| Address: Lucknow, Uttar Pradesh, 226022 |
| Website: www.tatacapital.com |
I took PL in 2016, when i am planning to preclose it, 4.5 % of processing is charge which was not mentioned in the Loan doc which was shared to me .
It was said that there was not be any part closure charges however now i am not allowed to make a part payment of loan.
Policy which is written on TATA capital site is as below .
Part Prepayment Charges:
Part payment permissible only after 6 month of seasoning
A maximum of 25% of the principle outstanding (without any charges) is permissible within 6 months. A fee of 2% (of the amount paid) + GST is applicable beyond that period.
Maximum part payment permissible (with charges ) will be 50% of the principle outstanding.
The policy mentioned to me in mail by tata capital rep. is as below .
with that you can not do part payment without paying them huge amount in form of charges .
? Part payment cannot be done within 6 months of the loan start date.
? Only 1 part payment allowed in an annual cycle of the contract. (An annual cycle starts from the
disbursal date. So if loan is disbursed on 24th Dec’15, the annual cycle will end on 23rd Dec each
year.)
? Difference between two part payments has to be minimum 6 months (180 days).
? Part payment is allowed only in the multiple of the monthly EMI amount. (e.g.:- if EMI is
Rs.10000, customer can pay in multiple of 10000.)
? Minimum part payment to be made is two EMI’s.
? Max limit of part payment is up to 25% (of the principle outstanding) without any charges.
? More than 25% of part payment will attract Fee of 2% (of additional amount paid) + GST.
? Max Upper limit of part payment is 50% of the Principle Outstanding.
? Impact of Part Payment will be on tenure, EMI will remain the same.
? Minimum 6 EMI to be paid after part payment. For full foreclosure.
? Part payment can be done at Branch only, No online payment option is available.
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