Personal Loan Prepayment

prepayment

Before delving deep into any further information it is important to know the Personal Loan. You can easily get a personal loan to fulfill your personal needs. It can be related to your education or you can use this to pay your medicals bills. Besides that, you can get it to renovate your home or to fulfill any of your business needs.

There are so many financial banking and non-banking organizations that provide you a personal loan. But there are some personal loan eligibility criteria to provide personal loans. These are defined by the lenders.

Prepayment

This is a facility provided by some banks and non-banking financial organizations that if you want to close your loan before the decided period than you can do so. But you have to pay a minimal amount of charges to the bank. Some banks do not ask for prepayment charges even. But for prepayment, you should have given at least 12 EMI’s to the bank.

What are Prepayment Charges?

Prepayment charges are those charges that you pay to the bank or any lender organization for closing your loan before the decided time or the tenure of the loan. However, these charges are very low. It generally starts at 2% of the outstanding principal amount and can be up to 5 to 6%.

Names of Some Banks Providing Facility of Prepayment

  • HDFC Bank
  • ICICI Bank
  • Kotak Mahindra Bank

How can you get a personal loan?

You can avail of the loan very easily on the site of Dialabank. The process is hassle-free and time-saving.

Click below to get a personal loan:

Read Other Related Articles:

Personal Loan Must Read
Best Personal Loan Portals
3 Best Options for a Personal Loan in India Personal Loan Is Declined
What is Personal Loan Insurance?

 

Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.

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