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Business loan foreclosure calculator helps you to calculate your foreclosure amount for your business loan. Calculate your interest saved by using business loan foreclosure calculator at Tata Capital.
Pre-payment of a Business loan involves repaying a large instalment of your loan before the due date. The Business Loan pre-payment calculator allows you to assess the effect of such early loan repayments on your finances including your resultant EMI, tenor etc.
Business loan foreclosure refers to the process where you make the full repayment of your outstanding loan amount, including the applicable interest, in a single payment, before the scheduled EMI period or loan tenure.
You can foreclose a business loan in the following four steps –
Step 1 – Write an application to your lending institution mentioning your desire to foreclose your business loan.
Step 2 – After that, you can make your payment by way of online transfer or cheque/DD.
Step 3 – Along with loan repayment, pay foreclosure charges
Step 4 – Once the payment has been received, your lender will issue a No-Due Certificate to your name – proof that you’ve paid your loan in full.
To determine whether or not you should foreclose your business loan, consider the following factors –
Cash Flow Crunch
It is self-evident that foreclosure of your business loan might cause a slight cash flow crunch, especially for that particular month when such payment is made. It is important that you do your math and foreclose your business loan only when you are convinced that such foreclosure will not lead to shortage of funds.
Foreclosure of business loans often accompany certain charges known as foreclosure charges. If, on calculation, you find out that such charges shave off the benefits you may have made via interest savings, it makes no sense to foreclose your business loan. Check our business loan charges.
You can use a business loan foreclosure calculator by following these simple steps –
Step 1 – Set the principal loan amount that you’ve borrowed
Step 2 – Now, set the loan tenure in months or years
Step 3 – Set the rate of loan rate of interest
Step 4 – Next, set the value of foreclosure charges expressed as a percentage
Step 5 – Finally, set the duration of foreclosure in months or years
Once done, the calculator will automatically show you the foreclosure amount within seconds.