{"id":1986,"date":"2023-10-31T06:22:30","date_gmt":"2023-10-31T06:22:30","guid":{"rendered":"https:\/\/www.swinxpress.com\/?p=1986"},"modified":"2023-10-31T06:22:32","modified_gmt":"2023-10-31T06:22:32","slug":"what-is-the-prepayment-penalty-on-personal-loan","status":"publish","type":"post","link":"https:\/\/www.swinxpress.com\/what-is-the-prepayment-penalty-on-personal-loan\/","title":{"rendered":"What is the prepayment penalty on personal loan?"},"content":{"rendered":"\n
Meet Yashika, a hardworking professional who always keeps her financial health in check. She has always been cautious with her expenses and never misses a payment on her credit card. But last year, an unexpected emergency drained all her savings, and she had to take a personal loan. Now that things have stabilised, Yashika wants to pay off her debt before the due date. <\/p>\n\n\n\n
As she was going through the terms of her loan, she stumbled upon a term that caught her eye – the prepayment penalty for paying her loan before the decided tenure. Yashika is confused why she needs to pay a penalty even if she is closing the loan early. Let’s learn what this fee is, how it works, and its impact on you as a borrower. <\/p>\n\n\n\n