I want to surrender my two months old personal loan. Is there any way by which I can avoid paying unnecessary interest?Most banks have a clause related to the minimum period, after which the loan can be foreclosed. Unfortunately, there is no way of avoiding the interest you will pay on the loan for the specified time period. Also, the bank will charge a pre-payment penalty on foreclosure of a loan. These terms and conditions are clearly laid out in the loan agreement and you have no option but to pay off accordingly.
