Tata Capital Personal Loan Interest Rates

Personal loans are unsecured loans that can be used for any purpose. It could be for medical emergencies or for planning a holiday. Interest rates are one of the major determinants based on which the EMI will be fixed.

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Lower the interest, lower will be the EMI. Different financial institutions have different interest rates on personal loans. That is the reason thorough market research has to be done to find the most affordable interest before applying for a personal loan. Tata Capital personal loans come at 10.99% p.a.which is one of the most competitive rates in the market at present. The interest largely depends on the loan amount, credit score, and income of the applicant.

Tata Capital Personal Loan Details

Tata Capital personal loans can be utilised for any purpose. There is no restriction on the purpose of the loan.  The turnaround time of the personal loan is minimal, with simple documentation and eligibility criteria that is very easy to comply with. The details of Tata Capital Loan are as given below:

Tata Capital Personal Loan Eligibility Criteria

  • The applicant should be between 22 years to 58 years.
  • The minimum salary required will be Rs. 15000 p.m.
  • The applicant should have a minimum work experience of one year.

Tata Capital Personal Loan Rate of Interest

Tata Capital  Personal Loan interest rates start at 10.99% p.a.

Tata Capital Personal Loan Tenure

The entire loan should  be repaid within a maximum period of 6 years,

Tata Capital Personal Loan Documentation

The following documents have to be submitted for Tata Capital Personal Loan.

Address Proof: (copies)

Ration card, Passport, Electricity bill

Photo Id  Proof: (copies)

Aadhar card, Voter’s ID Card, Driving Licence, Passport

Income  Proof:

Last three months salary slips, Bank account statement.

Other documents:

 Employer’s Certificate showing one-year work experience

Features and Benefits of Tata Capital Personal Loan

Loan amount: You can avail of a loan of up to a sum of Rs. 25.00 lakhs depending on your repayment capacity.

Rate of Interest: The rate of interest starts at 10.99% p.a. and is solely dependent on your income, credit score and loan quantum.

Tenure: The borrower must repay the entire loan within a maximum period of 6 years.

Quick approval: You can apply for the loan online and get approved almost instantly.

Unsecured: The loan is provided without any collateral security, and this is the most attractive feature of the loan.

Multipurpose loan: The loan can be used for various purposes like planning a vacation, for wedding expenses, for further education of children, for repairs and renovation of your house, for medical expenses etc. It can also be used for business requirements as well.

Prepayment charges: There are no prepayment charges if the loan is availed at a floating rate of interest.

Transparency: There are no hidden charges.

Tax Benefit: If the personal loan is availed for home-related purposes like purchase of a new house or for refurbishing the existing home, then there is the exemption of tax for interest paid towards the loan up to Rs 2.00 lakhs if it is self-occupied and if it is let out on rent then, then there is no maximum limit as per Section 24(b) of the Income Tax Act 1961. You will have to furnish relevant proof for having utilised the funds for home-related purposes.

Tata Capital EMI Calculator

Using the EMI calculator, you can know the best tenure to help you arrive at the pocket-friendly EMI  for the loan amount you intend to avail of.

How to Get the Best Offer on Tata Capital Personal Loan? 

Tata Capital Personal loans are available at an interest rate that starts at 10.99% p.a, which is the most competitive at present. The interest mainly depends on the income, loan amount and credit score. You can get the best offer on Tata Capital Personal Loan if you follow some of the tips as mentioned below:

Maintain a good credit score

A credit score is an image booster as far as loans are concerned. If you have a credit score of 750 and above, you will be the most powerful contender in the credit scenario and will be the most sought after by financial institutions. You will get the best offer since you will be categorised as a low-risk borrower who has a good credit repayment history.

Maintain a good rapport with the lender

If you are an existing customer of Tata Capital and have a good track record, you can negotiate for a good deal.

Add a co-obligant 

You can get a better deal if you have a higher income. To show an improved income, you can add a co-obligant with a steady income to the personal loan.

Improve the debt to income ratio

A good level of debt to income ratio shows your repayment capacity. To improve the debt to income ratio, you will have to clear some of the existing loans whose  EMI is sourced from the present income. A debt to income ratio of 40% to 50% is considered satisfactory, and anything above the acceptable level will fetch you the best offer.

Tata Capital Personal Loan Fees and Charges

The Tata Capital Personal Loan Charges are as mentioned below.

Type of ChargesAmount
Processing charges2.75% of the loan amount along with applicable GST
Overdue penalty3%  of the overdue amount per month along with applicable GST
EMI/Cheque bounce chargesRs.600/- plus applicable GST for every EMI or cheque bounce
Service charges for mandate rejectionRs. 450/- Where there is no active mandate after the PDCs are exhausted. This will be applicable on the due date of EMI every month till an active mandate is generated
Annual Maintenance Charges for CCOD0.25% of the sanctioned dropline limit or Rs. 1000/- whichever is higher. It will be deducted from the limit and will be collected at the end of the 13th month.
Outstation collection chargesRs. 100/-plus applicable GST
Passheet chargesNone, if it is a soft copy. Else, Rs. 550/- plus applicable GST
Instrument swap chargesRs. 550/- +  applicable GST
Repayment schedule (duplicate)None for a soft copy. Otherwise, Rs. 550/- + GST
Duplicate NOCRs. 550/- + GST
PDCsRs.850/- + GST
Foreclosure charges

There is a lock-in period of 6 months for foreclosure.


 

If closed after 6 months, foreclosure charges of 4.5% of the outstanding principal amount plus GST.


 

If foreclosed within six months post-part-prepayment, then 4.5% of the outstanding principal amount + GST plus the part pre-payment amount.

Top -up loan foreclosure charges

2.5% of the outstanding principal amount plus GST if the current interest is higher than the new rate.


 

If foreclosed during the lock-in period, the charges will be 4.5% of the outstanding principal  amount plus GST

Foreclosure charges for overdraft facility

4.5% of the overdraft limit plus GST.


 

2%  over and above the regular charges if the limit is closed during the lock-in period.

Foreclosure letterNone for softcopy. Rs. 199/- plus tax for hardcopy

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 Personal Loan Interest Rates FAQs

Is Tata Capital good for personal loans?

Tata Capital Personal Loans are one of the best personal loans available in the market at present. With the multiutility option, Tata Capital Personal Loans can be the best option to relieve you of any kind of financial stress. It could be a medical emergency or a business expansion, you can take a resort to Tata Capital for funding. The quick disbursal, simple documentation, attractive interest rates that start at 10.99% p.a.are additional features that make the personal loan most lucrative.

What are the processing charges for Tata Capital Personal Loan?

The processing charges for Tata Capital Personal Loans are 2.75% of the loan amount plus applicable GST.

What are the foreclosure charges for Tata Capital Personal Loan?

Foreclosure is not permitted within the first six; you months of availing of the loan.

  • If foreclosed after six months, the charges will be 4.5% of the outstanding principal liability at the time of foreclosure plus applicable GST.
  • If foreclosed before six months and after part pre-payment, the charges will be 4.5% of the outstanding principal liability plus GST plus the part pre-payment amount.
  • For the foreclosure of a top-up loan, the charges will be 2.5% of the loan amount plus GST if the existing interest rate is higher than the new rate. If the foreclosure is done during the lock-in period, an additional 2% will be charged over and above the regular charges.
  • For the overdraft facility, the charges will be 4.5% of the dropped down limit plus applicable taxes. If foreclosed within the lock-in period, 2% over and above the regular charges will be collected.

How do I track the status of my Tata Capital Personal Loan?

You can check Tata Capital Personal Loan status online through internet banking or the mobile app.

You can access internet banking using the email ID/registered mobile number or user ID and password. Once you access internet banking, you can track the status of your Tata Capital Personal Loan.

You can also check the status of the personal loan application through the Tata Capital Mobile app.

How does Tata Capital calculate EMI on a personal loan?

You can calculate the EMI using the Tata Capital EMI calculator. All you have to do is input the interest, loan amount, and tenure. The EMI will be displayed along with the amortisation schedule that gives a break up of the interest and principal payable by the end of the tenure.

Tata Capital calculates the EMI using the formula EMI = P × r × (1 + r)n/((1 + r)n - 1) where P is the Loan amount,  r is the interest rate, n is the tenure in the number of months.

How much loan can I get from Tata Capital if my salary is 25000?

You can get a loan of Rs. 75000/- to Rs. 25.00 lakhs for a salary of Rs. 25000/-. The loan eligibility depends on various factors like your income,  debt to income ratio, credit score and the tenure chosen for the repayment.