Personal Loan Part Payment Calculator.
What is a Personal Loan Part Payment Calculator?
Personal Loans are the best funding options people commonly use to pay for their medical, education, wedding, home renovation, and travel bills. However, when they have extra funds to pay more than the EMI amount they chose earlier, they consider going for the option of part payment.
A loan part payment calculator is an online tool that calculates the new EMIs and outstanding balances after making a part payment. Apart from that, an EMI part payment calculator also calculates vital aspects like savings made with the part payment and the revised tenure. Since doing these calculations manually is hectic and time-consuming, an online loan part prepayment calculator gives a head start in the right direction.
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Part prepayment of a personal loan allows borrowers to pay off their loan sooner by making extra payments, reducing the outstanding balance and interest. A part payment calculator helps borrowers estimate the new EMI, outstanding balance, and repayment tenure after making a prepayment.
How to use a HerofinCorp Personal Loan Part Payment Calculator.
The following steps will guide me to use the part payment calculator Personal Loan at Hero FinCorp. After entering all these variables, the EMI part payment calculator will display the accurate loan EMI amount on the screen, along with the revised EMI and tenure.
- Entering the loan amount
- Filling in the loan tenure in years or months
- Selecting the interest rate
- Entering the part payment amount
- Filling in the payment months
Charges of Part Payment in Personal Loan .
Many financial institutions charge part payment fees as a small percentage of the remaining loan balance. Borrowers must check these charges before prepaying a loan. Considering the part prepayment charges before prepaying is essential to ensure the savings are greater than the prepayment cost. At Hero FinCorp, there are no prepayment charges for loan amounts up to ₹ 20,000. However, they are 4% for loans above ₹ 20,000.
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FAQs.
Personal Loan prepayment helps save money by reducing the monthly EMIs and repayment tenure. Since a longer term means higher interest outgo, reducing the tenure with prepayment saves money on the interest cost.
A loan pre-closure works by paying more than the regular EMIs. As a result, the outstanding loan balance decreases, the interest outgo reduces, and the repayment tenure shortens to repay the debt sooner.
A Personal Loan part payment calculator helps calculate the potential savings by making multiple prepayments.
An EMI part payment calculator helps calculate prepayment amounts for fixed interest rate loans only. A floating interest rate loan keeps fluctuating, making it difficult to make the calculations.
Users can use a part payment calculator any number of times for free. So they can adjust the frequency of prepayments in the calculator online.
