Tata Capital Financial Services Personal Loan

4.5

Tata Capital Financial Services Personal Loan is available at the lowest interest rate. One can apply for a loan of up to INR 35 Lakhs. Tata Capital Personal Loans are available for flexible tenures of up to 6 years. Unsecured Personal loans are available for all personal purposes, including medical emergencies or vacation planning. You can get instant approval within 5 minutes to satisfy your financial needs.

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Tata Capital Financial Services LTD Personal Loan

  • Interest Rate

    10.99% - 19%

  • Loan Amount

    ₹75K - ₹35L

  • EMI Per Lakh

    ₹2,174 - ₹2,594

  • Processing Fees

    Up to 3.00%
  • Pre-Payment Charges

    • Part-prepayments can be made only after 6 months. They are allowed only once a year with a minimum gap of 6 months between two part-prepayments. Amount prepaid cannot exceed 25% of the principal outstanding and a charge of 2.5% (plus applicable taxes) will be applied amounts above 25% of the principal outstanding.
    • Foreclosure is allowed only after 6 months. A foreclosure charge of 3.5% + GST is applicable on the principal outstanding after 6 months. In case of foreclosure within 6 months after a part-prepayment, a foreclosure charge of 3.5% (plus applicable taxes) will be levied on the principal outstanding plus part-prepayment amount.
    • For loans above ₹ 7 lakhs, a 12-month clean payment track is a must for loan foreclosure and a charge of 3.5% + GST applies unless loan is closed with own funds.
    • For overdraft cases, loan foreclosure is allowed only after 6 months and a charge of 4.5% + GST is applicable on the dropped-down limit amount.
    ... more

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Features and Benefits of Tata Capital Personal Loan

Tata Capital renders a wide range of features and benefits to its customers. Some of the popular ones are listed below:

Multipurpose Personal Loan

Tata Capital is an NBFC (Non-Banking Financial Company) that offers you a personal loan for a plethora of purposes, including travel, weddings, higher studies, etc. 

Overdraft Facility

In case you need extra money, the company has an overdraft facility that allows you to withdraw money up to a certain agreed limit. Interest rates will be applicable only on the amount that you use. 

Zero Charges on Part Pre-Payment

After six months of the personal loan disbursal, you are eligible to opt for the pre-payment part of the loan without any additional fee or penalty. 

No Collateral/Security

No security or collateral is required for availing of Tata Capital Personal Loans.

Small Personal Loan Facility

This is one of the most unique features of Tata Capital Financial Services Limited. Not every financial institution offers this facility. With Tata Capital’s Small Personal Loan, you can avail of loans ranging from ₹ 40,000 to ₹ 1.5 lakhs. 

Quick Approvals

This NBFC takes as low as 2 minutes to disburse your personal loan if your documents and applications are valid. 

Minimal Paperwork

With minimal documentation like identity, address, and income proof, you are good to apply for a personal loan with Tata Capital.

Tata Capital Personal Loan Fees and Charges

When you apply for a personal loan, you have to pay certain fees and charges. Tata Capital imposes the following charges on the personal loan availed by borrowers:

Types of Charges Charges Applicable
Processing Fees 2.75% of the loan amount + GST
Penal Interest/Additional Interest 3% on the overdue amount monthly along with the GST charges
Bounce Charges ₹ 600 for every cheque/Payment Instrument Dishonour along with the GST charges
Mandate Rejection Service Charge ₹ 450 + GST
CCOD Annual Maintenance Charges 0.25% on Dropline Amount along with the GST or Rs. 1000, whichever is higher per year
Outstation Collection Charges ₹ 100 + GST per repayment tenure
Statement of Accounts ₹ 250 + GST charges
Loan Cancellation Charges 2% of the loan amount or ₹ 5,750, whichever is higher and the GST charges
Instrument Swap Charges ₹ 550 + GST charges
Duplicate Repayment Schedule ₹ 550 + GST charges
Duplicate NOC ₹ 550 + GST charges
Post-Dated Cheque Charges ₹ 850 + GST charges

Tata Capital Personal Loan Interest Rates

The basic details of Tata Capital Personal Loan interest rates are as follows:

Loan Amount Upto ₹ 35 Lakh
Loan Tenure Up to 6 years
Interest Rate Starting at 10.99%
Processing Fee Based on the loan amount

Note: The interest rates are variable and they change depending on the borrower’s credit profile, tenure of the loan and more. 

Factors Affecting Tata Capital Personal Loan Interest Rates

There are certain factors that may impact Tata Capital Personal Loan interest rates. They are as follows:

CIBIL Score

CIBIL or credit score reflects your repayment potential and plays a powerful role in securing low-interest personal loans. The greater the credit ratings, the more attractive interest rates you can get. 

Repayment History

Once lenders have found your credit score, they will monitor your repayment history to assess the interest rate on the personal loan. They prefer clean credit history with timely payments and no EMI defaults. 

Income

If you fall under the high-income bracket, the lender sees you as more likely to make timely repayments and extends better interest rates. 

Debt-to-income Ratio

If you are paying for multiple loans and credit cards, and your debt load consumes a significant fragment of your monthly salary, you may appear a high-risk applicant to the lender. It can impact the interest rates on the personal loan you may qualify for. 

Employer’s Reputation

If you are working with a reputable or credible organisation, the lender may provide you with more attractive rates. Employers’ reputation plays a significant role in determining the personal loan interest rate.

Documents Required for Tata Capital Personal Loan

If you want to avail a personal loan with Tata Capital, then you must furnish the following documents: 

For Salaried Person

  • Photo Identity Proof documents such as PAN Card, Voter ID, etc. 
  • Address Proof documents such as the Aadhar Card, Driving Licence, Passport, etc.
  • Salary Slips for the last three months
  • Income Proof documents and
  • Employment Certificate

For Self Employed Individuals

  • Identity proof and proof of residence
  • Documents that establish your credentials such as the Aadhar Card and Voter Card
  • Employment certificate stating 1 year of continuous employment
  • Income documents such as the bank statements for the last 6 months.

How does the EMI Calculation Work for Tata Capital Personal Loan?

One can calculate the interest rate on the personal loan by implementing the flat rate method and reducing the balance method. 

In the flat rate method, the interest paid stays fixed. The total interest payable is computed on the loan amount availed throughout the entire tenure of the loan. Therefore, the personal loan interest rates remain constant and don’t lessen even when the principal amount reduces as you pay your monthly instalments. 

On the contrary, the reducing balance method uses the interest rate which is determined by the outstanding balance amount, which lessens every time you pay an EMI. 

The formula for calculating the interest rate on personal loan interest calculation can be expressed as follows: 

Flat Rate Method

EMI = (Principal + Total Interest Payable) / Loan Tenure in Months)

Here, Total Interest Payable = Principal x Personal Loan Rate x Loan Tenure/100

Reducing Balance Method

EMI= [P x R x (1+R)^N]/[(1+R)^ (N-1)]

Where P = Principal Amount

R = Personal loan ROI or rate of Interest

N = Loan Tenure in months

How Does Tata Capital Compare with Other Lenders?

To know how Tata Capital compares with other lenders, have a glimpse at the table given below:

Banks/NBFCs Interest Rates (per annum) & onwards
Tata Capital 10.99%
ICICI Bank 10.25%
SBI 9.60%
HDFC Bank 10.25%
Kotak Mahindra Bank 10.25%
PNB 7.90%
IndusInd Bank 10.49%
Axis Bank 10.25%
IDFC First Bank 10.49%
Bajaj Finserv 13.00%
Clix Capital 14.99%

Tata Capital Personal Loan Customer Care Number

For any queries or additional information about Tata Capital Personal Loan, you can call and talk to one of the customer care executives on their toll-free number – 1860 267 6060.

You can also connect to Tata Capital’s smart virtual assistant ‘Tia’ and express your concerns. They will be addressed within a few minutes. Tia is available 24 x 7. 

Another option is to talk to Tata Capital’s executives in person by directly visiting the nearest Tata Capital branch.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Do I need to visit a branch to apply for a personal loan?

No, visiting a branch is not mandatory. You can rather opt for an online loan processing procedure.

What is the maximum Personal Loan you can get?

Tata Capital can approve a maximum personal loan amount of ₹ 35 lakhs. However, it completely depends on the borrower's monthly income.

What is the minimum salary requirement for getting a personal loan?

The borrower of a Tata Capital’s Personal Loan must have a minimum salary of ₹ 15,000.

Why is it important to determine eligibility while applying for a personal loan?

The eligibility criteria for a personal loan involve the applicant’s credit score, income, work experience, and job stability. Such factors also determine the loan amount that the borrower can borrow from his/her lender. Therefore, it’s highly recommended that the borrower of the personal loan runs an eligibility check before making an application for a personal loan. This will make the process of loan approval much quicker and smoother.

How is personal loan eligibility calculated?

You can calculate the eligibility of the personal loan using two main factors:

  • Monthly income method: Usually, you can avail a loan of up to 30 times your monthly salary. 
  • Debt-to-income ratio (DTI): It’s an EMI pay-out divided by your total monthly income. Your Debt-to-income ratio must be lower than 50% if you seek high personal loan eligibility. 

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