Minimum salary should be above Rs.35,000
Loan foreclosure is the full repayment of the remaining loan amount in one single payment instead of paying in EMIs. It is an existing part of your loan process in which you can repay the loan before your scheduled EMI period. You can select the number of EMIs that you have already paid and the month on which you want to foreclose your loan. This will help you calculate the foreclosure amount.
It’s very easy to use and quick to perform.
Enter the following details
1.Your loan amount (between 1 to 15 lakhs)
2.Tenor (between 1 to 5 years)
3.Rate of Interest Rate
4.The number of EMIs that you have already paid and
5.The month on which you would like to foreclose your loan
It is the month in your loan process in which you repay the full loan amount in advance. For e.g. if your tenure of the loan is 5 years (60 months) and you plan to repay the total loan left after 3 years 4 months (40th month), then that month (here 40th) is your foreclosure month.
No, we do not charge any penalty or charges for your foreclosure prepayment.
Many banks and financial institutions charge between 1% to 4% of amount you are paying, as foreclosure charges. We, at Bajaj Finserv do not charge for foreclosure prepayment. All of your amount is paid back as combination of principle and interest without any charges. Thus, the interest amount saved, tells you the amount you will save by availing our services.