Prepayment is the payment you make over and above the regular EMIs you pay during the repayment of a loan. A prepayment may be in part or full which is called part-prepayment or foreclosure, respectively. Prepayment helps you pay off the early and become debt-free faster. It also reduces the total interest you pay on a loan, as it reduces the principal due. For instance, say your remaining loan balance is ₹10,000 and your EMI amount is ₹2,500/month but you prepay ₹5000, your loan balance reduces to ₹5000. This can help you repay the loan faster and decreases your interest dues.
Skip the manual calculations. Use the Fibe EMI Calculator to accurately determine your repayment amounts, interest charges, and more.
Fibe's personal loan EMI calculator is your reliable tool to determine your loan EMI in just a few minutes and some simple steps. Fibe offers personal loan of up to Rs 5 lakhs with minimal documentation and quick processing. Coupled with interest rates as low as Rs 9/day, this is by far your most compelling credit option in the market. Calculate your monthly repayments based on your sanctioned loan amount and interest rates using this handy EMI calculator that's operate and easy to understand. With Fibe, you can even prepay your loan amount with no additional charges.
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