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  • Personal Loan Preclosure Calculator is Rated as "Great!" by 97304 Users

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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.

    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.

    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.

    Personal Loan Reviews

    • Bank Bazaar Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      At the beginning i came to know about the Bank bazaar through the credit card score checking, i use the bank bazaar through both the website as well as the mobile application as it is user friendly to access. The customer support is responsive.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      There is no particular reason for taking the personal loan with the HDFC BANK but the process of applying the personal loan is simple ans easy to get the loan. The loan amount is satisfactory what they have offered added on that the rate of interest is with lower.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL"
      0.5 5.0/5 "Blown Away!"
      It is my first time experience with the Bank bazaar as i am using it through the website as the portal is easy and also it is user friendly to access. The customer support is very good with this with this portal and it is satisfactory to me. It is a good portal to use.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 14, 2018
    • IndusInd Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason for taking the personal loan with the INDUSIND BANK but the loan amount what they have offered is sufficient added on that they have offered the rate of interest is 12.5% with this personal loan. The process of getting the loan is simple and quick.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience with this loan and the loan got disbursed in a short period of time. There has not been any hassle faced with the banking services of them, even their customer support has been responsive has been helpful. There has not been any extra charges made by them.
      Was this review helpful? 1
      , kolkata
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It had been a good experience with this loan experience with this loan and the whole process went smooth and simple. Within a short period of time they had given me this loan and there has not been any problem and there has not been any sort of additional charges which they had made.
      Was this review helpful? 2
      , kolkata
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "Easy to get a loan"
      0.5 4.5/5 "Excellent!"
      They have processed the loan immediately. I have received the loan amount of Rs. 1.5 lakhs. I have received the loan on time. I'm happy about the interest rate since its a instant loan. There was no documentation has collected. Total tenure period of the loan is 2 years and I'm about to close it.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 14, 2018
    • review Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      Its instant paperless approval personal loan which i got from Home credit financial service . As the rate of interest is satisfactory based on the market price. Their customer service is way good an response was quick .I have chosen the tenure period of1 years and there are nil processing fees.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Dec 14, 2018
    • review Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have take personal loan from Bussan Auto finance which they approved in 1 day and the amount was reflected in next day and they followed instant approval process. As am satisfied with the rate of interest which they have given and i can make the payment monthly though ECS. There are nominal processing fees.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with STATE BANK OF INDIA , and they provide nominal rate of interest and it is nominal in the market . The processing fee is nominal and tenure period is 5year . SO far it has been good experience with this bank . Loan amount is satisfactory .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 14, 2018
    • Axis Bank Personal Loan
      "Very Good bank for personal loan"
      0.5 5.0/5 "Blown Away!"
      I bought my personal loan in the year of 2017. They have offered me a interest rate of 14.5% and the loan amount was Rs. 2.59 lakhs. There was some processing fee which is nominal according to the standard charges. Getting a loan from Axis bank is easy. There is a pre-closure and partial payment is available without any charges.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with HDFC bank and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good with this bank and the tenure period is 5 years for this loan.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience so far with bankbazaar, they provide good services when compared to others in the market. Customer service was good with bankbazaar and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 14, 2018
    • Early Salary Personal Loan
      "Looking for less interest rate"
      0.5 4.0/5 "Great!"
      My experience was good with Early salary for personal loan, the loan amount was for Rs 12000 with high interest rate when compared to others. Customer service was good and i received my loan amount on time. Tenure period for this loan is for 1 month.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am using the services of bankbazaar from last 3-4 years, the services provided by bankbazaar is good when compared to others in the market. Customer service was good and they responded on time. Mobile app of bankbazaar is easy to navigate and user friendly to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 14, 2018
    • Incred Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I am not satisfied with the services provided by INCRED, the process was smooth and i received my loan amount within 7-10 days. I requested loan amount for Rs 2 lacs but they approved only for Rs 93000 and the rate of interest was high when compared to others. Customer service was not up to the mark with INCRED.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience so far with bankbazaar, they provide good services when compared to others in the market. Customer service was good with bankbazaar and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Dec 14, 2018
    • IndusInd Bank Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      It was not a good experience with Indusind bank for personal loan, the process took 10 days to complete. Customer support was not up to the mark with this bank and there was no proper response. Loan amount was or Rs 2 lacs with high interest rate and tenure period is 5 years.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      The personal loan has been taken from the STATE BANK OF INDIA and i am satisfied with the services of this bank as i am using it from many years and the rate of interest what they have given is satisfactory with this bank. The duration to repay this loan is for 5 years.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 2 years, my experience was good so far with bankbazaar. Customer services provided by bankbazaar is good and their response was prompt. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 14, 2018
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