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  • Tata Capital Personal Loan Preclosure

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  • 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).

    Tata Capital Personal Loan Foreclosure Charges

    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

    Requirements for Tata Capital Personal Loan Preclosure

    • Pay the outstanding amount on the Tata Capital personal loan.
    • Make a note of your personal loan account number.
    • Produce the receipt of the payment you made for preclosing the loan.
    • Ensure that you have all the loan-related documents such as loan approval letter, loan account statement, etc., in place.
    • Carry a photo ID - Passport, driving license, Aadhar card, etc., when you visit the Tata Capital branch to foreclose your loan.

    How to Foreclose Personal Loan from Tata Capital

    • Carry the above-mentioned set of documents and visit the nearest branch of Tata Capital.
    • Once you visit the bank, you may be asked to write an application to the bank requesting for loan preclosure or fill up a preclosure form.
    • If you have not paid the outstanding amount already, you may have to make a payment either by cheque or netbanking. This will include the foreclosure charges as well.
    • In case you have paid the outstanding amount, you will be asked to submit a copy of the payment receipt.
    • Sign the necessary documents if asked to.
    • Once the foreclosure procedure is completed and the loan outstanding is cleared, your loan account will be closed.
    • Tata Capital will dispatch the loan closure document to you.

    Things to Ensure After Tata Capital Personal Loan Preclosure

    • Remember to get the closure letter/No Dues Certificate (NDC)/No Objection Certificate (NOC)/Certificate of Closure from Tata Capital after you complete the loan foreclosure process. You may require these documents later when you wish to avail any loans.
    • Keep the original loan-related documents safely. This may include the insurance letter, contract, letter of guarantor, etc.
    • When the lender gives you the final settlement amount, check for the charges thoroughly so that you do not end up making surplus payments.
    • In case you have not received your NOC/NDC or loan closure certificate, you should get in touch with Tata Capital immediately and request them to issue you a duplicate copy.
    • Some lenders may issue a separate document known as a Statement of Account (SoA) in addition to the loan closure document. Keep the SOA safely because you may need it even years after closing the loan. The SoA is proof that you have repaid your loan in a timely manner.

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