Pre & part payment, also known as Advance Payment in Personal loans is an option which is used when a person pay bigger amount to repay his loan, and usually the amount is bigger than EMI installment. In simple words, if you have a large amount of money then you can give this money to your bank or lender to repay part of you loan. LoanMoney can offer you pre & part payment facility on Personal loans from various bank.
One must seriously think before diverting his extra money or savings towards Pre Payment or Part Payment or Early Payment of his Personal loans, he must think about its impact. It sounds very good that you have the option close your loan tenure soon by paying bigger amount to your lender. But, Always keep the ins and outs in your mind before part paying the amount, that it should affect you financially, professionally and personally.
If you are able to make pre payment of your loan then you will be also able to reduce EMIs and Loan Tenure. For instance, if you have decided to make pre payment of your loan and then you are not able make 15% saving on EMIs then it is not a good deal for you. However, you amount should fulfil target of saving more than 15% on your EMIs and you must try to avail the maximum benefits from it.
If you have a bigger amount to repay as part of you loan then you can get reduced EMIs and Loan tenure.
It will be a wonder deal if your bank allows you to foreclose your personal before the loan tenure ends without any charges. If you take Personal loans through LoanMoney then we can assure you that you can foreclose your Personal loans at anytime without any pre closure charges.
Pre and Part Payment or Early or Advance Payment is a way that you can increase your credibility for banking. If you have successfully paid the loan by making Part payments than you credit score will increase which means reputed banks will trust you that you are well capable in handling credit responsibilities.
With good credit score no bank can deny you from santional loan and you can avail the maximum amount of money as Personal loans by not giving any security to the bank. These are all the benefits you can get in Personal loans.