- 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
Friday, 17 March 2017
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Advantages of Prepayment and Part Payment of Personal Loan
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:
To know more about Personal Loan Prepayment and Prepayment charges follow the refrence article

About Arwind Sharma
Arwind Sharma, Currently residing in Gurugram, Haryana. I work as a financial advisor with a Fintech company and have an experience of more than 7 years in personal finance. Having worked with some of the topmost financial firms in India I developed a knack for writing and sharing my knowledge to help others. If you need help or suggestions regarding matters related to finance and investment, you can connect with me on social networking platforms
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