Tata Capital Personal Loan Eligibility

Tata Capital offers personal loan 10.99% p.a. onwards ROI with repayment tenure of up to 6 years and processing fee of 2.75% of the loan amount + GST. 

Tata Capital Personal Loan Eligibility Criteria

EligibilityDetails
Rate of Interest10.99% p.a. onwards
Processing Fees2.75% of the loan amount + GST
TenureUp to 6 years
Loan AmountRs. 75,000 to Rs. 25 lakhs
Lowest EMI per LakhRs. 1,903
AgeMinimum 22 years to maximum 58 years
Minimum IncomeRs. 15,000 per month
CIBIL Score750 & above
Minimum Work Experience1 year
Minimum Stability at Current Job6 months

Factors Affecting Tata Capital Personal Loan Eligibility

There are some of the factors that affect an applicant's eligibility to get a Personal Loan from Tata Capital:

  • Age: The age is the primary eligibility criterion for availing a Personal Loan. An applicant should be of minimum 22 years and maximum 58 years in order to avail the Personal Loan from Tata Capital.
  • Net Income: The net income of an applicant determines their repayment capacity. The minimum net income required to be eligible for the Tata Capital Personal Loan is Rs. 15,000 per month. The capacity to pay the EMIs on the Personal Loan is judged on the monthly income of an applicant.
  • FOIR: One of the important parameters that are used by Tata Capital to find the Personal Loan eligibility of a borrower is FOIR (Fixed Obligation to Income Ratio). All the fixed obligations of the applicant are taken into account including current EMIs. The minimum FOIR of 0.65 is must to be eligible for the Personal Loan at Tata Capital. It is recommended to do a complete comparison and calculation with the help of Tata Capital Personal Loan Calculator and then apply online for the loan.
  • Co-applicant: Adding a co-applicant for the Personal Loan can increase the repayment capacity of an applicant. The applicant must make sure the co-applicant has a good credit score, limited fixed obligations, and stable income flow.
  • CIBIL Score: The CIBIL score captures the credit behaviour and past payment track record of the applicant. A complete look at the CIBIL report is taken by Tata Capital while judging the Personal Loan application. The higher the credit score, the more are the chances of getting your Personal Loan application getting approved. The minimum credit score of 750 is must to get your Tata Capital personal loan application approved.

Tips to Increase Your Tata Capital Personal Loan Eligibility

Personal Loan eligibility can be increased in several ways. Below are some steps that need to be followed for the same:

  • Don't overdo it: It is necessary that an applicant must not apply for too many loans as it gets reflected in their credit report and reduces the chances of getting a loan approved from the lender.
  • Make timely repayments: It is necessary that one should not default on any payments and do timely payments of all the existing loan EMIs and Credit Cards bills. The inconsistent payment creates a bad impression and impacts your loan eligibility.

Documents Required for Tata Capital Personal Loan

The following documents need to be submitted for availing the Personal Loan from Tata Capital:

  • Photo ID Proof: A copy of Aadhaar Card/ Passport/ Driving License/ Voter's ID Card
  • Residence Proof: A copy of Passport/ Ration Card/ Electricity Bill
  • Income Proof: Salary slips for the last 3 months and last 6 months' bank statement
  • Job Stability Proof: A certificate mentioning 1 year of continuous employment

Kotak Personal Loan Festival Offer 

Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years. 

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Tata Capital FAQs

What are the age eligibility criteria to avail the Personal Loan from Tata Capital?

The minimum age criteria to be eligible to avail the Personal Loan from Tata Capital is 22 years, while the maximum age for salaried employees is up to 58 years.

What should be the minimum net monthly income of the applicant to get Tata Capital Personal Loan?

The minimum income requirement for a salaried employee is Rs. 15,000 per month to get Tata Capital Personal Loan.

How much work experience is mandatory to avail the Personal Loan from Tata Capital?

The applicant must have minimum work experience of 12 months (minimum 6 months being in the current job) to avail the Personal Loan from Tata Capital.

What is the maximum loan amount an applicant can avail from Tata Capital?

The maximum Personal Loan amount an applicant can avail from Tata Capital is up to Rs. 25 Lakhs.

Does my credit score affect my Personal Loan eligibility from Tata Capital?

Yes, your credit score does have a considerable impact on your Personal Loan eligibility. A good score indicates a fair repayment record. The minimum CIBIL score for the personal loan at Tata Capital is 750. Most of the banks avoid giving loans to the applicant having a credit score lower than that.