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Persoanl Loan Pre-Payment Calculator

Tools and Calculators

  • Pre-payment Calculator
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What is a Personal Loan Pre-Payment?

Pre-payment of personal loan is an option offered by Tata Capital wherein customers can repay their personal loans prior to completion of the loan’s tenure. We offer partial and total pre-payment of personal loans.

How to Use a Personal Loan Pre-Payment Calculator?

You can use the personal loan pre-payment calculator by following the steps mentioned below –

  • Step 1 – Use the ‘Loan Amount’ slider to set the principal loan amount.

  • Step 2 – Use the ‘Tenure’ slider to choose the loan tenure, either in months or ye

  • Step 3 – The next step is to use the ‘Rate of Interest’ slider to set the desired interest rate of your personal loan.

  • Step 4 – Using the next slider, choose the ‘Part Payment Amount.’

  • Step 5 – The next and final slider of the personal loan calculator will help you select the payment months, in months or years. The personal loan pre-closure calculator will automatically display the EMI and the Revised Tenure

Note - You can either use the ‘+’ or ‘-‘ symbols to increase or decrease the amount. Alternatively, you can even enter the amount manually in a box 

What are the Benefits of Pre-Paying Your Loan Amount?

Pre-payment of personal loan, both full and in part comes with several benefits, as mentioned below -

  •  
  • Become Debt-Free Faster – For a nominal pre-payment fee, repaying your personal loan before its due date whether in part or in full, allows you to become debt-free faster

  • Good Credit Score – Full Pre-payment of a personal loan will improve your credit rating in the long run. A part-prepayment will also boost your credit rating as the early repayment will allow you to pay off the outstanding principal amount in a timely manner, which will in turn show up on your credit history positively

  • Save on Interest Out-Go – Partial or full pre-payment of personal loan allows you to save on interest.