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Personal Loan Prepayment Calculator

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee6,500
ICICI Bank
100% Digital Process*Quick Disbursal
Max Loan Amt.Upto 25L
Rate of Interest11% - 13%
Tenure upto1-5 Years
Processing FeeUpto 2%
Axis Bank
Low Processing fee
Max Loan Amt.Upto 25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
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How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Apply Now

How does a Prepayment Calculator work?

Loan repayment refers to the act of paying back your loan, either in part or in full, before the conclusion of your loan tenure. By repaying in advance, you reduce your interest outgo on your personal loan and can be debt-free sooner.

A personal loan repayment calculator calculates:

  • Revised EMI or tenure after you make a prepayment.

  • Total interest savings you can achieve by paying off a portion of the outstanding loan earlier than scheduled.

  • The difference between continuing regular payments vs. making prepayments.

Also Read: How to Ease Your Personal Loan Repayment

What is a Loan Prepayment Charge?

A loan prepayment charge refers to a fee that lenders impose if you pay off your loan before the agreed-upon tenure. When it comes to personal loans, the prepayment fees typically fall between 1% and 5% of the amount that is still owed.

However, there are lenders who waive prepayment charges after a specified number of EMIs.

To be aware of the charges that apply, make sure to read your loan agreement carefully.

Benefits of Loan Prepayment

  • Save on Interest Costs: The earlier you prepay, the more you save.
  • Shorter Loan Tenure: Reduce repayment duration and free up future income.
  • Debt-Free Living: Achieve financial independence faster.
  • Better Credit Score: Closing loans on time or before schedule boosts creditworthiness.
  • Lower Stress: Reduce monthly financial burden and improve peace of mind.

List of Prepayment Charges from Different Lenders

Bank / NBFC Prepayment Charges
SBI 3% on the prepaid amount.
Kotak Mahindra Bank Up to 3 years - 4% + taxes on outstanding principal/part payment amount

After 3 years - 2% + taxes on outstanding principal/part payment amount

Yes Bank 2–4% of principal due
HDFC Bank 2–4% of outstanding principal
IndusInd Bank 4% of principal due
ICICI Bank 3–5% of principal
Axis Bank 2–5%

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Partial vs. Full Prepayment of Personal Loan

Partial Prepayment

  • You make a one-time payment in addition to your usual EMIs.
  • Aids in lowering either your EMI amount or the duration of your loan.
  • Best if you have received a bonus, incentive, or windfall income.

Full Prepayment (Foreclosure)

  • You repay the entire outstanding loan balance in one go.
  • The loan account is closed completely.
  • Ideal if you want to become debt-free early and have enough savings.

How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Apply Now

Avail Personal Loan for
All Your Needs

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Avail Personal Loan for
All Your Needs

FAQs

What is a prepayment calculator?

A prepayment calculator helps you estimate how much interest you can save and how your loan tenure or EMI will change if you repay your loan early, either fully or partially.

How does a prepayment calculator work?

You just enter details like loan amount, interest rate, tenure, EMI, and the prepayment amount. The calculator then shows revised EMI/tenure and interest savings.

Can I prepay my loan anytime?

Most lenders allow prepayment after a lock-in period (usually 6–12 months). Check your loan agreement for specific rules.

Will I be charged for prepayment?

Some banks/NBFCs charge a prepayment penalty (a small percentage of the outstanding loan).

Is prepayment always beneficial?

Yes, especially if done in the early years of the loan when interest forms a larger part of the EMI. But you should compare the savings with any prepayment charges.

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What our customers say

Smooth & hassle-free loan approval experience

I want to express my gratitude for your exceptional support & guidance throughout my loan application process to Aman (EW17239). Your professionalism & clear communication made the journey smooth and manageable. I appreciate how you helped during loan approval & fast-tracked the documentation. It is rare to find someone so committed to their clients. I truly value the effort you put into ensuring a successful outcome. Thanks again for your invaluable help.

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Sanjay Kumar GuptaMar 30, 2026

Exceptional guidance throughout the process

I’d like to express my sincere appreciation for Mr. Aman Kumar (EW32023) for the excellent assistance provided. His professionalism & willingness to help made the experience smooth & pleasant. Aman Kumar demonstrated patience & clarity while addressing queries and ensured that everything was handled efficiently. Such dedication & customer-focused service truly deserve recognition. Please convey my thanks and appreciation to him for his outstanding support.

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Jyotirmoy SinghaMar 23, 2026

Very helpful and easy to reach

I really wants to appreciate Mohankumar Dhandapani for closing my loan requirement in such a short time and nice manner. He is very much approachable helped me based on my requirements. He explained me all the options in very short time even one option failed immediately helped me to get other options worked. Excellent job done by Mohankumar Dhandapani all the best keep you same way approachable you will get more customers. Thanks to Paisabazar too.

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Kirubagaran GanesanFeb 24, 2026

Reliable help when i needed it most

I am writing this email to express my sincere thanks for your excellent support and guidance on Paisabazaar. My experience was very smooth and satisfying because of your help. You explained everything clearly and made the whole process easy and comfortable for me. I truly appreciate your professionalism, patience, and quick response. I am very happy with the service and would definitely recommend to others because of the great support I received from you. Thank you once again

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DharmeshFeb 22, 2026

Committed support that made everything easy

I’d like to appreciate the Paisabazar team for the excellent loan service. I especially want to recognize one of your agents, Mr. Prince Kumar, for his outstanding support. For more than a month, he continuously followed up with me and assisted me. His commitment & professionalism made the experience smooth & hassle-free. I appreciate his efforts and dedication. Kindly acknowledge his performance and consider rewarding such a sincere employee.

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BhupendraFeb 18, 2026

My Trust in Paisabazaar has Increased

I would like to take a moment to share my sincere feedback regarding the support I received from your team. The executive who assisted me was extremely professional, polite, and knowledgeable. They patiently understood my concern, explained the process clearly, and guided me step by step toward the right solution. I truly appreciate the transparency, timely responses, and genuine effort shown to help me.

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Lalit MaviFeb 12, 2026

Best Place for Taking Loans

I contacted customer care with a few queries, and I am very satisfied with the support I received. The representative was polite, patient, and explained everything clearly. My questions were resolved properly, and the overall experience was smooth and helpful. Thank you for the excellent customer service

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Kokil BarnwalFeb 12, 2026

Easy loan approval with good guidance

Thank you for the support provided for getting personal loan approval. During this process I worked with Mr. Aman Bajpai (EW17239) who was co-ordinator for this entire process of Personal loan, I was incredibly impressed by his efficiency and problem-solving skills. He went out of their way to ensure all my questions were answered and that the disbursement timeline stayed on track. His coordination was really appreciable.

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Riyaj AtarFeb 9, 2026

Apne higher education ke liye loan liya tha

Muhje higher education ke liye loan chahiye tha. Paisabazaar pe apply kiya. Got it at the right time. Quite helpful.

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Puja DanuJan 22, 2026

Sabse jada helpful log the yaha

Maine bht jagah try kiya tha personal loan ka, yaha try kiya toh helpful log mille. Har steps mai aram se samjhaya or usse muhje loan lene mai jda dikkat nhi aayi.

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Anuradha GuptaJan 21, 2026
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Anubhuti Agrawal profile
Written ByLinkedIn icon
Anubhuti Agrawal
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Shamik Ghosh

Paisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.

The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.

The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.

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