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Tata Capital Personal Loan Closure

Tata Capital Foreclosure Charges

Last Updated 11th Nov 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 After 6 Months at Nil prepayment charges
Foreclosure Fee Allowed After 6 Months at Rs. 1,000 to Rs. 5,000
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Tata Capital Personal Loan Pre-Closure

You can avail foreclosure of Tata Capital personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you 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 preclosure 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 Tata Capital foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Tata Capital Personal Loan Part-Payment

Apart from foreclosing 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

Fees and Charges of Tata Capital Personal Loan Closure

Fees and charges associated with preclosure of Tata Capital Personal Loan are listed as follows:

  • Part payment is Allowed at Nil prepayment charges after 6 Months
  • Foreclosure is Allowed at Rs. 1,000 to Rs. 5,000 after 6 Months

Tata Capital Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing 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 you have 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, you can opt for Tata Capital foreclosure or part payment of the loan.

Required Documents for Tata Capital Personal Loan Closure

The documents required for Personal loan foreclosure from Tata Capital 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 and payment receipts from Tata Capital.

Check Prepayment Charges of Other Banks

FAQs

What is the Tata Capital pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. 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 Tata Capital personal loan affect CIBIL?

Foreclosure of Tata Capital personal loan 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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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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