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What is prepayment penalty of a personal loan?

What is prepayment penalty of a personal loan?

Tuesday, March 7, 2017, 4:18 PM

Most banks charge a prepayment penalty, if you prepay the loan before the due date. Prepayment penalties vary from bank to bank. It can be a flat fee or can be calculated on the basis of remaining interest due. There is a minimum lock-in period for the personal loan. You won’t be able to prepay your loan amount, during this period.
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