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Business Loan Foreclosure Calculator
Disclaimer: The aforementioned values, calculations and results are for illustrative and informational purposes only and may vary basis various parameters laid down by Tata Capital.
What is Business Loan Foreclosure?
When you take a business loan, your lender charges you interest on the loan amount as per an agreed-upon business loan interest rate. You’re required to pay your principal amount along with this interest in Equated Monthly Instalments or EMIs. However, if you have surplus funds, you can even choose to repay the entire loan amount in one shot instead of paying EMIs over a long period.
This process of making the full repayment of your outstanding business loan amount before the end of the scheduled EMI period or tenure is known as business loan foreclosure. It can happen only if you have enough surplus funds to repay your entire loan amount. A business loan foreclosure calculator can help you calculate the amount that you need to pay to foreclose your business loan.
What is a Business Loan Foreclosure Calculator?
If you have the required funds, you can decide to foreclose your business loan before the completion of its tenure. Foreclosing a business loan allows you to save on your interest outgo and remove the hassles of paying an EMI every month. However, when you choose to foreclose your business loan, you may have to pay a nominal foreclosure charge to the lender.
A business loan foreclosure calculator can help you determine the foreclosure amount for your business loan based on the foreclosure charges charged by your lender. You can also calculate the interest amount you can save by choosing to foreclose your business loan. With Tata Capital’s business loan Foreclosure calculator, you can calculate your business loan foreclosure amount and your savings in the simplest manner.
How does the Loan Foreclosure Calculator work?
The business loan foreclosure calculator offers a simple and efficient way to calculate the foreclosure amount and outstanding principal at the time of foreclosure based on the charges by the lender. It also calculates the interest amount you can save by foreclosing on a business loan.
Here are the various inputs you need to enter in the calculator-
1. Loan amount: Enter the principal loan amount borrowed from the lender.
2. Interest: This is the annual interest rate applicable to your loan.
3. Tenure: The tenure of the loan is the total period accepted by the borrower to repay the loan.
4. Months of foreclosure: Months of foreclosure will determine the number of months after which you have decided to close the loan. This helps to determine the EMIs paid to date and calculate the principal repaid and interest amount accrued.
How To Use The Loan Foreclosure Calculator?
Using a business loan foreclosure calculator is incredibly easy. You can simply access a business loan foreclosure calculator online and enter the required values to calculate business loan foreclosure amount. Here’s how you can use Tata Capital’s Business Loan Foreclosure Calculator:
Benefits of Loan Foreclosure Calculator
A business loan foreclosure calculator is an indispensable tool to manage your loans effectively. Here are the various benefits of using the online tool-
1. The online loan foreclosure calculator is easy to use.
2. It provides immediate and accurate results, helping you save time spent on complex manual calculations.
3. Accurate calculations of the foreclosure amount, charges, and outstanding principal help you decide whether to proceed with loan foreclosure.
4. You can easily access the tool through Tata Capital’s website anytime.
What is The Foreclosure Month?
The foreclosure month refers to the month in which you foreclose your business loan before the due date. For instance, if you have a loan term of 60 months but decide to foreclose your loan prematurely in the 40th month, the 40th month will be termed as the foreclosure month.
Penalty Charges for Foreclosing a Loan?
Foreclosing a loan can result in some additional charges. Here’s the list of penalty charges you would have to pay if you foreclose a loan before the due date:
4.5% of the outstanding principal on the existing business loan, along with applicable taxes
If you foreclose the business loan within the first nine months of the loan term, you will pay a penalty of 6.5% of the outstanding principal on the existing loan, along with applicable taxes
The foreclosure charges differ for a top-up business loan. Here’s the penalty charge you would have to pay if you foreclose a top-up loan before the due date:
2.25% on the outstanding principal on the existing loan, along with applicable GST (Goods and Services Tax). An important thing to note here is that foreclosure charges are only levied if the new interest rate is lower than the existing rate.
The foreclosure charges in CCOD cases are as follows:
- 4.5% on the dropped-down limit amount, along with applicable taxes
- If you foreclose the loan within the first nine months of the loan term, you will pay a penalty of 6.5% of the outstanding principal on the existing loan, along with applicable taxes
In addition to the above, you will also pay a foreclosure letter charge of Rs 99 + GST for branch walk-ins.
You can use a loan foreclosure calculator to understand how these charges will impact you. The foreclosure calculator is an easy-to-use tool that can display accurate results in a few seconds and help you make informed decisions about foreclosing your business loan.
Once you enter all these values in our business loan foreclosure calculator online, it will instantly display your business loan foreclosure amount, EMI amount, and the outstanding principal amount at the time of loan foreclosure.
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Popular FAQs
How does a foreclosure calculator work?
Why is using a foreclosure calculator crucial while looking at foreclosed property?
Using a foreclosure calculator is essential for the following reasons:
#1 It enables you to determine the amount of interest you can save.
#2 It provides an estimate of how much foreclosure loan amount you'll need to pay.
Thus a foreclosure calculator lets you make informed financial decisions and avoid depleting your savings.
Can a foreclosure calculator assist me in calculating the potential savings and expenditures related to a foreclosed property?
No, a foreclosure calculator can't tell you how much money you saved or spent on your foreclosed property. Instead, it helps you calculate the balance loan foreclosure amount and how much interest you can save by foreclosing the loan.
What factors should I take into account before using a foreclosure calculator?
Your foreclosure loan amount primarily depends on five factors. They include:
#1 Loan amount
#2 Loan tenure
#3 Rate of interest
#4 Foreclosure charges
#5 Foreclosure duration
Is it difficult to use a foreclosure calculator?
Using a foreclosure calculator is pretty easy and straightforward. You need to enter the required values, and it will instantly give you the balance foreclosure loan amount that you need to pay.
What information must I enter for a foreclosure calculator to produce accurate results?
To get accurate results from a foreclosure calculator, enter the following values:
#1 Loan amount
#2 Loan tenure
#3 Rate of interest
#4 Foreclosure charges levied by the lender
#5 Select the duration within which you will pay the foreclosure amount.
Can I calculate the possible equity or loss on a foreclosed home using a foreclosure calculator?
While a foreclosure calculator cannot expressly calculate whether you're making a loss or profit on your foreclosed homes, it can help you in the process.
It helps you calculate your balance loan foreclosure amount and the interest saved due to the foreclosure. You can reach this figure by feeding in the required fields such as loan amount, tenure, interest rates etc. You can then compare this amount to the current market value of the foreclosed home. This will help you determine whether you are making a profit or a loss on foreclosure.
Does a foreclosure calculator take into account various loan kinds, interest rates, and lengths of repayment?
Yes, a foreclosure calculator considers factors such as loan amount, loan tenure, interest rate, foreclosure charges and foreclosure time while calculating.
Can a foreclosure calculator assist me in assessing the advantages and disadvantages of buying a foreclosed property?
A foreclosure calculator cannot help you assess the pros and cons of buying a foreclosed property. However, using this tool, you can calculate the remaining amount needed to pay off a loan in a single payment, which can help you save on interest charges.
What degree of accuracy can you expect from a foreclosure calculator?
The accuracy of a foreclosure calculator may vary depending on the calculator and the data used to calculate the estimate.
Are there any restrictions on using a calculator for foreclosures?
There are no restrictions on using a foreclosure calculator. However, when deciding to foreclose a loan, don't solely depend on the calculator.
I want to buy a foreclosure can a foreclosure calculator assist me organize my spending plan and financial approach?
Certainly. By using a foreclosure calculator, you receive a detailed breakdown of the amount of interest and principal you need to pay. This information can help you determine if foreclosing on the loan is a viable option.
Is it necessary to pay foreclosure charges?
Depending on your loan and lender’s terms, foreclosure charges can apply. The applicable charges are clearly mentioned in the loan agreement and must be paid when foreclosing the business loan.
Does foreclosure of a loan affect credit score?
Foreclosure can positively impact your credit score by reducing the debt if done as per the loan agreements. However, late or missed payments before loan foreclosure can affect your credit score.
Can I apply for foreclosure anytime after borrowing a loan?
It depends on the lender policy; most lenders only allow you to foreclose the loan after a certain period of regular EMI payments. Please check the relevant product page or visit the nearest Tata Capital branch for further information on this topic.
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