Input your loan parameters to assess pre-closure feasibility, calculate prepayment penalties, and determine total settlement amount instantly.
Loan details
Enter your loan information to check closure eligibility and compute the total amount needed to close.
Proceed with pre-closure formalities immediately
Documents needed
Collect all documents before initiating pre-closure.
Verification steps
Follow this sequence for a smooth closure.
Next actions
Timeline and contact for processing.
See exactly how much interest you will save by pre-closing your loan today versus waiting until tenure end. Even a few months early can save significant amounts.
Banks often charge a pre-payment penalty (1–4% of outstanding principal). The calculator factors this in to show you the true net saving after all charges.
Many lenders restrict pre-closure within the first 12 months of a loan. The tool flags your eligibility status based on EMIs paid so far.
Input your original loan amount, interest rate, tenure, and how many EMIs you have already paid.
Enter the pre-closure penalty percentage your lender charges. Check your loan agreement or call your bank for this figure.
The calculator shows outstanding principal, foreclosure charge, total settlement amount, and net interest saved after penalty.
Loan pre-closure (also called foreclosure) is the repayment of your entire outstanding loan balance before the scheduled end of the loan tenure. This eliminates future EMI obligations and saves the remaining interest you would have paid.
Home loans from most banks can be pre-closed without penalty (RBI guideline for floating rate home loans). However, personal loans, car loans, and fixed-rate loans may attract a pre-closure charge of 2–5% of the outstanding principal. Always check your specific loan agreement.
Pre-closure saves the most in the early years of a loan when the interest component of each EMI is highest. In the initial years, most of your EMI goes toward interest rather than principal, so closing early eliminates that high-interest burden.