Is personal loan prepayment a good idea? Here’s what you need to consider
1 month, 3 weeks ago

Is personal loan prepayment a good idea? Here’s what you need to consider

Live Mint  

Personal loans are opted for by those who want funds for diverse needs without the need for collateral. Types of prepayment Partial prepayment: If you pay a part of your loan amount early, it is called partial prepayment of the loan. If you pay a part of your loan amount early, it is called partial prepayment of the loan. Check out the prepayment charges of some major banks Bank Pre-payment charges Foreclosure charges State Bank of India For SBI Xpress Credit, 3% fees on prepaid amounts. Kotak Mahindra Bank For the loans disbursed after February 1, 2020, partial prepayment is permitted for around 20% every year, after a lock-in period of 12 months A 4% charge of principal outstanding along with GST for 1 to 3 years.

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History of this topic

What is a prepayment penalty on a personal loan and how does it affect you?
2 weeks, 2 days ago

What is a prepayment penalty on a personal loan and how does it affect you?

Live Mint  

Personal loans are becoming increasingly popular in India as they are easily available and convenient. Recent developments: RBI guidelines As part of a significant overhaul, the Reserve Bank of India has proposed and the issue is in discussion phase currently to abolish foreclosure fees and prepayment charges on floating-rate loans extended to individual and micro and small business borrowers. Prepayment …

Personal loan: Before zeroing in on a lender, make note of 7 key points
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3 months, 4 weeks ago

Personal loan: Before zeroing in on a lender, make note of 7 key points

Live Mint  

If you are all set to borrow a personal loan, then the first and foremost thing that you need to do is to zero in on a bank to borrow the money from. It is recommended that you choose the best personal loan provider after examining your financial needs, carrying out a thorough research, and comparing different lenders and their …

Should you prepay your home loan? Experts explain the pros and cons
2 years, 6 months ago

Should you prepay your home loan? Experts explain the pros and cons

Live Mint  

Buying a house is not only ones biggest dream in our lifetime but is also undoubtedly the significant financial task of our lifetimes. You may prepay the entire outstanding home loan amount or prepay partially to save on home loan interest payments. However, you may continue with the home loan if the bank charges you a lower home loan rate …

Why must you consider prepaying your home loan
2 years, 11 months ago

Why must you consider prepaying your home loan

Live Mint  

How many times have we thought of getting rid of our debts and liabilities quickly? However, you must not underestimate the benefit of prepaying a home loan to lessen the effect of debt in the long run, thus, making it easy to repay the same quickly. Only a small percentage of the principal amount gets repaid during the initial years …

All you need to know about personal loan prepayment
6 years, 9 months ago

All you need to know about personal loan prepayment

India TV News  

Personal loan is a popular financial product used for innumerable purposes such as consolidating debt, financing a medical emergency or fulfilling long-held-up needs such as overseas traveling. Usually banks allow personal loan borrowers to pay at least 12 EMIs of the loan before prepaying the outstanding loan amount. Since prepaying a loan would mean less interest amount for banks, therefore, …

Four things to check before taking a personal loan
9 years, 8 months ago

Four things to check before taking a personal loan

Live Mint  

Many major banks are offering ‘instant’ or pre-approved personal loans currently. If you are planning to take one for an emergency or are being led by the increasing numbers of Calculate your EMI Since personal loan is an unsecured loan, it comes at a high interest rate of 11.99% to 30% per annum, depending on your profile and your repayment …

RBI panel for 30 year fixed rate loans, reasonable prepayment fine
12 years, 2 months ago

RBI panel for 30 year fixed rate loans, reasonable prepayment fine

India TV News  

Mumbai, Jan 23: In a slew of borrower-friendly suggestions, an RBI committee has favoured introduction of fixed rate loans for a period of up to 30 years and asked banks to look at charging "reasonable" pre-payment penalty on the outstanding amount only. Fixed rate long-term loan products with periodic interest reset may be offered by banks in addition to plain …

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