Personal Loan Foreclosure

Let us today briefly tell you today about the foreclosure of personal loans and how to calculate them.

What is a personal loan?

Personal loan varies from gold loan in terms of the category it comes under, that is personal loans belongs to the unsecured type of loans, while the gold loans are the ones which come under the secured types of loans. Personal loans can be borrowers from a loan lending institution such as banks, organisations, and even from trusted individuals that are usually friends and family members. Personal loans on an average and in comparison are the expensive type of loans.

They also usually require high end documents to be submitted before getting the loan to be sanctioned. The mandatory documents being included are the Income tax Returns (ITR) and even the payslips and bank account statement. These types of loans are highly monitored and observed and hence the requirement of a large number of documents. Eventually, all this may lead to long processing time. This way, the tenure period and personal loan interest rate may also vary and is slightly high compared to that of the gold loan.

Bank of India Personal loan offers the personal loan interest rate starting from a percentage of 12.15% and goes upto a percentage of 14.15% on a per annum basis. Bank of India Personal loan also has some special interest rates in consideration for the doctor, and offers them at 10.65% of interest rate. The loan amount that a borrower can avail at Bank of India is upto ₹10 lakh on whatever payment scheme they tend to choose.Now getting into personal loan foreclosure, in basic terms, a foreclosure of a loan is nothing but the process to repay the leftover of the unpaid or pending amount once for all, that is nothing but to fulfill in a single payment at a time, which doesn’t usually make a borrower pay according to the EMI types of scheme.

This is a lot more helpful and stress relief way to just payout for the loan you borrowed even before the upcoming scheduled date of the EMI payment. You can make this work by taking a look at all the EMI’s you have already fulfilled by paying the amount and then eventually select a specific month for which you prefer to have a personal loan foreclosure.

For this purpose there are also the specific foreclosure calculators available all over the web to make this task even easier for you. All you have to do is to enter the details such as your loan amount, tenor that you opted for, rate of interest that was offered to you by your particular bank and the number of EMI payments that were made. And automatically the result will be shown. This is how easy it is for a borrower to calculate the personal loan foreclosure.