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Foreclosure and Part Prepayment Charges on Personal Loan

With the advent of the internet and evolving technologies, the process of lending has become easier and more accessible than ever. Borrowers today can make the most of a variety of types of loans to meet their specific financial needs, without waiting around or dealing with tedious processes. A prime example of this lending convenience comes in the form of the Bajaj Finserv personal loan, available on Finserv MARKETS.

This personal loan offers substantial loan amounts of up to Rs. 25 lakhs without any collateral as well as several unique advantages to the borrower. The Bajaj Finserv personal loan at Finserv MARKETS ensures quick approval, fast disbursal, complete transparency and requires only minimal documentation to complete the borrowing process.

Moreover, apart from these benefits, the Bajaj Finserv personal loan at Finserv MARKETS also offers convenient options for borrowers to pay off their loans earlier than planned. A borrower could opt for a Bajaj Finserv Personal loan foreclosure or even part pre-pay his loan amount whenever possible. 

However, as with any financial product, these processes are subject to charges specific to the lender and the loan amount in question. In order to get a better understanding of the part-prepayment and foreclosure charges on personal loan, let us review some important points below:

Part Prepayment of Personal Loan

When you avail a personal loan, you make your choice of tenure as well as the respective EMI amounts you will be able to pay every month. However, it is possible that during the loan tenure, you accumulate a lump sum of idle money or extra savings.

This amount might not equal the whole outstanding principal amount of your personal loan. Nevertheless, this amount might be useful in your loan payment process since it could significantly bring down your unpaid loan amount. This would therefore, also result in lowering your EMIs as well as the total interest on your personal loan payment.

Charges of Part Prepayment of Personal Loan

If at any point you find that you are in a position to make a prepayment towards your personal loan, it is first important to be familiar with the charges associated with the process. With the Bajaj Finserv personal loan, the prepayment charges are as follows:

  • For customers availing personal loans of the Flexi type(Bajaj Finserv Hybrid Flexi Loan), there are absolutely no prepayment charges. This is because the flexible prepayments are an in-built feature of the Flexi loans. These part prepayments for Flexi loans can be done by the borrower at any time.

  • In case of a penalty, a penal interest of 2% per month on Overdue EMI + applicable taxes will be charged.

While these charges define the main charges levied for the process, there can be individual differences from one borrower to another. 

Foreclosure of Personal Loan

As with prepayment, the foreclosure of a personal loan also deals with paying off your loan amount earlier than planned. However, in the case of foreclosure, the outstanding personal loan amount is fully repaid with a single payment. The foreclosure charges on personal loan are applicable as per the lender and the loan type and amount availed by the borrower.

Charges of Foreclosure of Personal Loan

Similar to prepayment charges, the foreclosing of a personal loan comes with its own share of charges. Here are some important points regarding the Bajaj Finserv personal loan foreclosure charges:

  • After paying the required EMI for at least one month, borrowers can close their personal loans. The personal loan foreclosure charges for the same will be at 4% of your outstanding principal loan amount plus applicable taxes.

Check out Paysense personal loan preclosure

Know more about Fullerton Personal Loan Pre-Closure

Know more about Bajaj Finserv Personal Loan Pre-Closure

To get a better idea of the overall charges, visit Finserv MARKETS today. Enter the loan amount, tenure in months, loan rate of interest, EMIs that you have already paid and your desired month of personal loan foreclosure.

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