Repaying your loan before the slated time slot can be a great idea and the best goal to achieve. It is important to check with the lender that whether you can repay your loan early or not. However, many lenders today give you a chance to repay a personal loan whenever you want. But there are many people who choose not to do this because of early repayment penalties. There are few lenders who will charge penalties from people for closing their loans early. Penalties are not charged on every personal loan, usually on the fixed personal loans. But you need to make sure that closing your personal loan early will not cost you more in penalties than saving money on fee charges.
The process of paying off the entire loan early differs between lenders. Start contacting your lender and it will give you the total payout figure. The lender will then directly debit the amount directly from your bank account the same way it takes repayments from your accounts or they will provide you the details of how to make the payment. The lender will confirm then about permanent closure of your loan.