How long do I need to wait before I can foreclose my personal loan with Tata Capital?

You can foreclose your Tata Capital personal loan after 6 months from the date of loan disbursement.

What are the foreclosure charges for Tata Capital personal loans?

Tata Capital charges a foreclosure fee of 4.5% of the principal outstanding at the time of foreclosure, plus applicable GST.

Is there a fee for a loan closure certificate from Tata Capital?

Yes, if you request the loan closure report in person at a Tata Capital branch, there is a charge of Rs. 199 plus GST.

Can I foreclose my Tata Capital personal loan early without any penalty?

Tata Capital charges a penalty if the loan is foreclosed within the lock-in period. The penalty is 2% surcharge on the outstanding amount during this period.

What is the process to foreclose a personal loan with Tata Capital?

You need to prepare the required documents, visit the nearest Tata Capital branch, submit the preclosure application, make the payment including foreclosure charges, sign the necessary documents, and then receive your loan closure document.

Can I prepay my Tata Capital loan partially?

Yes, Tata Capital allows partial prepayments, but they may charge a fee if done within the lock-in period.

Are there any charges for foreclosing a top-up loan with Tata Capital?

Yes, Tata Capital charges 2.50% on the future principal remainder of the existing loan for top-up loan foreclosures, plus applicable GST.

What documents do I need to carry to foreclose my Tata Capital personal loan?

You will need your loan account number, a photo ID, PAN card, loan agreement, payment receipt (if applicable), and the preclosure request letter.

How can I ensure that my Tata Capital loan is closed properly?

After foreclosure, ensure that Tata Capital updates your loan closure with CIBIL, and check your credit report to confirm the closure.

What should I do if I haven't received my No Objection Certificate (NOC) from Tata Capital?

If you have not received your NOC, you should immediately contact Tata Capital to request the NOC or duplicate copy for your records.

Tata Capital Personal Loan Preclosure

Table of Contents

Tata Capital Personal Loan Foreclosure Charges
How to Prepare for Personal Loan Pre-closure
How to Foreclose Personal Loan from Tata Capital
Things to Ensure After Tata Capital Personal Loan Preclosure

Tata Capital allows customers to foreclose their personal loans 6 months after it has been disbursed. To foreclose the loan, you will need to pay a fee that is 4.5% of the principal outstanding plus the applicable GST. Tata Capital also allows preclosure on top-up loans and Cash Credit Overdrafts (CCODs).

FREE Credit Score - Check Now

Tata Capital Personal Loan Foreclosure Charges

Description	Term Loan Facility	Personal Loan Hybrid Term Loan
Lock-in Period	12 months from the date of first disbursement	12 months from the date of first disbursement
Foreclosure Charges	4.5% of the principal outstanding at the time of foreclosure	4.5% of the dropped-down amount
Charges after Part Prepayment	4.5% on the principal outstanding plus part prepayment amount if foreclosure is within 12 months	4.5% on the dropped-down amount plus part prepayment if foreclosure is within 12 months
Additional Charges during Lock-in Period	2% surcharge on the principal outstanding if prepayment or foreclosure occurs during the lock-in period	2% surcharge on the dropped-down amount if prepayment or foreclosure occurs during the lock-in period
Foreclosure Report (Soft Copy)	Nil	Nil
Foreclosure Report (Branch Walk-In)	Rs.199 plus GST	Rs.199 plus GST

Foreclosure Charges	4.5% of remaining principal at the time of foreclosure plus applicable GST
Foreclosure Charges for Top-Up	2.50% on the future principal remainder on the existing loan plus applicable GST
Foreclosure Charges in CCOD cases	4.5% on dropped down limit amount plus applicable GST

How to Prepare for Personal Loan Pre-closure

To successfully close your personal loan, ensure you have the following documents ready:

Loan Account Number: This identifies your loan account for the bank’s reference.

Pre-closure Request: A formal letter stating your intention to pre-close the loan.

Photo ID: A valid government-issued identification for verification purposes.

PAN Card: Required for all financial transactions.

Loan Documents: Include your loan agreement and recent EMI statements, providing a record of your loan.

Payment Details: Specify how you plan to make the payment, such as via cheque or demand draft.

NOC from Lender: A No Objection Certificate confirming all dues are cleared after pre-closure.

How to Foreclose Personal Loan from Tata Capital

Follow the instructions given below to foreclose Tata Capital Personal loan:

Step 1: Prepare Documents: Gather the required documents, including your loan account number, ID proof, PAN card, and any loan-related documents.

Step 2: Visit the Nearest Branch: Go to the nearest Tata Capital branch with the prepared documents.

Step 3: Submit Application: Write a formal application requesting loan preclosure or fill out the preclosure form provided by the bank.

Step 4: Make Payment: If the outstanding amount hasn’t been paid yet, settle it via cheque or net banking, including any foreclosure charges.

Step 5: Submit Payment Receipt: If you’ve already paid the outstanding amount, submit a copy of the payment receipt.

Step 6: Sign Documents: Sign any necessary documents as required by the bank.

Step 7: Loan Closure: Once the loan is fully paid off and the foreclosure process is completed, Tata Capital will close your loan account.

Step 8: Receive Loan Closure Document: Tata Capital will send you the loan closure documents for your records.

Things to Ensure After Tata Capital Personal Loan Preclosure

Here is a list of what to do after closing your personal loan:

Verify Updates: Ensure your lender updates your loan closure with CIBIL.

Check Credit Report: Confirm that your CIBIL score reflects the loan closure.

Request Documentation: Ask for a loan closure certificate from your lender.

Monitor Financial Health: Keep track of your financial goals post-closure.

Maintain Records: Retain all relevant loan closure documents for future reference.

FREE Credit Score - Check Now

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score

FAQs on Tata Capital Personal Loan Preclosure

How long do I need to wait before I can foreclose my personal loan with Tata Capital?
You can foreclose your Tata Capital personal loan after 6 months from the date of loan disbursement.
What are the foreclosure charges for Tata Capital personal loans?
Tata Capital charges a foreclosure fee of 4.5% of the principal outstanding at the time of foreclosure, plus applicable GST.
Is there a fee for a loan closure certificate from Tata Capital?
Yes, if you request the loan closure report in person at a Tata Capital branch, there is a charge of Rs. 199 plus GST.
Can I foreclose my Tata Capital personal loan early without any penalty?
Tata Capital charges a penalty if the loan is foreclosed within the lock-in period. The penalty is 2% surcharge on the outstanding amount during this period.
What is the process to foreclose a personal loan with Tata Capital?
You need to prepare the required documents, visit the nearest Tata Capital branch, submit the preclosure application, make the payment including foreclosure charges, sign the necessary documents, and then receive your loan closure document.
Can I prepay my Tata Capital loan partially?
Yes, Tata Capital allows partial prepayments, but they may charge a fee if done within the lock-in period.
Are there any charges for foreclosing a top-up loan with Tata Capital?
Yes, Tata Capital charges 2.50% on the future principal remainder of the existing loan for top-up loan foreclosures, plus applicable GST.
What documents do I need to carry to foreclose my Tata Capital personal loan?
You will need your loan account number, a photo ID, PAN card, loan agreement, payment receipt (if applicable), and the preclosure request letter.
How can I ensure that my Tata Capital loan is closed properly?
After foreclosure, ensure that Tata Capital updates your loan closure with CIBIL, and check your credit report to confirm the closure.
What should I do if I haven't received my No Objection Certificate (NOC) from Tata Capital?
If you have not received your NOC, you should immediately contact Tata Capital to request the NOC or duplicate copy for your records.

Important Personal Loan Pages

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.