Pre-payment charges
Personal Loan pre-payment charges can easily reduce any potential savings. This isn’t a concern with our Personal Loan, as there are zero* prepayment or foreclosure charges or penalties applicable. Also, in addition to low charges, we offer low interest Personal Loans in India.
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When can I foreclose my loan in PFL?
You can foreclose your Personal Loan any time before the tenure ends.
✓What are the foreclosure charges?
There are no charges or penalties applicable on foreclosure payments for a Personal Loan from Poonawalla Fincorp. Do note that for this benefit to apply, the payment must be made through your funds.
✓When can I make a part payment?
Just like foreclosure, you can make a part-prepayment at any time before the tenure ends.
✓What are the charges for part payment?
There are no additional charges or penalties for partially prepaying the loan before the tenure ends. This is true if the payment is made through your funds or personal savings.
✓Can I pay off the Personal Loan before my tenure ends?
Outstanding Personal Loan amounts can be paid either partially or in full. The whole loan amount can be settled in a single prepayment while you can also pay a part of the principal for a partial prepayment of the outstanding amount. Most lenders charge a penalty fee when you try to repay your loan early. The prepayment fees can be a flat fee, or a percentage of the amount being paid. It can also be measured on the interest amount overdue.
Some financial institutions, like Poonawalla Fincorp, do not charge any prepayment fees. It is essential to compare the penalty fees incurred against your savings on interest for the remainder of the loan tenure. Rather than making your prepayment decision based only on the remaining term, factor in the interest fees when thinking about foreclosing your loan. So, apply at Poonawalla Fincorp and get the lowest Personal Loan interest rates in India.
