Getting a personal loan is easy, especially with online applications, minimal paperwork and quick approvals. But repaying the loan sometimes becomes a nuisance often because of the hidden charges and stringent policies. Taking that into account, Tata Capital offers flexible and convenient loan repayment options to its customers. Borrowers now get a chance to choose when and how they can repay the Tata Capital personal loan.
Repaying your personal loan:
Tata Capital offers convenient personal loan repayment options to its customers with two options:
➢ Auto Debit or ECS Facility – With this option, a borrower stipulates to issue an irrevocable instruction to their bank with regard to debit the borrower’s bank account with an amount equal to the EMI and transfer the same to TCFSL bank account at defined intervals. The borrower has to submit mandate form in original to authorise Tata Capital to present the EMI to debit from their bank account.
➢ PDC Facility – This option is available only in case of non-implementation of Auto Debit or ECS for any number of reasons. The borrower issues a post-dated cheque, each for the amount equaling an EMI. The number of cheques should coordinate with the loan tenure and presented for banking to debit the amount on prescribed date of each month.
Prepaying your personal loan:
Tata Capital enables its customers to prepay the entire outstanding loan amount but only after 180 days of availing the loan. This is one of the biggest advantages of getting a Tata capital Personal Loan that you don’t have to wait towards the end of loan tenure. Borrowers are offered a part prepayment facility, wherein they can pay off part of the loan after six months of the loan disbursal without having to pay any additional charges.
The maximum limit for part prepayment is 25%, which is permissible within an annual cycle. And for the second part prepayment, there must be a break of more than six months. If you want to prepay more than 25% at a time, you will have to pay 2% closure charges on the additional amount.
