Kolkata: A personal loan, like any other loan, comes with a repayment schedule. One has to complete repayment of the EMIs (equated monthly instalments) within the schedule set by the lender. But it must be kept in mind that if the borrower wants, he/she can repay the loan before the prescribed tenure.

Any lender is extremely cautious about a personal loan since it is an unsecured loan — one which is given without keeping any asset as collateral. Prepayment of a any loan is an indicator of the financial solvency of the borrower. However, there are a few points any borrower should be cautious of. Borrowers need to carefully weigh all options before opting for foreclosure.

Foreclosing or prepayment of a loan is a good option for a borrower who has surplus funds at his hand. Settling a debt........

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