Tata Capital Overdraft

The key details of the Tata Capital OD are as follows:

Below are the key features of the Tata Capital Hybrid Term Loan or overdraft scheme:

• Loan amount: You can avail of a maximum OD limit of up to ₹35 Lakhs.
• Tenure: The borrowed loan amount can be repaid within a flexible tenure of up to 96 months. 
• Interest rates: Tata Capital OD interest rate starts from as low as 12.99% per annum.
• Credit amounts: Tata Capital’s Personal Hybrid Term Loan facility accounts enable you to avail of predetermined credit amounts depending on various factors, including the borrower’s age, financial health, creditworthiness, etc.
• Easy repayment options: With this loan, you only need to pay interest on the utilised amount. 
• Prepayment: The lender offers a part-payment/foreclosure facility.
• Flexible tenures: Tata Capital offers tenures up to 96 months. 
• Multipurpose usage: The borrowed loan can be used for many reasons, such as expanding your business or financing any urgent personal needs. 
• Multiple withdrawals through online transactions: Unlike regular personal loans, the OD scheme enables you to withdraw funds multiple times. 
• Simple documentation: Tata Capital has simplified paperwork for its Personal Loan Hybrid Term Loan, making the application process incredibly hassle-free.

The following are the interest rates and charges involved in getting a Tata Capital OD loan facility:

• Interest rate: Starts at 12.99% p.a.
• Processing fee: Up to 5% of the loan amount.
• Penal charges for delayed payments: 3% p.m. (36% p.a.) on the defaulted amount.
• Dishonour of any cheque/ payment instruments: ₹600 per instrument per instance.
• Mandate rejection service charge: ₹450.
• Documentation charges: Up to ₹1,999.
• Annual maintenance charges: 0.25% of the dropline amount or ₹1,000, whichever is higher. 
• Statement of accounts: ₹250 + GST for a hard copy in case of a branch walk-in.
• Loan cancellation charges: 2% of the loan amount or ₹5,750, whichever is higher.
• Part prepayment/ foreclosure charges: 4.5% after 12 months & 6.5% before 12 months.
• Stamp duty charge: At actuals. 
• Switch fee without any top-up: ₹500 for Principal Outstanding up to ₹2 Lakhs & ₹1,000 for Principal Outstanding above ₹2 Lakhs.  
• GST, other government taxes and levies: As applicable, will be payable on all charges.

The eligibility criteria for the Tata Capital overdraft facility are as follows:

• Only salaried individuals can apply
• The applicant must be aged between 21 and 58 years.
• The applicant must have a credit score of at least 725 or above.

The documents required for the Tata Capital Hybrid Term Loan are as follows:

• Photo identity proof: A copy of Passport/ Aadhaar Card/ Voter ID/ Driving License
• Address proof: A copy of Passport/ Driving License/ Voter ID/ Aadhaar Card
• Salary slips: A copy of the last 2 months' Salary Slips 
• Income proof: A copy of Salary Credit/ Primary Bank Statements for the last 3 months
• Employment certificate: A certificate mentioning at least 1 year of continuous employment

You can apply for a Tata Capital Overdraft Loan online by following the steps given below:

• Navigate to Tata Capital’s official website and click on the ‘Apply Now’ button. 
• You will be directed to a new window. Here, click on the ‘Existing Customer’ tab to start your application process. 
• If you are a new customer, click on the ‘New Customer’ tab and proceed.
• Then, follow the directions on your screen.
• The loan amount will be disbursed as soon as your loan application is approved.