In Most cases lenders impose high penalties for pre-payment. In contrast, if you try hard you can find bank or NBFC who allow you to do Pre-Payment of Personal Loan.
Personal Loan Prepayment has its own benefits and disadvantages. You may have some extra cash in your hand that you want to utilize to prepay a part of your personal loan amount. So that, it reduces your overall loan tenure and EMIs or it can even help you to close your personal loan quickly.
Generally, there are certain points you need to notice:
- You can pre-pay up to six times in a calendar year
- The minimum pre-payment amount cannot be less than the sum of 3 EMIs
- There is no maximum limit for the pre-payment amount for personal loan
To know more about Personal Loan Prepayment and Prepayment charges follow the refrence article
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