Faqs - L&T Finance

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Can I save money by making pre-payments on my Personal Loan?

Yes, prepayments reduce the outstanding principal, lowering interest costs and shortening the loan tenure.

What are the benefits of using the Personal Loan prepayment calculator?

It provides accurate savings estimates, helps plan prepayments, and allows for scenario comparison to maximise benefits.

How accurate is the Personal Loan prepayment calculator in estimating savings?

The calculator is highly accurate when the correct loan details and prepayment amounts are entered.

Are there any charges or penalties for pre-paying my Personal Loan?

Yes, there are prepayment charges of up to 5% of the prepaid amount plus applicable taxes.

Can I adjust the frequency of pre-payments in the calculator?

Yes, you can select the number of prepayments you want to make.

How can I use the pre-payment calculator to plan my loan repayment strategy?

Enter different prepayment amounts and frequencies to identify the most cost-effective repayment plan.

Does the calculator take into account the interest saved by pre-paying?

Yes, it shows the total interest saved and the revised repayment schedule.

Can the pre-payment calculator be used for all types of Personal Loans?

It’s applicable for fixed-interest Personal Loans.

Can I calculate the potential savings by making multiple pre-payments?

Yes, the calculator allows calculating multiple prepayments to evaluate cumulative savings.

How much can I save by prepaying my Personal Loan early?

Early prepayments yield maximum savings since interest is higher during the initial phase of the loan.

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