Loan Prepayment: 20 Lakh Loan, Full Foreclosure
A prepayment equal to the full outstanding balance on a 20 lakh loan: see the interest saved by closing the loan entirely at month 24.
A one-time prepayment of ₹20,00,000 on a ₹20,00,000 loan at 8.5% p.a. saves ₹6,57,560 in interest. Your loan closes in 2 years instead of 10 years, saving ₹6,57,560 in interest.
- Outstanding loan amount
- ₹20,00,000
- Remaining tenure
- 10 years
- Interest rate
- 8.5% p.a.
- Prepayment
- ₹20,00,000
Interest saved
Reduce tenure₹6.58 Lakhs
₹6,57,560
Your loan closes in 2 years instead of 10 years, saving ₹6,57,560 in interest.
Original EMI
₹24,
EMI stays the same
₹24,
Loan closes in
2 years
Total interest with prepayment
₹3.18 Lakhs
₹3,18,097
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Interest saved compares total interest paid over the life of the loan, with and without the prepayment. Floating-rate home loans carry no prepayment penalty under RBI rules; fixed-rate, personal, and some NBFC loans may still charge one.