Are you looking for instant cash? If yes, then a personal loan is the best option. You don’t have to pledge any asset or collateral as a bank guarantee in a personal loan.  You can get easy personal loans if you are a salaried applicant or a self-employed individual with an adequate flow of regular income. The loan amount and approval are based on your credit score, eligibility, and salary amongst other crucial factors.

A personal loan is hassle-free and takes less time for approval. The best part of the personal loan is the pre-closure facility which can be helpful to avoid extra payment of interest rate. The lender uses the personal loan pre closure calculator to complete the loan closure and calculates the final amount.

Personal Loan Pre-closure Calculator 

Use a personal loan pre-closure calculator to calculate the final amount you need to pay to the bank for loan closure. 

Process of the personal loan closure procedure

You can save a lot of money if you do the pre-payment of your personal loan. Usually, personal loans have a lock-in period of one year; after that, you can pay the outstanding loan amount.

Here are some steps to follow to complete your personal loan-

• Submit all your documents in the home branch from where you have taken the loan
• Talk to your relationship official about pre-closure of personal loan
• A DD or cheque will be accepted for the pre-closure 
• Collect your pre-closure acknowledgment receipt

At the time of submitting your personal loan application, always ensure that you know the lender’s loan pre-closure process and charges beforehand to avoid any surprises later.

Additional Read: How you Can Apply for a Personal Loan Balance Transfer?