What are the Pre-Payment charges applied on paying personal loan before tenure period.

Q. What are the Pre-Payment charges applied on paying personal loan before tenure period.
Answer: 1-2% of the Principal
Notes: To pay off your personal loan before the loan tenure is completed, one get charged an additional fee termed as pre-payment charge. This pre-payment penalty usually ranges between 1% and 2% of the principal outstanding.

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📌 Question Number: 26 in Loans and Credit Ratings in the above course in App.