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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.
You can use the personal loan pre-payment calculator by following the steps mentioned below–
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
Pre-payment of personal loan, both full and in part comes with several benefits, as mentioned below-
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
Yes, partial or complete loan pre-payment comes with personal loan foreclosure charges. Such charges are charged on both standard and flexible funding options (Cash Credit or Overdraft). Even pre-payment of top-ups involves loan pre-closure charges.
Tata Capital levies pre-closure charges on our personal loans as follows –
Standard Part Loan Pre-Closure Charges – 2.5% + GST (on amount over and above 25% of Principal outstanding)
Loan Pre-Closure Charges for Top-Up- 2.5% on the Future Principal outstanding on existing loan + GST (charged only if the new interest rate is lower than the old one)
Loan Pre-Closure Charges in CCOD Cases – 4.5% on the Dropped down limit amount + GST
Whether or not you should pre-pay your personal loan can be determined by considering the following factors –
Loan Pre-Closure Charges : Before you decide on pre-paying your personal loan, it is important to compare the loan pre-closure charges with the amount you will be saving in terms of interest due to pre-payment. If the charges are more than your savings, it is better to opt out of pre-payment as you will not receive any personal loan preclosure benefits.
Actual Savings : A lot of borrowers, especially those in later stages of their loan repayment feel that since they have paid a substantial number of EMIs, the interest component must be quite less and hence prepayment of personal loan won’t be of much use. But, the truth is that since interest is calculated using the reducing balance method, it will remain the same for the unpaid principal amount. Hence, it is important to consider the personal loan interest rate and not the loan tenure while deciding about prepayment of personal loan.
To use Tata Capital’s personal loan pre-payment calculator, follow the following simple steps –
Step 1 : Using the first slider, set the Loan Amount. You can even use the ‘+’ and ‘-‘ symbols to increase or decrease the numbers or you can simply enter the amount in the box given
Step 2 : Using the second slider, select the Loan Tenor in months or years. You can even use the ‘+’ and ‘-‘ symbols to increase or decrease the numbers or you can simply enter the amount in the box given
Step 3 : Adjust the third slider to your personal loan Rate of Interest. You can even use the ‘+’ and ‘-‘ symbols to increase or decrease the numbers or you can simply enter the amount in the box given
Step 4 : Now, use the fourth slider and choose the Part-Payment Amount. You can even use the ‘+’ and ‘-‘ symbols to increase or decrease the numbers or you can simply enter the amount in the box given
Step 5 : Finally, using the fifth slider in the prepayment personal loan calculator, select the Payment Months (in months or years) for your part-payment. You can even use the ‘+’ and ‘-‘ symbols to increase or decrease the numbers or you can simply enter the amount in the box given
Once you have entered all the relevant details, the personal loan pre-payment calculator will automatically and almost instantaneously reveal to you the Revised EMI amount and the Revised Tenure of your personal loan including the loan pre-closure charges.
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