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Tata Capital Personal Loan Closure

Tata Capital Foreclosure Charges

Last Updated 19th Jun 2021

  • Tata Capital Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Tata Capital Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Tata Capital branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed Allowed at Nil prepayment charges
Foreclosure fee Allowed Allowed at Rs. 1,000 to Rs. 5,000
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Tata Capital Personal Loan Pre-Closure

Foreclosure of Tata Capital personal loan refers to a situation where the borrower pays back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, the borrower will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Tata Capital allows part payment of personal loan after 6 Months at Rs. 1,000 to Rs. 5,000

Steps of Tata Capital personal loan pre closure are as follow:

  • Visit the Tata Capital branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Tata Capital.
  • Pay the outstanding loan amount as well as the foreclosure charges of the bank.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that the borrower has paid the loan amount and there are no further outstanding dues left.

Tata Capital Personal Loan Part-Payment

Apart from foreclosing of Tata Capital Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Tata Capital allows part payment after 6 Months at Nil prepayment charges

Fee and Charges of Tata Capital Personal Loan Closure

Fees and charges associated with personal loan closure for Tata Capital Personal Loan are listed in the table below:

Part Payment Fee Allowed Allowed at Nil prepayment charges
Foreclosure fee Allowed Allowed at Rs. 1,000 to Rs. 5,000

Tata Capital Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. Tata Capital Personal loan Pre-closure is the situation where the borrower repays the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for the Pre-closure of Tata Capital Personal loan are as follow:

  • Pay the last instalment of the Tata Capital loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Tata Capital branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that the borrower has paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Tata Capital Personal loan part payment. To reduce the interest burden, borrowers opt for foreclosure or part payment of the loan.

Required Documents for Tata Capital Personal Loan Closure

The documents required for Personal loan closure are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates, payment receipts from Tata Capital.

FAQs

What is the pre-closure fee for personal loan?

Pre-closure fee or foreclosure charges is a penalty levied on a borrower when he prepays the personal loan before the end of the tenure. Pre-closure helps the borrower in reducing the interest burden. Tata Capital allows part payment of personal loan after 6 Months at Nil prepayment charges.

Can we close personal loans online for Tata Capital?

No, you cannot close the personal loans online for Tata Capital. Individuals are required to visit the Tata Capital Branch to close the personal loan.Below are the steps to close the Tata Capital personal loan:

  • Visit the nearest Tata Capital branch.
  • Carry necessary documents like identity proof, address proof,and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Tata Capital will give the acknowledgement letter and NOC.

Does foreclosure of loan affect CIBIL?

Foreclosure may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.


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