Calculate late EMI charges, prepayment penalties, and foreclosure costs — know exactly what missing or closing a loan will cost you.
Missed EMIs reported after 30 days can drop your CIBIL score by 50–100 points. 90+ days overdue = NPA classification = 200+ point drop. Always pay or contact lender before the 30-day mark.
RBI mandates zero foreclosure penalty on floating rate home, car, and personal loans for individual borrowers since 2014. Always verify with your lender — fixed rate loans may still carry charges.
| Lender / Loan Type | Late EMI Penal Rate | Late Fee | Prepayment Charge | Foreclosure Charge |
|---|---|---|---|---|
| SBI Home Loan (Floating) | 2% p.a. above loan rate | Nil | 0% (RBI mandate) | 0% (RBI mandate) |
| HDFC Personal Loan | 24% p.a. on overdue | ₹500–₹1,000 | 2–4% + GST | 2–4% + GST |
| ICICI Personal Loan | 24–36% p.a. on overdue | ₹500 | 3–5% + GST | 3–5% + GST |
| Bajaj Finance | 3.5% per month (penal) | ₹1,000 | 4% + GST | 4% + GST |
| SBI Car Loan (Floating) | 2% p.a. above loan rate | ₹250 | 0% (RBI mandate) | 0% (RBI mandate) |
| HDFC Business Loan | 24% p.a. on overdue | ₹1,000 | 2–4% + GST | 2–4% + GST |
Missing an EMI or closing a loan early in India comes with costs that most borrowers don't calculate upfront. Penal interest on overdue EMIs can be as high as 3% per month. Foreclosure charges on personal loans can be 4–5% of the outstanding balance. This calculator helps you quantify the exact penalty before making any decision.
The loan is classified as NPA (Non-Performing Asset) after 90 days of non-payment. Your CIBIL score drops by 200+ points, the bank begins recovery proceedings and may contact guarantors. Legal action (Section 138 NI Act for bounced cheques) is possible after notices.
Yes — most banks will waive one-time late fees if you are a long-standing customer with a good track record. Escalate to the branch manager or write to the grievance cell. RBI ombudsman can be approached if the bank charges are unreasonable or undisclosed.
Not always. If the prepayment charge is 4% and you save only 3% in interest, it's not worth it. Also consider: tax benefits on home loan interest (Section 24), your investment returns vs loan rate, and liquidity needs before making lump sum prepayments.
Yes — since 2017, GST at 18% is applicable on all loan service charges including penal interest, processing fees, prepayment charges, and foreclosure fees. The penal interest itself is not subject to GST but flat late fees and foreclosure charges are.
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