Are there any charges or penalties for pre-paying my personal loan?

Charges for pre-paying your personal loan are only levied if you pre-pay more than 25% of the principal outstanding. In this case, a pre-closure charge of 2.5%+ GST (on the amount over and above 25% of the Principal outstanding) will be charged. Other than this, keep the following in mind while planning the pre-payment of your personal loan.Pre-payments of personal loans can only be made once a year (with a maximum of 50% of the principal outstanding)There should be with a minimum of six months between two consecutive pre-payments.No pre-payments can be made during the lock-in period (first 12 months)The minimum part pre-payment amount must be equal to or higher than 2 months’ EMI

How can I use the pre-payment calculator to plan my loan repayment strategy?

Tata Capital’s pre-payment calculator helps you plan your loan repayment strategy by calculating revised EMIs and tenures under varying conditions quickly and accurately. Here’s how to use it.Use the first slider to specify your loan amountUse the second slider to specify your loan duration in months or yearsUse the third slider to specify the interest rateUse the fourth slider to specify the part payment amountUse the last slider to specify the payment monthsOnce you’ve completed the above steps, the pre-payment calculator will automatically calculate your revised EMIs, revised tenure, total payment and remaining principal. You can keep readjusting the above values to find a repayment plan that works for you.

Does the calculator take into account the interest saved by pre-paying?

No, the calculator cannot take into account the interest saved by pre-paying your loan. However, it can help you calculate the revised EMI and revised tenure. Here’s how you can calculate these.Use the first slider to specify your loan amountUse the second slider to specify your loan duration in months or yearsUse the third slider to specify the interest rateUse the fourth slider to specify the part payment amountUse the last slider to specify the payment monthsYou can also use the ‘+’ or ‘-‘ symbols to increase or decrease the amount. Alternatively, you can even enter the amount manually in a box. Based on these values, Tata Capital’s pre-payment calculator can calculate your revised EMI, revised tenure, total payment and remaining principal.

Can I calculate the potential savings by making multiple pre-payments?

Yes, you can calculate your potential savings by making multiple pre-payments through Tata Capital’s pre-payment calculator. While the calculator won’t calculate your potential savings explicitly it can help you calculate your revised EMIs and tenure.And you can compare these results with the amount you would pay if you don’t make multiple pre-payments. Here’s how to use it.Use the first slider to specify your loan amountUse the second slider to specify your loan duration in months or yearsUse the third slider to specify the interest rateUse the fourth slider to specify the part payment amountUse the last slider to specify the payment monthsYou can also use the ‘+’ or ‘-‘ symbols to increase or decrease the amount. Alternatively, you can even enter the amount manually in a box. Based on these values, Tata Capital’s pre-payment calculator can calculate your revised EMI, revised tenure, total payment and remaining principal.

Is the pre-payment calculator applicable for both fixed and floating interest rate loans?

You can use Tata Capital’s pre-payment calculator only for fixed interest rates and not floating interest rates. Here’s how to use it.Use the first slider to specify your loan amountUse the second slider to specify your loan duration in months or yearsUse the third slider to specify the interest rateUse the fourth slider to specify the part payment amountUse the last slider to specify the payment monthsYou can also use the ‘+’ or ‘-‘ symbols to increase or decrease the amount. Alternatively, you can even enter the amount manually in a box. Based on these values, Tata Capital’s pre-payment calculator can calculate your revised EMI, revised tenure, total payment and remaining principal.

Personal Loan Prepayment Calculator by Tata Capital

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Personal Loan
Prepayment Calculator

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Overview Required Documents Application Process Rates & Charges

Calculators

EMI Options

Loan amount

₹

Loan duration

Rate of interest

Part payment amount

₹

Payment months

(Fixed Tenure)

(Fixed EMI)

Principal + Interest

Remaining Principal

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Disclaimer: The aforementioned values, calculations and results are for illustrative and informational purposes only and may vary basis various parameters laid down by Tata Capital.

What is a Personal Loan Pre-Payment Calculator

Do you have an unexpected cash inflow and don't have plans to use it? Why not pay off your personal loan? Tata Capital allows you to prepay your personal loans even before the loan tenure ends. You can prepay your personal loan in part or full depending on your preference.

How to use a Personal Loan Pre-Payment Calculator

You can use the personal loan pre-payment calculator by following the steps mentioned below–

Use the ‘Loan Amount’ slider to set the personal loan amount.

Use the ‘Tenure’ slider to choose the loan tenure, either in months or years

The next step is to use the ‘Rate of Interest’ slider to set the desired interest rate in the pre-payment calculator personal loan.

Using the next slider, choose the ‘Part Prepayment Amount.’

The next and final slider of the personal loan calculator will help you select the payment tenure, in months or years. The pre-payment calculator will automatically display the EMI and the Revised Tenure

Note: You can either use the ‘+’ or ‘-‘ symbols to increase or decrease the amount. Alternatively, you can even enter the amount manually in a box

What are the Benefits of Pre-Paying your Loan amount?

Pre-payment of personal loan, both full and in part comes with several benefits, as mentioned below-

Become Debt-Free Faster: For a nominal pre-payment fee, repaying your personal loan before its due date whether in part or in full, allows you to become debt-free faster

Good Credit Score: Full Pre-payment of a personal loan will improve your credit rating in the long run. A part-prepayment will also boost your credit rating as the early repayment will allow you to pay off the outstanding principal amount in a timely manner, which will in turn show up on your credit history positively

Save on Interest Out-Go: Partial or full pre-payment allows you to save on interest.

What are the Pre-Closure charges in a Personal Loan?

A part prepayment of personal loan amount of upto 25% of the principle outstanding is permitted. You will be levied pre-closure charges as 2.5% + GST (on the amount over and above 25% of Principal outstanding).Note– You can apply for part pre-payment of your personal loan only once a year. To know more about the personal loan pre-closure charges, visit our personal loan charges and fees page

Popular FAQs

Yes, you can save money by making pre-payments on your personal loan. This is because when you prepay your loan, the overall EMI reduces. And this means you now have to pay a lower interest on your outstanding amount. Apart from this, pre-paying your personal loan has other benefits, such as,

Become Debt-free Faster

Repaying your personal loan before its due date, whether in part or in full, allows you to become debt-free faster. However, a nominal pre-payment fee will be charged.

Improve Your Credit Score

Both full and partial prepayment of a personal loan helps improve your credit score in the long run. This is because it will allow you to pay off the outstanding principal amount on time, which will reflect well on your credit history.

Pre-payment of a personal loan, both in full and in part, has various advantages, as listed below.

#1 Become Debt-Free Faster: Repaying your personal loan before its due date, whether in part or in full, allows you to become debt-free faster. However, a nominal pre-payment fee will be charged.

#2 Good credit score: Both full and partial prepayment of a personal loan help improve your credit score in the long run. This is because it will allow you to pay off the outstanding principal amount on time, which will reflect well on your credit history.

#3 Reduced interest payment: You can save money on interest by making a partial or complete pre-payment. This is because when you prepay your loan partially, the overall EMI reduces. And this means you now have to pay a lower interest on your outstanding amount.

A pre-payment calculator accurately calculates your revised EMI, revised tenure, total payment and remaining principal on the basis of the values you enter. However, it cannot estimate your savings. This is because to calculate your savings, you need to take into account other factors, such as the pre-payment charges.

To estimate your savings, you can compare the results of the calculator with the amount you would pay if you don’t pre-pay the personal loan.

Charges for pre-paying your personal loan are only levied if you pre-pay more than 25% of the principal outstanding. In this case, a pre-closure charge of 2.5%+ GST (on the amount over and above 25% of the Principal outstanding) will be charged. Other than this, keep the following in mind while planning the pre-payment of your personal loan.

Pre-payments of personal loans can only be made once a year (with a maximum of 50% of the principal outstanding)
There should be with a minimum of six months between two consecutive pre-payments.
No pre-payments can be made during the lock-in period (first 12 months)
The minimum part pre-payment amount must be equal to or higher than 2 months’ EMI

No, you cannot adjust the frequency of pre-payments in the calculator. You can only adjust the following.

Loan amount
Loan duration
Rate of interest
Part payment amount
Payment months

Based on the above values, Tata Capital’s pre-payment calculator will display the revised EMI, revised tenure, total payments and remaining principal.

However, it’s important to note that you can make a pre-payment only once a year with a gap of a minimum of six months between two consecutive payments.

Tata Capital’s pre-payment calculator helps you plan your loan repayment strategy by calculating revised EMIs and tenures under varying conditions quickly and accurately. Here’s how to use it.

Use the first slider to specify your loan amount
Use the second slider to specify your loan duration in months or years
Use the third slider to specify the interest rate
Use the fourth slider to specify the part payment amount
Use the last slider to specify the payment months

Once you’ve completed the above steps, the pre-payment calculator will automatically calculate your revised EMIs, revised tenure, total payment and remaining principal. You can keep readjusting the above values to find a repayment plan that works for you.

No, the calculator cannot take into account the interest saved by pre-paying your loan. However, it can help you calculate the revised EMI and revised tenure. Here’s how you can calculate these.

Use the first slider to specify your loan amount
Use the second slider to specify your loan duration in months or years
Use the third slider to specify the interest rate
Use the fourth slider to specify the part payment amount
Use the last slider to specify the payment months

You can also use the ‘+’ or ‘-‘ symbols to increase or decrease the amount. Alternatively, you can even enter the amount manually in a box. Based on these values, Tata Capital’s pre-payment calculator can calculate your revised EMI, revised tenure, total payment and remaining principal.

Yes, Tata Capital’s pre-payment calculator can be used for the calculation of all types of personal loans such as

#1 Personal Loan for Education

#2 Personal Loan for Travel

#3 Personal Loan for Medical

#4 Personal Loan for Marriage

#5 Personal Loan for Home Renovation

All you need to do is enter the loan amount, loan duration, rate of interest, part or pre-payment amount and payment months to know your revised EMI and revised loan repayment tenure.

Yes, you can calculate your potential savings by making multiple pre-payments through Tata Capital’s pre-payment calculator. While the calculator won’t calculate your potential savings explicitly it can help you calculate your revised EMIs and tenure.

And you can compare these results with the amount you would pay if you don’t make multiple pre-payments. Here’s how to use it.

Use the first slider to specify your loan amount
Use the second slider to specify your loan duration in months or years
Use the third slider to specify the interest rate
Use the fourth slider to specify the part payment amount
Use the last slider to specify the payment months

You can use Tata Capital’s pre-payment calculator only for fixed interest rates and not floating interest rates. Here’s how to use it.

Use the first slider to specify your loan amount
Use the second slider to specify your loan duration in months or years
Use the third slider to specify the interest rate
Use the fourth slider to specify the part payment amount
Use the last slider to specify the payment months

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What our customers say about us

The whole process for application to disbursement was good.

YUSUF RASUL

Personal Loan | 15 June, 2023

Good services from Tata capital and I am also a big fan of Tata Group because they always concentrate on delivering the best quality services to people. Heartfelt thank you.

Adarsha Geekalli Mahadevanayaka

Personal Loan | 13 June, 2023

Tata Capital has helped me in my severe crisis. Service was excellent and very smooth. Thanks for your tremendous support. Tata Capital's executive are their best resource.

GRACE ESTHER RANI SINGHA

Personal Loan | 13 June, 2023

I am also new customer and as of now the app providing us all the details what we required very easily. Very useful app. Thank you

P RAMESH BABU

Personal Loan | 13 June, 2023

It was my first experience with Tata Capital & it was my best ever experience as compared to another financer. Thank you Tata Capital team providing the best possible service. I loved it.

SANDEEP KUMAR

Personal Loan | 12 June, 2023

Service is good I will give 5 star rating to Tata Capital. I have taken 5 loans from Tata Capital out of which 2 loans are closed and 3 are running. Very happy to take loan from Tata Capital.

ASKULA SRIDHAR

Personal Loan | 08 June, 2023

Very fast loan process. They understood my current situation and helped me at the time.

KALYANASUNDARAM C

Personal Loan | 05 June, 2023

Tata Capital has provided best services across product. This company will be going so far.

CHHATLAL PRAJAPATI

Personal Loan | 04 June, 2023

Tata Capital's staff maintained good relationship with me. Very good in giving information and suggestions. Documentation through online channel is good. My entire loan process was done simply through phone itself, no need of going outside even single step.

PARA NAIDU MAMIDI

Personal Loan | 03 June, 2023

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What is a Personal Loan Pre-Payment Calculator

How to use a Personal Loan Pre-Payment Calculator

What are the Benefits of Pre-Paying your Loan amount?

What are the Pre-Closure charges in a Personal Loan?

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What our customers say about us

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Adarsha Geekalli Mahadevanayaka

GRACE ESTHER RANI SINGHA

P RAMESH BABU

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