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Jun 26, 2025 | 4 mins read
A Personal Loan foreclosure calculator is a tool that helps you calculate the charges and potential savings associated with foreclosing your Personal Loan before the end of the tenure. This tool simplifies the process by accurately calculating foreclosure charges, savings and the total amount payable. Whether planning to foreclose or explore options, this calculator ensures better financial planning.
Preferred loan amount
Interest rate (per annum)
Loan tenure (months)
Estimated EMI
per monthInterest payable
₹52,41, 690The loan foreclosure calculator for Personal Loan is designed for simplicity. Follow these steps to use it effectively:
1. Enter Loan Details
Input your original loan amount, interest rate, and loan tenure.
2. Add EMI Information
Provide details of the EMI amount you are currently paying and the number of EMIs completed.
3. Enter Foreclosure Charges
Input the percentage of foreclosure charges as specified in your loan agreement.
4. View Results
The calculator will display the total outstanding loan amount, foreclosure charges, and potential savings from foreclosing.
Calculating Personal Loan foreclosure involves the following steps:
1. Determine the Outstanding Loan Balance
Use the loan's amortisation schedule to find the remaining principal amount.
2. Add Foreclosure Charges
Calculate charges. It is usually 2-4% of the outstanding balance.
3. Calculate Interest Savings
Subtract the remaining interest cost from the total charges to evaluate potential savings.
4. Include Additional Costs
Factor in any other fees, such as documentation charges or administrative costs.
Example
Loan Amount: ₹ 5,00,000
Interest Rate: 12%
Tenure: 5 years (60 months)
EMIs Paid: 24
Outstanding Balance: ₹ 3,00,000
Foreclosure Charges: 3%
Foreclosure Charges = 3% of ₹ 3,00,000 = ₹ 9,000
Interest Saved = ₹ 30,000 (remaining interest)
Net Savings = ₹ 30,000 - ₹ 9,000 = ₹ 21,000
Personal Loans can be closed in two primary ways:
1. Foreclosure
Paying the outstanding principal in one go before the end of the loan tenure.
2. Prepayment
Making partial payments towards the principal to reduce the loan amount and interest.
3. Key Differences
- Foreclosure eliminates the loan completely, whereas prepayment reduces the outstanding balance.
- Both options help save on interest, but foreclosure results in quicker loan closure.
| Document Type | Required Document & Checks |
|---|---|
| Identity Proof | PAN and any one of the following- Aadhaar Card | Driving License | Passport | Voter ID | Job card by NREGA | Letter issued by the National Population Register containing details of name and address |
| Address Proof | Utility bills (not older than 2 months) | Aadhaar Card | Driving License | Passport | Voter ID etc |
| Income Proof | Income proofs vary for different professionals across salaried, non-salaried and self-employed. |
Please find the easy detailed list of required documents here
| Type | Document |
|---|---|
| Salaried | Last 3 month's salary slips / Form 16 / Last 3 month's bank statement reflecting |
| Self Employed | Latest Income Tax Return (ITR) |
| Bank Statement | Last 3 month's statement is mandatory |
| Residence Ownership Proof | Not mandatory |
List of all fees and charges
| Type | Interest Rate and Charges |
|---|---|
| Loan Processing Fees (non-refundable): | Upto 3%* of Loan Amount + applicable taxes |
| EMI Dishonour/ Bounce Charges: | As shown in the table below |
| Sanctioned Loan Amount | Charges |
| < ₹ 5 Lakh | ₹ 500 |
| ₹ 5 Lakh - ₹ 30 Lakh | ₹ 1000 |
| Late Payment Charges (LPC)/ Penal Charges: | 2% (p.m.) on EMI overdue + applicable taxes |
| *LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec'23 | |
| *Taxes applicable on LPC w.e.f. 1st Apr'24 | |
| Part Payment Charges: | Up to 5% of pre-paid amount + applicable taxes |
| Foreclosure Charges: | 5% of POS (Principal Outstanding) + applicable taxes |
| Legal/ Recovery Charges: | As per actuals |
| Duplicate NOC Charges: | First 3 paper copies - free of cost |
| From 4th Paper copy - ₹250 + applicable taxes | |
| Repayment Swap charges (per swap): | ₹500 + applicable taxes (applicable only for branch walk-ins) |
| Loan Cancellation Charge: | Nil - for 3 days from date of disbursal |
| From 4th day - 5%+ applicable taxes (on the outstanding loan amount) | |
| Document Charges: | Nil for Statement of Account (SOA), Repayment Schedule, Foreclosure Letter, Welcome Kit |
| Annual Maintainance Charges (AMC): | Nil |
*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.
The Personal Loan foreclosure calculator offers several advantages:
1. Transparency:
Clear insights into charges and savings.
2. Time-Saving:
Instant results without manual calculations.
3. Accuracy
Eliminates human errors in computations.
4. Better Financial Planning:
Assists in evaluating if foreclosure is financially beneficial.
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