Let’s list out features of Tata Capital Personal Loan and understand the USP of the product. It will help you understand suitability of the loan for your individual needs.
The Tata Capital personal loan interest rates are competitive and affordable and start from just 10.99% p.a. The lower interest rates you receive, the smaller EMI you have to pay. Personal loan interest rates can vary for each borrower depending on several factors like their CIBIL score, income, the amount being borrowed, repayment capability, repayment tenure, employer’s reputation, nature of employment, financial history, debt-to-income ratio, and so on.
Additional Reading: How to calculate credit score?
Tata Capital Personal Loan is tailored according to customer needs. To ensure best customer experience, eligibility criteria is easy to meet. Let’s take a quick look at Tata Capital Personal Loan eligibility requirements below:
Before you fill the application form for Tata Capital Personal Loan, make sure you have following documents handy.
Here is the list of Personal Loan Documents you would require while submitting the loan application:-
|Documents for Salaried Individuals||Documents for Self Employed Individuals|
Any one of the Identity Proofs:
Any one of the Address Proofs:
Proof of Income:
2.Salary Slips for last 3 months
Anyone of the Identity Proofs:
Any one of the Address Proofs:
Proof of Income & Existence of Business:
2. Bank Account Statements for Savings & Current Accounts for past one year
3. Income Tax Returns for last year
Note: Also check Tata Capital Personal Loan Application Status to meet unplanned financial needs.
Make note of schedule of charges along with interest rate and processing charges before applying for a Personal Loan. Here is the detailed list of fees and charges for Tata Capital Personal Loan:
|SUBJECT||FEES & CHARGES|
|Interest Rates (Per Annum)||Starts from 10.99%|
|Processing Fees||Up to 2.75% +GST|
|Pre-Closure Fee*||Up to 4 % +GST|
|Part Payment Fee||*Prepayment allowed after 6 months|
*NIL up to 25%
*Up to 2% for 25-50% prepayment
|Penal Interest/ Additional Interest||3% on Overdue amount per month + GST|
|Bounce Charges||Rs. 600 for each instance + GST|
|Mandate Rejection Service Charge||Rs 450+ GST|
|Loan Cancellation Charges||2% of loan amount or Rs. 5,750, whichever is higher + GST|
|Instrument Swap Charges||Rs 550 +GST|
|Duplicate Repayment Schedule||*Soft Copy – Nil |
*Branch Walk-In – Rs. 550 + GST
|Duplicate NOC||Rs. 550 + GST|
|Post-Dated Cheque Charges||Rs. 850 + GST|
Additional Info: Avail Tata Capital Business Loan online with Mymoneymantra.
Before applying for Tata Capital Personal Loan, you should use MyMoneyMantra EMI Calculator (under Financial Tools section on Home Page) and find out the suitable instalment plan. Using this calculator you can finalise tentative loan tenure, amount and EMI.
It will help you estimate: 1) Loan EMI, 2) Total Interest Payable, 3) Total Payments (Principal + Interest). You will also get amortization schedule for the loan.
This way, you can make an informed decision. In case you require help for the same, contact our Loan Expert and get assistance online.
Let’s take an example on how to use the Personal Loan EMI Calculator:
Loan amount required: Rs. 5 Lakhs
Tenure of repayment: 5 years
Interest Rate applicable: 10.99% p.a.
As you submit the above information, the calculator will give results:
EMI to be paid each month: Rs. 10,869
Total interest outgo: Rs. 1,52,123
Total amount to be paid: Rs. 6,52,123
You will also get the detailed amortization schedule.
You can also access Tata Capital Personal Loan EMI Calculator before making the final decision.
Note: Know about NBFCs v/s Bank better option for your personal loans.
After you fill the Personal Loan Application on MyMoneyMantra, your request is instantly processed. Here are the steps forward-
Additional Reading: How to get loan for low cibil score?
Follow these simple steps to apply for Tata Capital Personal Loan on MyMoneyMantra Platform. It is easy, fast and reliable.
For queries & feedback use following modes:
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Tata Capital Personal Loan is the best choice for a borrower that is looking out for a customised unsecured loan with minimal eligibility hassles. The loan is available for extended tenure of 6 years with flexibility to choose the repayment structure as per their financial situation. Besides, there is no part prepayment charge after six months of successful servicing of loan.
Your Personal Loan eligibility is calculated on the basis of your debt to income ratio. The bank/ NBFC factors in the ratio of your fixed obligations such as existing EMIs & Credit Card Bills to monthly income. As a rule of thumb, the fixed obligations should be less than 50% of net monthly income. However, only for very high income groups, this ratio can go much higher.
Tata Capital calculates EMI on daily/ monthly reducing balance method so that the customer can save maximum on interest component. Also you can choose from two repayment options- standard EMIs and Flexi EMIs. There is enough repayment flexibility and calculation is incurred as per the chosen method by the customer.
Extended loan tenure is the USP of Tata Capital Personal Loan. While most lenders offer Personal Loans up to 5 years, Tata Capital offers Personal Loans for up to 6 years. If you are seeking a loan for longer tenure, Tata Capital is the right choice for you.
You can apply for Tata Capital Personal Loan for multiple purposes; there is no capping on end-use. You can avail of loan for travel, education, home improvement, wedding, big ticket purchases and many more requirements. However, RBI discourages borrowers to apply for loan for speculative reasons and Gold Purchase.
If you need urgent Personal Loan and want instant approval, make sure you apply online. When you apply digitally for Personal Loan, the application is processed instantly and the loan is approved and sanctioned in the fastest possible time.
Tata Capital processes Personal Loans on the same day to up to 5 days. The processing timeline depends on the status of documents submitted by you.
To apply for Tata Capital Personal Loan, click on Apply Now or Button on MyMoneyMantra and your loan application will be instantly accessed by the lender. As you submit the documents online, the sanction is also faster online.
To avail personal loan at attractive rate of interest your minimum cibil score should be at least 700. However those who have lower than 700 score should use professional advice to choose the best lender and best rate.
To apply for Personal Loan with low Credit Score, you should use certain hacks to improve your credit eligibility. This will help you avail the better rate despite low score. For instance, you can add a co-applicant, guarantor or collateral.
To close the Tata Capital Personal Loan you need to visit the brach. Provide the receipt of preclosing the loan. Do carry loan documents i.e. loan approval letter & loan account statement. Carry a photo ID and submit the request with all the documents.
Yes, Tata Capital allows you to apply for Personal Loan Balance Transfer & Top UP. However the approval depends on your eligibility for the same which is based on your repayment history and relationship with the lender.