood loan with this bank, with low interest rates, the loan value is 1 lakh ,its taken for 3 years tenure, only 3-4 EMIs are pending, processing was easy and i got it within a week of time so the process was quick as we were in urgency.
      Was this review helpful? 1

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      , chennai
      Reviewed on Aug 14, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My experience was really amazing with BANK BAZAAR. The customer service and responses was up to the mark. This is my first experience here . The customer service and responses was very good . I have used their website which is quite user friendly.,
      Was this review helpful? 1

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      , bhilwara
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have taken my personal loan with HDFC bank. I had a good loan process here and the loan amount was 2 lakhs . The interest rate was very satisfactory . The tenure period was 4 years .The customer service and responses was up to the mark. The processing fee is nominal .
      Was this review helpful? 1

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      , bhilwara
      Reviewed on Aug 14, 2018
    • YES Bank Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken a personal loan earlier with YES Bank and the process to get the loan was good. I have closed this loan too and the process was easy after the closure of the loan. The rate of interest and processing charges is nominal and overall good experience.
      Was this review helpful? 1

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      , chennai
      Reviewed on Aug 14, 2018
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with KOTAK BANK 1 year back.The loan amount was 1 lakh . The customer service and responses was very nice The tenure period was 5 years here. The documentation process was good but after 15-20 days only the loan was disbursed.
      Was this review helpful? 2

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      , bangalore
      Reviewed on Aug 14, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      BANK BAZAAR is a good platform for all the financial products . The customer service and responses was good. I use the website is very user friendly and easy to navigate. The web portal's accuracy is good.My overall experience is very much satisfactory .
      Was this review helpful? 1

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      , bangalore
      Reviewed on Aug 14, 2018
    • ICICI Bank Personal Loan
      "Not satified"
      0.5 2.0/5 "Expected more"
      My credit card was taken with ICICI Bank.I am not happy with the process here . The loan got approved but they have disbursed it after 2 months only. The interest rate was bit high and the tenure period was 3 years . The customer service and responses was not good. The processing fee was high .
      Was this review helpful? 0

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      , bangalore
      Reviewed on Aug 14, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My experience was really good with BANK BAZAAR. The customer service and responses was good. The mobile application is very user friendly and easy to navigate . I am happy with the overall service and there is no inconvenience faced.My experience was excellent.
      Was this review helpful? 0

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      , bangalore
      Reviewed on Aug 14, 2018
    • HDB Financial Services Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with HDB FINANCE. The process was very nice but it took a longer time here. The interest rate was on a higher side . The tenure period was 5 years . The customer service and responses was good. They were calling up for many times.The processing fee was nominal and the documentation was smooth.
      Was this review helpful? 0

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      , bangalore
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken personal loan from HDFC BANK . There is no hidden charges. I use to pay 8700 as EMI per month including insurance and tenure period is 5years. I am satisfied with customer service. Processing fee is 5000 and it is nominal. My loan experience was good. My loan amount is up to the mark and interest rate is 10% it is too high compare to others. There is no foreclosure fee .
      Was this review helpful? 1

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      , jharsuguda
      Reviewed on Aug 14, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      BANK BAZAAR is a good platform for all the financial products. The customer service and responses was very nice. I have applied through the website which is very user friendly and easy to access. My overall experience which I had with bankbazaar was really good.
      Was this review helpful? 2

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      , nagpur
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC Bank. The customer service and responses was very good. The loan amount was 6 lakhs and the interest rate was satisfactory . The tenure period was 4 years . I am satisfied with the service and responses was good. The documentation was very good and smooth. The processing fee was nominal.
      Was this review helpful? 1

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      , nagpur
      Reviewed on Aug 14, 2018
    • HDFC Bank Personal Loan
      "best services"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from HDFC BANK . There are no hidden charges. I use to pay 7700 as EMI per month . Customer service response is fantastic . Processing fee is 1% on loan amount and tenure period is 3year and it is nominal. My loan experience was good. My loan amount is 3.5 lakh and interest rate is 18% it is too high in the market . So far my experience is good with HDFC BANK .
      Was this review helpful? 0

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      , kumbakonam
      Reviewed on Aug 14, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I came to know about BANK BAZAAR website through one of my friend . For the first time i have taken financial product from this website . I have been using BANK BAZAAR for past 3 month . Customer service response is good . So far my experience is good with BANK BAAZAR .
      Was this review helpful? 1

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      , bangalore
      Reviewed on Aug 14, 2018
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