Personal loans are granted by the banks for emergency purchases to customers. These are large amounts of money that you can take out as a loan from the bank, and they are similar to how other loans work. The tenure for the personal loans generally remains shorter compared to other loans, and so do the principal amounts.
Tata Capital gives its customers personal loans for emergencies or personal purchases. However, it is extremely important to calculate your instalments before you apply for a personal loan.
If you are wondering how you can figure out your EMI beforehand, try using the Tata Capital Personal loan EMI calculator to find out the right plan that suits your demands. Want to use the calculator but don't know how?
Here is everything that you need to know regarding the online calculator.
Operating the online EMI calculator is extremely easy. This online calculator is the first test online tool that you can choose to calculate your monthly instalments before you apply for a personal loan.
Here are the steps that you will need to follow to see your monthly EMIs before you apply for the loan in the bank.
After you select all this information correctly, your result will appear on the screen in no time. This is the easiest way to use the EMI calculator for personal loan Tata Capital calculate your monthly instalments before you apply for a personal loan at Tata Capital.
Similar to the other banks such as SBI, HDFC, Bandhan Bank, to name a few, the Union Bank calculates the interest based on the formula p*r*(1+r)^n/([1+r)^n]-1). N here stands for your selected tenure. The duration you select will directly affect your monthly instalments majorly.
P stands for the principal amount. It is the entire loan amount that you take from the bank. It can be anything between five lakh to 25,00,00 that you'll have to repay during the selected tenure. R here stands for the current interest rate offered by the bank. Currently, Tata Capital offers an interest rate of 10.49% for personal loans to customers.
Know in detail: Simple Interest Formula Calculation.
Using the Tata Capital personal loan EMI calculator can help you make informed decisions before and after you take out a personal loan from the bank. The major benefits that you will get if you use the calculators are mentioned below:
It is a smart idea to plan your instalments before you apply for a home loan. It will help you sort your expenses in the future. You will not have to face any financial trouble if you plan everything beforehand.
Before you choose any loan plan, make sure to go through different interest rates depending on the different tenures to choose the right plan that suits your affordability and fits your budget.
Go through the chart to see the difference between different plans offered by Tata capital.
|Loan Amount||6 Years||3 Years||2 Years|
For an interest rate of 10.49%, which is the usual rate offered by Tata Capital, the interest rates have been calculated. Analyse the rates to understand which plan will suit your demands and fits your budget the best.
Several factors affect your instalments. Alternating the amounts can change your monthly EMI drastically. The three major factors that affect your EMI the most are:
The entire loan amount has a big role to play in calculating your EMI amount before you apply for a home loan. Your monthly payable EMI amount automatically increases when the loan amount is larger, and the tenure is short. You can take out a loan of around 5 lakh to 25 lakh in Tata Capital as a personal loan. Interest rates also increase when the loan amount is on the bigger side.
Interest rate is one of the major determining factors of EMI rates. When the interest rates remain on the higher side, the EMI automatically increases by the end of the tenure. Tata Capital personal loan interest rate starts at 10.49% for all its customers. Before taking a home loan, go through all their plans to decide which plan is the ideal one for you.
The tenure period that you select before taking a home loan plays a major role in deciding the amount you will have to pay. The shorter the tenure, the more you will have to pay on a monthly basis. The longer the tenure is, the lesser monthly amounts you will have to pay. In Tata Capital, you can repay the loan amount for as long as six years. They allow extra months for customers with exceptional cases.
You can interchange these amounts while calculating your EMI with the Tata Capital personal loan EMI Calculator to make sure you are choosing the right amount that suits your affordability.
The EMI calculator for personal loan tata capital is a good tool to calculate your EMI before applying for a home loan. However, there are a few factors that the calculator cannot tell you beforehand. Here are some factors that cannot be determined by the online calculator:
Some banks allow their customers to change their interest rates in the middle of a tenure. On the other hand, some banks do not allow that. Whether you can make bigger payments as monthly instalments cannot be determined by an EMI calculator either.
If you have the entire amount to repay the rest of your loan amount in the middle of your tenure, you will be charged around 2%-3% penalty charges for making prepayments during your tenure. The online calculator cannot tell you whether or you will have to pay for prepayments and how much you will be charged in the future as a penalty.
Tata Capital allows customers to pay the EMIs for two years to 6 years. You can choose a tenure at your convenience.
You have to have a credit score of 700 and above in order to apply for a personal loan in Tata Capital.
Yes. Tata Capital charges around 2.5% for transferring the personal loan amount as a lump sum to your bank account securely.
Tata Capital allows prepayments after six months. You can pay the necessary charges as per their prepayment policies and make prepayments if you want.
Your EMI depends on your selected tenure. For a 5 lakh personal loan, your EMI will be around 23,186/- for a 2-year tenure, around 9,380/- for a 6-year tenure, and 16,250/- for a 3-year tenure in Tata Capital.
For a 10 lakh personal loan in Tata Capital, your EMI will be around 46,370/- for a tenure of 2 years, 18,770/- for a tenure of 6 years, and around 32,398/- for a tenure of 3 years.