Tata Capital Personal Loan Eligibility
Age of the Applicant 18 to 70 years
Eligible Salary 25,000 per month and above
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

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Tata Capital Personal Loan Eligibility

A Personal Loan is an unsecured form of a loan that does not require any collateral or guarantor. Personal Loans are available at the majority of the banks and non-banking financial institutions. The interest rates levied on the Personal Loan are higher than that on the secured loans. The Personal Loan is a multipurpose loan and can be used to meet the immediate requirement of finance for medical emergencies, travel, wedding, education, payment of the debts, or any other personal expenses. Personal Loan helps in meeting the urgent need for cash.

It is always beneficial to know the eligibility criteria before applying for the Personal Loan to increase the chances of your loan application getting approved. The rejection of the Personal Loan can adversely affect your credit score. Hence, it is important to know the factors affecting the credit score. If the applicant has a low credit score it is difficult for them to get a Personal Loan at a good interest rate.

The eligibility criteria for a Personal Loan depend on the various factors such as the applicant's age, income, salary, employer's reputation, marital status, credit score, and so on. The applicant with a credit score of 700 and above is considered as creditworthy and is given preference for the Personal Loan by the lender.

The repayment capacity of an individual determines the maximum and minimum loan amount that they are eligible for. Therefore, overall knowledge of all the factors is necessary before applying for the loan and to get the best offer from the bank.

Tata Capital Personal Loan Eligibility Criteria

Eligibility Details

Age

Minimum 22 years to Maximum 58 years

Loan Amount

Maximum 25 Lakhs

Minimum Income

15,000 per month

CIBIL Score

700 and above

Minimum Work Experience

1 year

Minimum Stability at Current Job

6 months

Factors Affecting the Tata Capital Personal Loan Eligibility

Here 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 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.

  • Illustration - Mr. A is 25 years of age, having a net income of 20,000 and wishes to apply for a Personal Loan of 1 Lakh for 60 months tenure. Tata Capital allows a maximum FOIR of 0.65. Based on the said information, Tata Capital will calculate his eligibility using the eligibility calculator. The maximum amount for which he is eligible is 5.88 Lakhs with a salary of 20,000. The interest he has to pay for this amount for 60 months is 11.25%.

  • CIBIL Score:The CIBIL score captures the credit behaviour and past payment track record of the applicant. The CIBIL score is one of the most crucial factors that define the loan eligibility of the applicant. A complete look at the CIBIL report is taken by Tata Capital while judging the Personal Loan application. The credit report contains detailed financial information of an individual including the repayment record of current and past loans Credits Cards. The higher the credit score, the more are the chances of getting your Personal Loan application getting approved. The minimum credit score of 700 is must to get the loan application approved. The lower credit score decreases the chances of loan approval. Below mentioned are some factors which affect your credit score:

  • Late payments on past loans: The delay in payment on the past and the existing loan EMIs can have a negative impact on the CIBIL report and will reduce the credit score. This can affect your chances of the loan approval.

  • The high number of unsecured loans: It is very important to have a balance between secured and unsecured loans. This also has an impact on your CIBIL report. The greater proportion of the unsecured loans shows financial stress and instability and will reduce the credit score.

  • Usage of credit limit: The usage of Credit Cards and payment of the same also affect the credit score. Exceeding the Credit Card limit and frequent withdrawals show credit indiscipline and hence, the credit score will also reduce and the chances of getting your Personal Loan approved becomes less.

  • Multiple loan applications:An Applicant should not apply for the Personal Loan at multiple banks. This will reduce their credit score and in case the Personal Loan application from the Tata Capital gets rejected, the applicant should improve their creditworthiness and then apply again.

Other Factors Affecting Tata Capital Personal Loan Eligibility

Various other factors can also affect the approval of the Tata Capital Personal Loan. Here are some of them:

  • Job stability and profession: It is important to have job stability to get the Personal Loan from the Tata Capital. The total work experience and work experience at the current job are taken into account by the lender while assessing the applicant's eligibility. The minimum work experience of 12 months is must and the applicant should be working with a current employer for a minimum of 6 months.

  • Residence place and stability: The area of residence of the borrower also plays an important role in deciding the Personal Loan eligibility. There are few areas that are not considered by the Tata Capital for the Personal Loan based on the previous experience and credit behavior from such localities. The Tata Capital has a list of such localities. If you are residing at your own residence, it definitely improves the chances of getting your Personal Loan application approved. It is necessary that an applicant is residing at the current address from minimum last 12 months.

  • Industry type: Tata Capital has a negative list of professions and type of industries, defined as the customer or industry segments to which Tata Capital will not give the loan. So, your chances of getting a loan approval also depend on your profession and industry you are employed in. The Personal Loan application will not get approved if the applicant belongs to the profession and industry mentioned in the negative list.

  • Salary Mode: The salary transferred mode is preferred by the Tata Capital for the Personal Loan as it indicates stable and secure income. It is necessary that the applicant has adequate income proofs. If an applicant has a good income but is earning in cash or cheque the chances of getting a loan is less, as there will be no concrete evidence to support the loan amount. Therefore, the salary transfer is given preference if you are applying for the Personal Loan at Tata Capital.

How to increase 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.

  • Longer tenure:The increase in the Personal Loan repayment tenure will have a good impact on loan eligibility. Longer the tenure of the loan, lower the EMIs. The lower EMIs indicate that an applicant can repay the loan without much burden every month.

  • Secured loans: Secured loans are offered at a better rate of interest and the chances of your loan eligibility increase.

  • Repay outstanding loans: It is recommended to repay all your outstanding loans before applying for the fresh Personal Loan at Tata Capital. This will increase the loan eligibility to avail the Personal Loan.

  • Turn to your bank: The chances of getting the loan from a bank at which you already have an account are more due to your personal relations with the bank. The bank will offer a good interest rate and will negotiate for the better offer if you apply an existing customer of the bank.

Documentation 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

Why Apply for Tata Capital Personal Loan through MyMoneyMantra?

MyMoneyMantra helps you in comparing various Personal Loan offers from over 70 banks and other financial institutions by providing you detailed information about each product like interest rate, tenure, eligibility criteria, documents required, fees and charges, and so on. You can also calculate and compare between the EMIs of all the products offered with the help of MyMoneyMantra's online EMI calculator. Choosing the best Personal Loan offer is an easy game with such assistance.

Why Use MyMoneyMantra Personal Loan EMI Calculator?

The MyMoneyMantra Personal Loan EMI calculator is very simple and convenient to use and gives you results in a jiffy.

Exact estimation of the loan EMI can be made using MyMoneyMantra's EMI calculator. This helps one to plan the monthly expenses based on the monthly EMI outcome.

MyMoneyMantra's Personal Loan EMI Calculator can be used to calculate and compare various Personal Loan offers and choose the right lender on the basis of your requirement and preference.

FAQs on Tata Capital Personal Loan

Question - What is the age eligibility criteria to avail the Personal Loan from Tata Capital?

Answer - 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.

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

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

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

Answer - 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.

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

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

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

Answer - 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 score is 700. Most of the banks avoid giving loans to the applicant having a credit score lower than that.

Tata Capital Personal Loan News

2017-07-12: Tata Capital announces the launch of Robotic Automation Bot for Personal Loans

Tata Capital, the financial arm of Tata Group announces the launch of a Robotic Automation Bot for its Personal Loan products. The newly launched Robotic Automation Bot facilitates the process of the Personal Loan by taking user's personal information in the form of a chat. Tata Capital has reported a significant gush in its lead generation and improvement in customer experience.

Tata Capital survey highlights that the majority of people take the loan to finance wedding expenses

A recent online survey from Tata Capital, the financial services arm of Tata Group has revealed that the majority of people take a Personal Loan to partly or fully finance the wedding expenses. The wedding loan survey conducted by Tata Capital aims to understand consumer behaviour concerning finance in India. This will help them to craft and offer better Personal Loan product and offers.

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