Do personal loans have prepayment penalties?

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 4.5% + 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 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.

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 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.

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 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.

Personal Loan Prepayment Calculator: Calculate Part Payment

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What is a Prepayment Calculator for Personal Loan?

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.

Personal Loan Prepayment Calculator

Tata Capital's personal loan prepayment calculator helps you see how much you can save by paying off your loan early. Just enter your loan amount, interest rate, and the amount you want to prepay. The personal loan prepayment calculator will instantly show how your EMI, total interest, and loan tenure change. It's a simple way to plan smarter, reduce interest costs, and close your loan sooner without guesswork.

Disbursement Date

Disbursed Loan

₹

₹75,000 ₹35,00,000

Part Prepayment Date

Current Part Payment

₹

₹75,000 ₹35,00,000

Sum of Past Prepayments

₹

₹75,000 ₹35,00,000

(No Charges applicable)

Within 25% of Disbursed Loan Amount

Final Part Payment Charges

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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.

How to use a Personal Loan Pre-Payment Calculator

You can use the part payment personal loan 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 part-payment calculator personal loan.

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

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 Personal Loan?

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 4.5% (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

Tips for Maximising Savings on Prepayment Calculations

Start Early: Try to make prepayments in the first few months of your loan. Most interest is charged at the beginning, so even a small early payment can save a lot.
Check the Lender's Rules: Some lenders have a waiting period or charge a fee for prepayment. Always check the terms so you don't lose money on penalties.
Pay Extra Whenever Possible: Small, frequent part-payments can reduce your principal loan amount and lower future EMIs.
Compare Lenders: Prepayment policies differ from lender to lender. Choose one that offers flexible or low-cost prepayment options.
Use Bonuses Wisely: Put part of your bonus or refund toward your loan to reduce debt faster.

Factors Affecting Personal Loan Prepayment

1. Taxation: Personal loan prepayment can reduce or remove any tax benefits you were earlier claiming. If you pay off the full loan, you lose tax deductions completely. With part-prepayment, these benefits reduce.

2. Interest Rate: Since personal loans usually have higher interest rates, paying off the principal early can help you save a good amount. A personal loan part payment calculator can show how much interest you can cut down.

3. Timing: Prepaying in the early months of your loan saves more because that's when interest is highest. Prepaying later gives fewer benefits.

4. Extra Charges: Lenders may add a prepayment fee (often around 2%) to cover their lost interest.

Partial vs. Full Prepayment of Personal loan

When you want to reduce your personal loan burden, you can choose either partial or full prepayment. Both options help you save interest, but they work in different ways.

Feature	Partial Prepayment	Full Prepayment
Meaning	Pay only part of the remaining principal	Pay the full outstanding loan at once
Benefit	Lowers interest and may reduce EMIs/tenure	Ends the loan early and saves the most interest
Charges	Small fees may apply	Usually 2–5% of the balance
Flexibility	Can be done many times (as per lender rules)	One-time closing
Best For	People with extra money sometimes	People who have enough savings to close the loan

Personal Loan Pre-Payment Calculator 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 personal loan EMI calculator with prepayment 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 prepayment charges.

To estimate your savings, you can compare the results of the personal loan EMI calculator with prepayment with the amount you would pay if you don't prepay 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 4.5% + 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

A Part Payment Calculator helps you determine the impact of making a partial prepayment on your loan. It shows how the prepayment reduces the outstanding loan amount, EMIs, or tenure.

The Part Payment Calculator requires details like outstanding loan amount, interest rate, EMI, and prepayment amount. Based on this, it calculates how the prepayment affects EMIs or loan tenure, showing potential interest savings.

Yes, prepaying a loan can positively impact your CIBIL score. It reduces your outstanding debt and improves your credit utilisation ratio, which lenders consider when evaluating creditworthiness.

Yes, some factors include prepayment charges, lender policies, and the stage of loan repayment. Some banks charge fees for prepayment, which may reduce the expected savings. Also, prepayments made early in the tenure yield more benefits than those made later.

Yes, multiple part payments are allowed based on lender policies. Making frequent prepayments reduces the outstanding principal, which lowers interest costs and shortens the loan tenure.

Yes, you can. A prepayment calculator lets you add multiple part payments to see how each one reduces your loan amount, interest, and overall tenure. You can enter different amounts and dates to understand how regular extra payments help you close the loan faster.

Interest saved is calculated by checking how much interest you would have paid without prepayment and comparing it with the new total after making extra payments. When you reduce the principal early, the remaining interest reduces sharply. The calculator shows this difference as your total savings.

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