Faqs - L&T Finance

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What is a Personal Loan foreclosure calculator?

A: It’s an online tool that calculates charges, savings and outstanding balances when foreclosing on a Personal Loan.

How does a Personal Loan foreclosure calculator work?

It computes foreclosure costs and savings with details like loan amount, interest rate, tenure, and completed EMIs.

Is there a fee for using a Personal Loan foreclosure calculator?

Most calculators are free to use.

Can I avoid foreclosure penalties using a calculator?

The calculator helps you estimate penalties, but avoiding them depends on lender policies.

What information do I need to use a Personal Loan foreclosure calculator?

Loan amount, tenure, interest rate, EMIs paid and foreclosure charges.

How is the foreclosure amount calculated?

It’s based on the outstanding loan principal, foreclosure charges and any other fees.

Is it necessary to pay foreclosure charges?

Yes, it is necessary to pay foreclosure charges as per the loan agreement.

Can I calculate the savings from foreclosing a Personal Loan?

Yes, the calculator shows interest savings and net benefits from foreclosure.

Can I foreclose my Personal Loan anytime?

You can foreclose your loan only after repaying at least 6 months’ EMI.

Can I calculate Personal Loan foreclosure charges online?

Yes, the calculator provides accurate charge estimates according to the information you put in the fields.

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