Tata Capital Personal Loan

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About Tata Capital

Being a subsidiary of renowned Tata Sons Limited, Tata Capital Financial Services Limited (TCFSL) is among the major Non-Banking Financial Companies (NBFC) in the country.

Tata is a trusted name in India and focuses on providing diversified financial services in the form of retail, corporate and institutional loans; Tata Cards; Wealth Management; Commercial Finance and Infrastructure Finance. Established in 2007, Tata Capital caters to commercial and retail lending significantly.

With a robust network of 100 branches, Tata Capital is the name to trust. The company boasts of its diversified product line as "socially and financially relevant to customers."Tata capital promises to deliver superior customer experience at all times.

Tata Capital Personal Loan Interest Rate November 2018

Interest rate

11.25% - 17%

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

1% of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,187 Per Lakh

Why Opt for Tata Capital Personal Loan?

All-purpose Loan up to 25 Lakhs

Whether you are a self-employed or salaried individual, you can count on Tata Capital for fast and hassle-free personal loans up to 25 Lakhs for wedding, travel, medical, education, business or any other purpose.

Diversified Loan Structures and Flexi EMI Schemes

The personal loans by TCFSL are tailored according to the customer needs. Catering to the diversified needs of Indian customers hailing from different segments and financial backgrounds, Tata Group offers three Flexi EMI payment structures to the borrowers: Step-Up Flexi EMI, Step-Down Flexi EMI, and BulletFlexi EMI.

Herein, borrowers can choose flexible EMI plan according to their career graph. Young borrowers can opt for Step-Up Flexi EMI for personal loans and begin the repayments with nominal monthly installments in the initial period. The burden of repayment will step up later on. Likewise, as the name suggests, Step-Down allows paying larger EMIs initially, while Bullet EMIs let you reimburse periodically by part paying the principal every year.

Thus Tata Capital allows customers to borrow as well as repay according to their ease of repayment.

Easy Eligibility Norms

Besides, you can apply for Tata Capital Personal Loan with a basic salary of 20000 and that too, as early as 21 years of age. Whether you are self-employed or salaried, you can use the easy loans from Tata Capital.

Apply Online/offline

You can apply for unsecured personal loans online as well as offline, and there are no hassles whatsoever.

Customer Awareness

Tata Capital is customer-centric NBFC and promotes product awareness for customers with the help of mediators like MyMoneyMantra. You can fill a form on the website and/or speak to our loan experts for free of cost. They will help you know why Tata Personal loan is the best for your needs. You can also ask questions and seek professional advice for the loan decision.

Tata Capital Personal Loan: Features and Benefits

Let's have a quick rundown on features and benefits of Tata Capital Personal Loans here:

Loan Type: Unsecured Personal Loan; No Guarantor, No Collateral required.

Loan Amount: Up to 25 Lakhs for individuals; Up to 50 Lakhs for businesses.

Loan Tenure: 1 year to 6 years (or 12 months to 72 months).

Who is Eligible?

Anyone who is between 21 to 65 years of age; and has a steady source of income can apply for Tata Capital Personal Loan for urgent cash lapses. Salaried individuals, as well as self-employed professionals/businesspersons, are eligible to apply for personal loans online as well as offline.

Turnaround Period: Most people apply for personal loans for urgent cash requirements. Realizing the innate customer need for quick disbursal of the loan, Tata Capital boasts of quick and assured disbursal within 72 hours of submitting loan documents.

Purpose of Personal Loan: There are practically no limitations on the purpose to apply for personal loans. You can avail personal loan for any purpose, be it a wedding, travel, education, medical, business or other general reasons. You can also use the loan amount for multiple financial needs. You are not bound to disclose the use of personal loan amount to the lender.

Interest Rates: Gone are the days when Banks offered better interest rates on loans as compared to NBFCs. With flexi EMIs and less stringent eligibility criterion, NBFCs have come a long way; and are constantly picking up the market share in the retail credit.

Being a popular brand, Tata Capital offers competitive interest rates on personal loans. You do not need to fret about the rate of interest. The exact APR% and interest rate depend on several factors such as your credit score, credit history, age, and employment. Currently Tata Capital offers interest rates beginning from 11.49% to 19%.

The rate of Interest is calculated on the basis of "reducing balance method."It assures lower EMIs as the interest is charged only on the principal outstanding amount. Depending on your credit profile, your EMIs would be charged on daily reducing method, or monthly reducing method or annual reducing method. You must not forget to check the details before signing the final papers.

Part Pre-payment Charges: To waive off the part prepayment charges, make sure you do not pay more than 25% of the principal outstanding after the completion of six months of the personal loan. You could be charged prepayment fee of 2% (of the amount paid) + GST beyond this limit (if you pay before six months of loan disbursal). Also, the maximum permitted prepayment is 50% of the principal outstanding.

Foreclosure Charges: Foreclosure of Tata Capital Personal Loan entails taxes plus 4.5% of the principal outstanding.

Processing Fee: The processing fee is non-refundable and varies according to the loan agreement. Tata Capital, in general, levies processing fee up to 2% of the loan amount.

Documentation: It is absolutely hassle-free to avail Tata Capital personal loan as the documentation involved is standard.

You only need to submit regular documents for Know-Your-Customer (KYC) compliance, Income Proof, Qualification &employability proof, and business proof.

EMIs: Tata Capital allows borrowers to choose ease of repayment. You can select a repayment structure as:

Step-Up Flexi EMI Personal Loan:
 The cost of EMI increases during the course of a loan. Young borrowers opt for step-up EMI plan to pay lower installments at the beginning of their careers.

Step-Down Flexi EMI Personal Loan: Here the cost of EMI decreases during the course of loan. Those who want to keep their future liabilities low opt for Step-Down EMI plan.

Bullet Flexi EMI Personal Loan: The borrower can pre-pay loan at periodic intervals.

Repayment Method: Most NBFCs prefer auto debit or ECS facility, and so does Tata capital. For special cases, you may be allowed to pay with post-dated cheques.

Personal Loan Top-up: This is one of the striking features. If you have owned Tata Capital Personal Loan, you are preapproved for a small top-up loan after payment of successful 8 to 18 EMIs.

In all, Tata Capital extends hassle-free personal loans according to customer needs. From loan interest to duration, EMI to repayment structure, everything is customized as per the credit profile of the customer.

Tata Capital Personal Loan: Interest Rate, Processing Fee & Other Charges

When you have chosen Tata Capital as your loan partner, you could rest assured for competitive interest rates ranging between 11.49% to 19% per annum. However other factors such as your age, income, nature of work, employment status, salaried or self-employed, credit score, previous loans, and credit history determine the exact rate of interest for the loan offered.

The better is your credit score; the better interest rate is offered to you.  However if you have a low credit score or your credit report reflect any of the red flags such as default in the past, delayed repayments, too many loans, high credit appetite, you would be offered a high rate of interest.

Decent credit history and steady income make you eligible for 12%-14% APR%.

Salaried individuals with fixed monthly income can expect lower interest rates as compared to self-employed businesspeople. For, lenders find profiles of businesses riskier than fixed salaried individuals. However, high net worth self-employed individuals can avail lower rate of interest basis their past creditworthiness.

Interest Rates: Tata Capital Personal Loans

Interest Rates Per Annum

11.49% to 19.00%

Processing Fees

Up to 2%

Pre-Closure Fee*

Up to 4 %

Part Payment Fee

NIL up to 25%

Up to 2% for 25-50% prepayment

Permissible only after 6 months

Types of Personal Loans Offered by Tata Capital

Personal Loan for Marriage: Tata Capital 50-50 Wedding Loan for Equals

Marriage Loans or Wedding Loans come under the umbrella of Personal Loans. You do not need any collateral or guarantor to obtain a wedding loan. They are unsecured loans. The eligibility criteria are similar to personal loans. One can conveniently apply for a personal loan for a wedding from Tata Capital.

The loan eligibility, duration and interest rate entirely depend on the credit profile (credit score and credit history) of the applicant. Generally, parents applying for the wedding loan have greater eligibility than the young couple.

However to help the couple, Tata Capital offers an exclusive product Tata Capital 50-50 Wedding Loan for Equals. Herein, both partners co-apply for their wedding loan up to 5 lakhs. The minimum sanctioned amount is 50,000. The credit can be drawn for 12 to 36 months.

Both partners must be more than 24 years of age to apply for 50-50 Wedding Loan. One of the partners needs to be earning at least 30,000 a month.

Documents Required for Tata Capital Wedding Loans

Optional documents:

Wedding card, a picture of any of the pre-wedding ceremonies.

Compulsory documents:

  • A receipt marking payment of any of the significant wedding-related bills. The receipt should be in the name of any of the couple or parents.
  • Identity proof documents like Aadhar Card, Voters ID, Passport, Driving License.
  • Residence proof such as Aadhar Card, Electricity Bill, Passport, Voter ID.
  • Income Proof in the form of past 3 months bank statements or past three salary slips.
  • Employment Continuity Certificate for one year from the employer.

The rate of Interest varies from 11.49 to 19%, just like personal loans. You can choose the flexible EMI pattern before signing the final deal.

Tata Capital Travel Loan

Travel loan is another fantastic product in the segment of Personal Loan. Whether you are seeking funds for a family vacation or your honeymoon; an international trip or a domestic holiday; you can apply for Tata Capital Travel Loan up to 15 lakhs to fund your travel related expenses. From air tickets to hotel fares to tour packages to shopping and other expenses in the foreign land, all can be financed with the help of Interest-Free Travel/ Holiday Loans by Tata Capital.

These are completely unsecured Personal Loans, and no security or guarantor is required to avail the credit. However, you can add a co-applicant to increase the loan eligibility. Your spouse, parent or working children can become the co-applicants for Travel Loan.

The Loan Repayment schedule entirely depends on the amount of loan. However, you are required to close the loan within eight repayments. You can choose weekly, fortnightly, or monthly repayments as per your convenience.

The eligibility and documentation requirements are the same as of Personal Loan. Make sure you are ready with the basic documents like identity proof, residence proof and income proof to get a swift approval of travel loan.

To apply for Travel Loan, a salaried person must be between of 21 to 58 years of age, earning a minimum of 20,000 monthly salary. The employment should be stable with two years track of work history in the same organization. While self-employed professionals must be between 25 to 65 years of age and must possess a proven business record of three years. They must make the income of 200000 per year.

Owing to the dynamic nature of travel expenses, TCFSL can update the terms and conditions of travel loans without a notification on its official website. However, keeping in touch with MyMoneyMantra Loan Expert on the toll-free number, you can learn about the latest updates.

Tata Capital Medical Loan

A personal loan raised for medical reasons is termed as Medical Loan. The product generally caters to emergency funding for contingency situations such as treatment of sudden injury caused due to an accident, surgery, therapy post surgery, or other health complications.

The rate of interest varies from 12% to 25% depending on personal loan eligibility. Factors such as your current employment, salary, city of residence, ongoing loans, etc. would also affect the loan clauses.

Tata Capital Medical Loans are exclusively designed to extend timely treatment to a majority of applicants. With a minimum salary of 20000 and standard documentation involving identity proof, income proof, and residence proof, one can process an application for medical loans. The loan approval is swift and hassle-free.

Tata Capital Education Loan

With escalating inflation and rising cost of education, the demand for Education Loan is rampant in the country. Most banks and NBFCs offer easy financing to students for higher education in India and abroad.

The education loans are available as secured as well as unsecured loans. The unsecured education loans work just like Personal loans. Here the student under 16 to 26 years of age applies for the loan to fund their education and related expenses; the repayment is deferred until the completion of the course or till the time the student gets a job.

Generally, one of the parents of the student acts as a co-applicant and based on minimum personal loan eligibility criterion the application is approved. Tata Capital extends fast and flexible education loans to students across the country. There are no exclusions for deserving candidates.

To avail the benefit of TCFSL Education loan, you would require the following documents:

  • Documents for KYC (Know-Your-Customer), Address, Age & Nationality Proof-Aadhaar Card, Passport, Pan-Card of the student as well as parent(s)/guardian.
  • Attested Marks Sheets & Certificates,10th Standard onwards.
  • Admission Letter by the chosen College/University/Institute.
  • Other documents issued by the admitting School/College like prospectus and break-up of fees.
  • Income proof in the form of 6 months bank statements, salary slips and ITR of Parent/Guarantor.
  • For studying abroad, you would need an employment contract, entry permit, admission letter & I-20 form from the foreign institution.
  • Property documents are also submitted when applied as collateral for a secured loan.
  • Employed individuals need resignation letter and sanction letter before leaving to study abroad.

Step Up Flexi EMI Plan for Personal Loan

Tata Capital Step-Up Personal Loans are ballooning loans that offer the facility of repaying lower EMIs in the initial period and the subsequent EMIs increase with time. Young borrowers who expect their income to increase after regular intervals generally make use of Step-Up Flexi EMI Plan.

Opting for Step-Up loans help you avail higher personal loan eligibility. With low initial EMIs, the burden of loan is sustainable for young fellows.

Also, when you have multiple previous loans, and you need urgent funds, having a Step-Up Loan helps you keep low EMIs and low burden and low stress in your life. You can pay higher EMIs later on when some of the liabilities are closed, and your salary is increased. This leveraging helps you better manage your inflows.

Step Down Flexi EMI Plan for Personal Loans

In complete contrast to Step UP loans, Step-Down Loans allow you to pay out higher EMIs initially to trim down the burden of EMIs on a later date. Step-Down Loans are ideally meant for people with high disposable income who somehow need a loan for contingency.

Step-Down Personal Loan helps you borrow a high amount. You repay interest part fast, and thus the loan appears quite affordable within a short period. Many people use this loan for investments or business expansions.

Bullet Flexi EMI Plan for Personal Loans

Tata Capital Bullet Flexi Personal Loan allows the borrowers to repay principal in parts besides the regular EMIs. This helps to repay the loan faster. There will be no prepayment charges and thus ideal for those who want funding for a very short period.

A lot of people use this approach when they are assured about the upcoming bonus or incentives from work and plan their expenses in advance with the help of a loan. It makes them use the funds in time, and with the least liability!

Tata Capital Personal Loan: Eligibility Criteria

Tata Capital has easy norms for borrowers, and there is no extraordinary requirement to become eligible for small unsecured loans. However, some of the underlying eligibility criteria can be listed as:

Age: A salaried applicant needs to be 21 years to 58 years old; while a self-employed or businessman needs to be 25 years to 65 years of age.

Income and Business Continuity: A salaried person needs to have a minimum of 20000 monthly salary to raise a maximum loan of 1500000; while a self-employed professional or businessperson needs a minimum income of 200000 per year to raise a maximum of 2000000 loan.

To raise a higher amount, you must possess higher income and creditworthiness. To prove work stability and business continuity, a salaried person needs to be in the current job for past 6 months. They must possess total work experience of at least 2 years; while, self-employed people should be in the current business for a minimum of 3 years. Be prepared to share documents such as your Bank Statements, ITR, Balance Sheet and P&L accounts to prove your business history.

Documents: A transaction with a lender is a legal bond, and thus loan agreement requires adequate documents to validate the deal. It is vital to possess the necessary documents to prove your personal details, qualifications, employment status, income, etc. In the absence of required documents, the application can be rejected, or you may be asked to shell out more on interest rate.

Credit Score: Your existing loans, past credit repayment history, and credit score play a major role in making you eligible for a personal loan. The lender always assesses your credit profile before offering a loan. So make sure you employ good financial habits before applying for a loan. Repaying EMIs and credit card bills on time is one of the easiest hacks to build a credit score. You can fill the form and speak with MyMoneyMantra Loan Guide to know about your credit score and eligibility at free of cost.

The following factors mentioned below affect the loan eligibility of the borrower:

Eligibility Criteria

Salaried Individuals

Self-employed Professionals and Business Owners

Age

Min. age - 21 years and above

Max. Age - 58 years

Min. age- 21 years and above

Max. Age - 58 years

Minimum Income Required

Monthly income of 20,000/- (Subject to the NBFC's terms and conditions)

Yearly income of 2 Lakhs

Job/Business Continuity

Working experience of relevant number of years

2 years of work experience with the organisation currently working with.

Continuity in the business for 3 years in the same city.

Documents Required for Tata Capital Personal Loan

 

Purpose of Document

Salaried /Employed

Self-employed professionals/ Business persons

 

Identity Proof

Aadhar Card/ Voters ID/ Passport/ Driving License

 

Address Proof

Aadhar Card/Utility Bills like Ration Card/ Electricity Bill/ Passport

Income Proof

1.       Bank Statements for last 3 months

2.       Salary Slips for last 3 months

1.       Bank statement for last 3 months

2.       Latest Income Tax Return(ITR)

3.       Balance Sheet(B/S) and Profit & Lossaccount (P&L) for the last 2 years certified by Chartered Accountant.

Work Stability

Avail 2-year Employment continuity document from your employer

1.       Trade License/GST Registration / Previous Sales Tax Certificate

2.       Certified copy of Partnership Deed, Memorandum of Association(MOA), Article of Association(AOA) and Board Resolution



  • Interest Rate 11.25% - 17%
  • Loan Amount 1L - 30L
  • Processing Fee 1% - 2%
  • Tenure5 Years

  • Quick Apply

How to Calculate Tata Capital Personal Loan EMI?

Before applying for a personal loan, it is advisable to evaluate your EMI carefully. You must assess the affordability of monthly dues before raising the loan. This simple exercise ensures ease of repayment as you can draft a repayment plan and provide regular EMIs before due date every month.

To calculate Tata Capital Personal Loan EMI using MyMoneyMantra EMI calculator, all you need to do is fill Loan Amount, Interest and Tenure and press CALCULATE button.

You can access Online EMI Calculator here: https://www.mymoneymantra.com/calculator.html

This will fetch you instant results. It will not only share the expected EMIs but would also share principal and interest factors.

Why Apply for Tata Capital Personal Loan on MyMoneyMantra?

MyMoneyMantra is a one-stop online destination to search for the best personal loans according to your cash requirements. Whether you need an urgent loan for business or personal reasons, MyMoneyMantra can help you conduct a real-time search for available offers from the best retail lenders in India.

We are specialized loan aggregators who take forward your loan query to find the best and hassle-free credit. Our database is designed to highlight bespoke loans for borrowers. Whether you are looking for a very short-term Personal Loan or a 5-year unsecured loan with small EMIs, or require an emergency loan, we can help you find the one according to your individual needs.

There is no additional fee involved, and you can avail continuous support of our loan experts to clear all your doubts regarding personal loans. We help you assess your profile and learn what is right for you and why. The loan advice is 100% obligation free, and you get a complete choice to make the decision.

How to Apply for Tata Capital personal loan on MyMoneyMantra?

Applying for Tata Capital Personal Loan on MyMoneyMantra is a simple, 3-step process.

Fill the form
As you visit the homepage of the official website MyMoneyMantra.com, you will be directed to choose the type of loan and loan amount. Now, share your details: gender, name, employment status, loan tenure, residence and create a unique one-time-password to gain access to bespoke loan offers available.

If you want to apply for Tata Capital Personal Loan directly, you can choose the same under the Personal Loans main category.

Compare and Choose
After accessing available loans from different lenders, compare loan amount, tenure, interest and choose the most affordable loan. MyMoneyMantra is a customer-focused organization that supports 24X7 customer support and promotes thorough transparency in its endeavors. We help borrowers make an informed decision. Our loan experts will call you and answer each of your queries patiently.

Apply
Borrowing is a responsible decision, and we share your responsibility at every step. After informing the customers about the best deals for them, we extend world-class customer support to seal the deals at the best possible price. Whether you are residing in a Metro city or Tier II or Tier III city, you can find the perfect loan via MyMoneyMantra. Our executives are trained to consistently guide you regarding the loan documents and loan disbursal process.

After you select the lender, we forward your query to the chosen lender, and they will contact you for closing the deal. You could be rest assured at each step. Feel free to contact us for support at any stage.

It is important to note here that all of our services come free of cost. We do not charge a single Rupee from the borrowers. There is no loan process fee charged by MyMoneyMantra.

Tata Capital Personal Loan: Customer Care

Tata Capital Financial Services Limited extends excellent customer service. You can contact the NBFC at customercare@tatacapital.com for registering any complaint.

Alternatively, you can call TCFSL on a toll-free number: 1800-209-6060.

The company provides 5 levels of customer support online. You can reiterate your complaint to the next level if it is not resolved in time. As you share the concern, you will receive a response within 3 business days from a Senior Customer Redressal Officer.

Contact MyMoneyMantra at: contactus@mymoneymantra.com

or call Toll Free Number: 1800-103-4004

Latest News

Tata Capital's New Ad Campaign Marks It as Brand of Choice for Retail Consumers

Tata Capital has launched a novel media campaign to promote its retail financial services business. The campaign says 'Taal-matol ko choddo, Tata Capital se rishta jodo.' It consists of 3 TV commercials, each for personal loans, home loans, and business loans.

The campaign is designed to make Tata Capital a 'brand of choice' for retail consumers. It cites how borrowing a loan from Tata Capital is easy, simple and quick; so, consumers no longer need to procrastinate borrowing decisions.

Tata Capital Housing Finance launches 'Accel Home Loans'

Tata Capital Housing Finance Limited (TCHFL) has launched a new home loan scheme 'Accel Home Loans' for festive season.  Accel Home Loans are introduced to help customers buy bigger homes during the auspicious period of festivities in the country.

The unique home loan scheme calls for payment of only the interest component for the first 36 months, and subsequently, the customer can pay the balance of the loan. This will bring ease of repayment to the borrower.

Tata Capital to Double Commercial Loan Book to 500 bn

Tata Capital Financial Services has planned to double its commercial lending book to 500 billion over the next four years. The company is well buoyed by a strong growth from its channel finance activity for Small-Medium Enterprise customers.

TCFS L has also launched an online platform recently for its SME customers to avail of loans up to 20 million. Extending working-capital finance to existing SME customers, the company also wants to keep attracting new clients.

Tata Capital Launches Online Working Capital Lending Platform

Mumbai based Tata Capital Financial Service limited has partnered with a US-based Biz2Credit and has launched an online working capital lending platform to provide an easy, seamless and paperless experience for loans up to 2 Crore. The online platform will allow customers to access their loan account details and utilize the loan limits anywhere anytime. The platform eyes serving millions of small and mid-sized entrepreneurs in India

Frequently Asked Questions

What are the factors that affect my loan eligibility for Tata Capital Personal Loan?

A lender assesses your repayment capacity before extending a loan. So, factors like age, income, qualification, future employability, current loans, past loan queries, repayment history, and overall credit score, affect your chances for loan approval.

Are there any hacks to get my personal loan application approved?

The lender approves your loan application basis your risk profile. While no one can guarantee the approval, ensuring the following points can certainly help:

  • Keep documents for identity, income, residence proof handy.
  • Maintain a positive repayment history of credit card; it helps you build the credit score.
  • Apply for a loan amount that justifies your profile risk. You can use free advice from MyMoneyMantra to know about the eligible loan amount for your profile.

Is there a checklist of documents for a personal loan?

Here is a quick document checklist for a personal loan:

  • Bank Statements showing transactions for past 3 months
  • Income Proof in the form of Salary Slips for last 3 months
  • Aadhar card, Passport or PAN Card as Identity Proof
  • Aadhar Card or Passport for Address Verification

How do I know if the personal loan is the right product?

Personal loans are unsecured loans that are extended without any fixed clause for the use of loan amount.  Whether you need loan for medical contingency, wedding, travel or more, personal loans can be used to fund your cash lapses.

Go for personal loan when you need fast cash without using collateral or guarantor.

How long does it take to get personal loan disbursed to my account?

When you submit complete documents and the loan application is approved, Tata Capital takes up to 72 hours for disbursing the amount to your account.

Is Tata Capital Personal Loan available in my city?

Tata has branches in all major cities in India like Mumbai, Pune, Bangalore, Chennai, Noida, New Delhi, Vizag, etc. However online, you can apply pan India from the comfort of your home.

Is it compulsory to pull out my credit report for personal loan approval?

Your credit report is a report card of your financial status. A lender assesses your credit worth with the help of credit information report as it highlights all your past financial history. By pulling out your credit report, the lender evaluates the underlying risk involved in lending to you.

While it is entirely optional for a borrower to extract their credit report, when you contact financial advisors like MyMoneyMantra, we request your credit report at our own expense. It comes free to you. We further help you analyze your repayment capacity and apply to relevant lenders only so that your application is always approved.

Can I get Tata Capital Personal Loan with Low CIBIL score?

To avail a personal loan with low score could be an expensive mistake. For, lenders prefer to extend loans to borrowers with fair to good credit score. With a low score, your application would be either rejected or accepted at a very high rate of interest.

Alternatively, if you need a personal loan with a low score, apply with a co-applicant. By adding your spouse or parent as a co-applicant, you reduce the associated risk for the lender. You can speak with MyMoneyMantra Loan Advisers to learn about the offers to borrow with bad credit score.

As a thumb of rule: 750-900 is a good credit score; 600-750 is a fair credit score; while below 600 is a poor score. If your score is less than 600 points, you must also ask the adviser about how to increase your credit score.

Does Tata Capital offer personal loan balance transfer facility?

Yes. Whether you want to transfer credit card balance or your personal loan from some other bank, you can apply for Tata Capital Personal Loan Balance Transfer. Transferring balance ensures better interest rate and lower EMIs. MyMoneyMantra can help you compare and choose the most affordable offer available for your profile.

Can I prepay my Tata Capital Personal Loan? Is there any Prepayment Penalty?

Yes, you can prepay the outstanding loan amount after 180 days or 6 months of availing the Tata Capital Personal Loan. You can also apply for bullet EMI scheme to prepay your loan strategically.

After 6 months of loan disbursal, you can prepay up to 25% of principal, and there will be no penalty charged. If you seek to prepay more than this amount you will be charged prepayment fee of 2% (on the amount paid) + GST.

Process:

To prepay, visit the branch and carry following documents along:

  • Statement to prove payment of the last installment
  • Request Letter for prepayment signed by the applicant
  • Foreclosure Statement
  • PAN Card

You can prepay using Cash, Cheque or Demand Draft.

Other Available products from Tata Capital