| Are there any prepayment charges on personal loan? |
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| Written by Site Administrator |
| Wednesday, 28 October 2009 06:16 |
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Yes, banks will levy charges upto 5% of the initial disbursement amount as prepayment charges. Prepayment is the payment that you want to do as a lump sum during the tenure of the your loan to reduce the burden of the EMIs and to bring down the tenure. In the event that you are making a prepayment, make sure that the interest that you are paying on your loan is much higher than the prepayment charges levied at that time. The prepayment charges are a must on all personal loans. However, the charges vary from bank to bank. You must find out more details about prepayment charges before applying and chose the best deal for you right in the beginning. Comments (0) |