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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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    Personal Loan Reviews

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    • Bajaj Finserv Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have take personal loan from the Bajaj finance which they approved in 2-3 day and the amount is reflected in next day ,its instant approve process. As am satisfied with the rate of interest which is quiet nominal one They provided the tenure period of 1-5 year and i make the payment monthly though ECS There is nominal processing fees also,
      Was this review helpful? 2

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      , chennai
      Reviewed on Oct 17, 2018
    • HDFC Bank Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Hdfc bank . Am satisfied with the rate of interest which they have provided Is high . There is nominal processing fees for the loan which is nominal one. I make the payments through Ecs every month. They did quick documentation and received the loan.
      Was this review helpful? 1

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      , chennai
      Reviewed on Oct 17, 2018
    • Bank Bazaar Personal Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      There were no issues or delay at Bankbazaar.com, the customer support was on time to contact me and inform me the details. The website is also good and it is informative too. It was a hassle free experience and in all a smooth process. There were follow up calls too.
      Was this review helpful? 1

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      , mumbai
      Reviewed on Oct 17, 2018
    • Incred Personal Loan
      "High on ROI and charges"
      0.5 5.0/5 "Blown Away!"
      InCred experience is good when it comes to the personal loan. They were on time and the documents were also collected on time. I got the loan amount as they needed. The rate of interest is too high. It is of 21% and the processing fee is also high. It is recommendable for an emergency.
      Was this review helpful? 1

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      , mumbai
      Reviewed on Oct 17, 2018
    • review Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Ujjivan small finance bank. There was no processing charges and the rate of interest is around 12.5%. The process is good, but the only thing is the loan amount is maximum of 50K. Overall it has been a good experience.
      Was this review helpful? 1

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      , pune
      Reviewed on Oct 17, 2018
    • Bank Bazaar Personal Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is very good in my point of view. They have contacted me immediately and there was no delay and there were follow up calls too in the process. The website is easy to use and check the banks. One thing is, it would be better if I am provided with the customer care number of the bank. So if the bank is delaying in the process, the customer can contact the bank directly and check.
      Was this review helpful? 1

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      , pune
      Reviewed on Oct 17, 2018
    • Incred Personal Loan
      "ROI is very high"
      0.5 1.5/5 "Bad"
      I have taken a personal loan from InCred and it is good but not as expected. I was expecting the loan within two to three days, but it took 15 days. I had applied for a medical issue. The rate of interest is very high, it is of 28%. The processing charges is also, it is 3%. The loan amount was as per my request.
      Was this review helpful? 1

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      , pune
      Reviewed on Oct 17, 2018
    • review Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with BAJAJ FIN INSTITUTION , The process was very smooth i got my loan within few days . There is no charge for foreclosure but rate of interest is too high with this bank . Overall it has been very good experience with BAJAJ ALLIANCE
      Was this review helpful? 1

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      , navi mumbai
      Reviewed on Oct 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a good experience in getting a personal loan from them where the process in getting the loan had been smooth and easy. The loan amount which they had provided had been sufficient and fulfilled the requirements. The interest rate with them was also not too high compared with the market rate.
      Was this review helpful? 2

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      , kolkata
      Reviewed on Oct 17, 2018
    • HDFC Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC BANK , they charged 10.99% rate of interest and they have not Charge processing fee with this bank . I got best service through this bank the process was very smooth and easy . They provide me sufficient tenure period .
      Was this review helpful? 1

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      , navi mumbai
      Reviewed on Oct 17, 2018
    • Bajaj Finserv Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The experience i had with this loan has been good and they had given me a loan amount of 5,00,000 which has been satisfactory. The interest rate with them has been okay but there has been charges made by them which was not even intimated. They had promised something and had taken something.
      Was this review helpful? 1

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      , hyderabad
      Reviewed on Oct 17, 2018
    • ICICI Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan from ICICI bank, i am satisfied with my loan amount which they have provided to me and even they charge nominal rate of interest and even processing fee which they charge was normal, i did not found any difficulty in getting my loan approval it run very smoothly.
      Was this review helpful? 2

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      , bangalore
      Reviewed on Oct 16, 2018
    • SBI Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken from the STATE BANK OF INDIA and it got approved very quick also the process of getting the loan is is easy and good. I have got the sufficient amount of personal loan. The service is good and responsive also added on that it is good to use.
      Was this review helpful? 5

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      , chennai
      Reviewed on Oct 15, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 6 months but i am using the service from last 5-6 months. Customer service is good with bankbazaar and their response was on time.Both mobile app and the website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 5

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      , noida
      Reviewed on Oct 15, 2018
    • IndusInd Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan application was approved with IndusInd bank and the experience was good, the process was quick and i received my credit card within 2-3 days. The loan amount was for Rs 2 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time.
      Was this review helpful? 3

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      , noida
      Reviewed on Oct 15, 2018
    • Bajaj Finserv Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been smooth and easy and the loan amount which they had provided had been satisfactory. They had been charged me with some processing fee but there has not been any sort of additional charges. The interest rate which they offered also had been good where it was comparatively less.
      Was this review helpful? 3

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      , bangalore
      Reviewed on Oct 15, 2018
    • Capital First Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a good experience in getting this loan from them. The loan amount which they had provided had been satisfactory and the interest rate with them has also been good when compared with the market rate, there has been some processing fee which has been charged by them but it has been nominal. Overall it was a good experience.
      Was this review helpful? 3

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      , bangalore
      Reviewed on Oct 15, 2018
    • ICICI Bank Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Icici bank , Am satisfied with the rate of interest of 10.99% which is low where no other bank will give for such low interest with nominal processing fees. They instantly approved .Their customer executive used to call for the offers if any offers goes around.
      Was this review helpful? 3

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      , coimbatore
      Reviewed on Oct 15, 2018
    • Axis Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Applied a personal loan with AXIS bank, i was in a urgent need and my application was processed in a week time. I find the interest rates very high here The sales person didn't gave me any idea on interest rates, as i was needed money for a medical urgency i didn't inquired for interest rate. But now its been 3 months and i feel like its very high.Have taken amount of 3 laks, would wish if the rates come down, it will be a great relief.
      Was this review helpful? 3

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      , hyderabad
      Reviewed on Oct 15, 2018
    • Fullerton Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan fom Fullerton India and it has a good experience i had with them . i am satisfied with loan amount which they have given to m and even i am happy with tenure period as well,they rate of interest and the processing fee is nominal they have charge me.
      Was this review helpful? 3

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      , kolkata
      Reviewed on Oct 15, 2018
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