Please be clear on Terms and conditions which you might not been made aware at the time of loan applications.
- They say part payment is possible
-but no online need to walk down to office .
-Only one payment allowed in year( date is from loan release date)
- payment cannt exceed 25% and if exceed some% topup.
-Part payment cant exceed 50% of out standing .
etc .
Adding the original email that I got from TATA CAPTIAL .
Greetings from Tata Capital!
We thank you for choosing us as your esteemed financial partner.
We write with reference to your email towards your loan account number TCFPLxxxxxxxx
We would like to inform you the Part Payment process:-
Following is the process for making a Part Payment in Personal Loan.
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.
We would like to inform you that if you cannot visit the Branch then you can send some other person on behalf of you along with the acknowledgement letter. We look forward to your response. Thank You,
TATA Capital Financial Services Limited
Customer Care Team