How to make SBI Personal Loan Prepayment
If you are confident that you can manage with the funds you have, then you can repay your SBI Personal Loan as soon as possible and then clear off all your loan outstanding dues. When you do this, you will save a lot of money on your interest.
Part 1P1Decide if you want to make full prepayment or part payment
Before making SBI personal loan prepayment decide if you want to make full prepayment or you want to make part payment.
If you make full closure payment
If the prepayment in full can be done relatively early into the tenure of the loan, then you can save a lot on the interest. A personal loan generally has a lock in of about one year after which the entire outstanding amount can be prepaid. If you close your personal loan account from the proceeds of a new loan that you take under the same loan type, you will not be required to pay any foreclosure or pre-payment charge.
If you make part closure payment
Part payment of a personal loan happens when you have a lump sum amount of idle money, but is not equivalent to the entire principal outstanding loan amount. Part payment works because it brings down the principal amount unpaid, which in turn brings down your EMIs and the total interest you pay. If you want to pre-pay your SBI Personal Loan EMIs in parts or entirely before your original due date, you will need to pay 3% on your prepaid amount.
Method 1M1Visit the branch
You can do your personal loan prepayment by visiting the nearest branch of SBI in your location. You will need to keep relevant documents ready for initiating the pre-closure process.
Visit the nearest branch
Visit the nearest branch of SBI in your location.
Go to help desk
As you enter the bank, go to the help desk representative, and share your concern. The help desk person will send you to the concerned person.
Now, You will have to discuss your plan to prepay your SBI Personal Loan and find out about the charges from the bank representative, you will have to pay for your personal loan prepayment.
Decide to make full payment or part payment
Once everything is finalized, you will need to make the pre-closure of your loan in full or in parts.
As, you will decide a plan you will have to make payment the same day, and your prepayment of personal loan will be done.