A personal loan is your best bet when you face financial problems at any point in life. With a wide range of lending players in the market, getting a personal loan has become very simple and fast. However, each lender has its own guidelines and rates. You are required to conduct an extensive research to finalize the lender that has the best offer for you.
Tata Capital personal loan
Tata Capital is one of the most reputed NBFCs in India, registered with the RBI (Reserve Bank of India). It operates across the country and offers a host of financial services, such as retail loans, investment banking, investment advisory, and wealth products distribution. Tata Capital personal loan is one of the best personal loans in the market due to couple of reasons.
Key features and benefits of Tata Capital personal loan
Tata Capital personal loans come with a number of benefits. Some of key benefits are described below.
Multipurpose personal loan
There is no restriction on end use of Tata Capital personal loans. You can use a Tata Capital personal loan for a variety of reasons be it wedding, higher education, foreign vacation, medical emergency, home renovation or any other purpose.
Minimal paperwork
The documentation process for a Tata Capital personal loan is minimal. You just need to apply for a loan and rest activities will be done online without visiting a branch. Tata Capital makes sure that its customers have a hassle free experience.
Unsecured personal loan
Tata Capital personal loans are collateral free; you don’t need to provide any collateral or security to get a personal loan from Tata Capital. They use your income, cash flow, business or employment to determine your repayment capacity.
Instant disbursal
After receiving minimal and handy documents, you get an easy approval through Tata Capital’s secure platform.
No part pre-payment charges
After 6 months of availing a personal loan, part pre-payment is available with Tata Capital. If you pre-pay your loan up to 25% of the loan amount, you will not be charged additional fee.
Overdraft facility
Tata Capital personal loans have overdraft facility. You are allowed to withdraw as much amount as you need up to a negotiated limit.
Attractive interest rates
Tata Capital offers one of the best interest rates in the market. Rate of interest on Tata Capital personal loan starts from as low as 11.25% per annum. If you have a good credit score, you can get the best possible interest rate.
Flexible and user-friendly repayment
You can avail a Tata Capital personal loan for a flexible period ranging from 12 to 72 months. It also offers EMI options as per your budget and time that is comfortable for you.
- Standard EMI plan: If you choose Standard EMI Plan, your EMI will remain same throughout the loan period.
- Step Up Flexi EMI plan: Under this plan, you can pay lower EMI at the beginning and higher EMI as your salary increases. This plan will suit you, if your income increases at regular intervals.
Personal loan balance transfer facility
Tata Capital allows personal loan balance transfer. You can transfer your outstanding loan amount from existing lender to Tata Capita and enjoy added benefits.
Tata Capital personal loan eligibility
Any Indian citizen or national who meets the following criteria can apply for a personal loan from Tata Capital.
- Age limit: You should be 22 to 58 years old to apply for Tata Capital personal loan
- Income criteria: Your minimum monthly income should be Rs. 15,000
- Employment status: You should have at least one year work experience and working with same employer for past six months.
Documents required for Tata Capital personal loan
- Identity proof: A copy of any of – voter ID / passport / Aadhaar card / driving license
- Address proof: A copy of any of – electricity bill / telephone bill / ration card
- Salary slips: Copy of salary slips for the last three months
- Employment certificate: Certificate of continuity of employment
- Income proof: A copy of your bank statement for the past 6 months
Tata Capital personal loan interest rate and other charges
Tata Capital personal loan interest rate is one of the best interest rates in the market. Here is the list of interest rate and other charges by Tata Capital.
| General interest rate | Starting from 11.25% |
| Processing fee | Up to 2.5% of the loan amount + GST |
| Penal interest | 3% on overdue amount + GST |
| Post-dated cheques charges | Rs. 850 + GST |
| Cheque dishonor | Rs. 600 for every cheque + GST |
| Cancellation charge | 2% of loan amount + GST |
| Pre-closure charges | No prepayment allowed till first 6 months , 4.5% of the principal outstanding at the time of prepayment + GST |
| Foreclosure charges in CCOD cases | No foreclosure allowed till the first 6 months , 4.5% of the dropped down limit + GST |
| Outstation collection charge | Rs. 100 + GST |
| Duplicate NOC | Rs. 550 + GST |
Quantum of loan
Tata Capital offers a personal loan starting from Rs. 75,000 to Rs. 25,00,000 depending on your eligibility.
Loan repayment
Tata Capital offers a personal loan for a flexible period ranging from 1 to 6 years. You can choose the repayment tenure as per your budget and time. You can use Tata Capital EMI calculator to know how much amount you will need to pay per month for a selected tenure.
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