Tata Capital Personal Loan

Tata Capital Personal Loan is available at an interest rate starting at 10.99% per annum for loan amounts of a maximum of Rs. 35 Lakhs for a tenure of up to six years Tata Capital offers customised instant pre-approved personal loans and offers a quick disbursement process. This is to select consumers and instant small personal loans to the salaried/employees individuals who have a limited or zero credit history.

Note: Rates are updated as of February 24, 2023

Disclaimer: The loan details are subject to change as per the policies of the financial institution. Please verify with the lender before applying. 

Types of Tata Capital Personal Loan

Here are the types of Tata Capital Personal Loans that you must be aware of:

1. Personal Loan Overdraft

• Purpose: The Personal Loan Overdraft facility provides flexible withdrawal of funds. They also allow the part-payments facilitation according to the requirements of the borrowers and the financial position without any kind of additional charges. The interest rate is charged on the used, however, unpaid amount.

• Loan Amount: Rs. 2 Lakhs - Rs. 35 Lakhs

• Tenure: Maximum of 7 years 

• Processing Charges: Maximum of 3% of the amount of loan + GST

2. Wedding Loan

• Purpose: Wedding Loan is provided for covering the expenses arising due to the wedding-related procedures.

• Loan Amount: Rs. 75,000- Rs. 35 Lakhs

• Tenure: 1 year to 6 years 

• Processing Charges: Maximum of 2.75% of the amount of loan + GST

3. Medical Loan

• Purpose: The applicants of the prospective personal loans can avail of medical loans for covering the expenses arising due to medical emergencies, or for dental, cosmetic, and several other medical procedures.

• Loan Amount: Rs. 75,000 - Rs. 35 Lakhs

• Tenure: 1 year to 6 years

• Processing Charges: Maximum of about 2.75% of the amount of loan + GST

4. Personal Loan for Education

• Purpose:  Personal loan for education provides financial aid for covering the students’ living costs who plan to study abroad or in India and their tuition fees. This facility of loan is feasible for those individuals who are not able to avail of regular personal loans.

• Loan Amount: Rs. 75,000 - Rs. 35 Lakhs

• Tenure: 1 year to 6 years

• Processing Charges: Maximum of 2.75% of the loan amount + GST

5. Travel Loan

• Purpose: Personal loans to fund vacation or various travel-related expenses of the applicant including transportation costs, hotel expenses, tour packages, and/or any other expenses associated with the travel.

• Loan Amount: Rs 75,000 - Rs. 35 Lakhs

• Tenure: 1 year to 6 years

• Processing Charges: Up to 2.75% of the loan amount + GST

6. Home Renovation Loan

• Purpose: This loan facility helps the borrowers with funds for home renovation ranging from extensive interior upgrades to basic maintenance and repair needs.

• Loan Amount: Rs 75,000- Rs. 35 Lakhs

• Tenure: 1 year to 6 years

• Processing Charges: Up to 2.75% of the loan amount + GST

7. Personal Loan for Government Employees

• Purpose: Individuals employed in government sectors can avail personal loan for government employees to meet their personal financial needs.

• Loan Amount: Up to Rs 35 Lakhs

• Tenure: 1 year to 6 years

• Processing Charges: Maximum of 2.75% of loan amount + GST

• Part Pre-payment Charges: Zero

8. Personal Loan for Salaried Employees

• Purpose: Tata Capital provides a personal loan for the salaried employees in order to meet the personal financial requirements of the salaried individuals.

• Loan Amount: Rs 75,000- Rs. 35 Lakhs

• Tenure: Maximum of 6 years (Personal Loan Overdraft Facility is available)

• Part prepayment Charges: Zero (allowed post six months of the date of the loan disbursement)

9. Personal Loan for Doctors

• Purpose: Tata Capital provides special personal loans for the doctors in order to finance their professional and personal needs such as buying the renovation clinics, high-end medical equipment, and more. 

• Loan Amount: Rs. 75,000 - Rs. 35 Lakhs

• Tenure: Maximum of 6 years

• Processing Charges: Maximum of 2.75% of the loan amount + GST

• Part prepayment Charges: Zero (allowed after 6 months of loan disbursal date)

10. Personal Loan for Women

• Purpose: Personal loan for women caters to the diversity of the financial requirements of the working women and the home makers.

• Loan Amount: Rs 75,000- Rs. 35 Lakhs

• Tenure: Maximum of 6 years (Availability of the Personal Loan Overdraft Facility)

• Processing Charges: Maximum of 2.75% of the loan amount + GST

• Part prepayment Charges: Zero (permitted after six months of the date of the loan disbursement)

11. Personal Loan for Pensioners

• Purpose: Pension loan for the pensioners is a personal loan facility which is free of collateral in order to meet the personal financial requirements of the pensioners.

• Loan Amount: Rs. 75,000 - Rs. 35 Lakhs based on the eligibility criteria. This implies that higher the pension, greater the amount of loan which a pensioner can avail.

• Tenure: Maximum of six years

• Processing Charges: Maximum of 2.75%

12. Small Personal Loan

• Purpose: Lower-ticket instant Personal Loan for the salaried employees with a quick disbursement process of a few minutes.

• Loan Amount: Rs. 40,000 - Rs. 1.5 Lakhs

• Processing Charges: Maximum of 2% of the loan amount + GST

13. Pre-approved Instant Personal Loan

Purpose: Tata Capital provides an instant pre-approved loan to the selected individuals who have a spotless history of timely repayment. The Non-banking Financial Corporations could also take into consideration several other factors such as the credit score, monthly income, and more, while providing this personal loan facility. 

Disclaimer: Bajaj Markets does not endorse the given data. Kindly visit the official website of Tata Capital to get the accurate information.

Tata Capital Personal Loan Interest Rates

The interest rates of the Tata Capital Personal Loan start from 10.99% per annum. Here is the table which depicts the interest rates of Tata Capital Personal Loan:

Disclaimer: Kindly refer to their original website for accurate information.

How Tata Capital Personal Loan EMI is Calculated?

In order to compute the Tata Capital Personal Loan EMI, you must be well-versed with the below mentioned terms/variable:

• Principal Loan Amount (P)

This amount is the total sum which you borrow as your loan.

• Rate of Interest (R)

This is the interest rate which is charged to the borrower by the respective lending institution. It is generally expressed as the annual percentage rate of the loan amount which is outstanding. The borrower can negotiate this rate depending on the fulfilment of their eligibility.

• Loan Tenure (N)

This is the repayment period/tenure of the loan amount and is expressed as the no. of years It is basically the aggregate period across which the Tata Capital Personal Loan repayment has been distributed.

 

The following formula is used to calculate the Tata Capital Personal Loan EMI:

Equated Monthly Instalment = [P*R*(1+R)^N]/[(1+R)^(N-1)]

The values of R, N, and P can be inserted into the above-mentioned formula in order to calculate your Tata Capital Personal Loan monthly EMI. 

Eligibility for Tata Capital Personal Loan

The eligibility criteria for the Tata Capital personal loan is dependent on the factors such as the credit score, work experience, age, income, work experience, and job stability of its applicants for personal loan. The eligibility criteria which has been laid down by Tata Capital for the disbursement of various personal loan schemes is mentioned as follows: 

1. For Personal Loan Overdraft Facility

• The age of the applicant must lie between 22 years and 58 years 

• The monthly income of the applicant must be at least Rs. 35,000.

• The applicant must hold a job work experience of at least two years

• The applicant must have been serving in one specific job for at least one year.

2. For Wedding Loan

• The applicant must be a salaried employee. 

• The age of the applicant must lie between 21 years and 58 years

• The applicant must have been serving in their present corporation for a minimum span of six months. 

• The monthly income of the applicant must be at least Rs. 20,000.

3. For Medical Loan

• The applicant must be a salaried employee. 

• The age of the applicant must lie between 21 years and 58 years

• The monthly income of the applicant must be at least Rs. 20,000.

• The applicant must hold a job work experience of at least one year.

• The applicant must have been serving in their present corporation for a minimum span of six months. 

4. Personal Loan For Education

• The age of the applicant must lie between 16 years and 26 years

• The applicant must have a good academic record.

• The applicant or their parents must have a stable source of income.

• The credit history of the co-applicant must be good.

• The applicant must show some security as a back-up for their repayment or own a guarantor. 

5. For Travel Loan

• The age of the applicant must lie between 22 years and 58 years

• The applicant must be a salaried employee. 

• The applicant must hold a job work experience of at least one year.

• The applicant must have been serving in their present corporation for a minimum span of six months. 

• The monthly income of the applicant must be at least Rs. 20,000.

6. For Home Renovation Loan

• The age of the applicant must lie between 24 years and 65 years

• The applicant must hold a job work experience of at least two years

• The monthly income of the applicant must be at least Rs. 20,000.

• The entrepreneur applicant must have a work experience of at least 3 years in their present industry.

7. For Government Employees

• The age of the applicant must lie between 22 years and 58 years

• The applicant must hold a work experience of at least one year.

• The monthly income of the applicant must be at least Rs. 15,000.

• Factors such as the applicant’s job stability, their CIBIL score must also be considered.

8. For Salaried Employees

• The age of the applicant must lie between 22 years and 58 years

• The applicant must hold a work experience of at least one year.

• The monthly income of the applicant must be at least Rs. 15,000.

• The applicant must have a credit score of at least 750.

• The applicant must have repaid their earlier debits within the stipulated period.

9. For Doctors

• The age of the applicant must lie between 22 years and 58 years

• The applicant must hold a work experience of at least one year.

• The monthly income of the applicant must be at least Rs. 15,000.

10. Loan for Women

• The age of the applicant must lie between 22 years and 58 years

• The applicant must hold a work experience of at least one year.

• The monthly income of the applicant must be at least Rs. 15,000.

11. Loan for Pensioners

• The monthly pension withdrawn must be at least Rs. 15,000.

Tata Capital Personal Loan Features & Benefits

Here are the key features and benefits of Tata Capital Personal Loans:

• The personal loan amount offered ranges from Rs. 40,000 to Rs. 35,00,000.

• The repayment tenure offered for Tata Capital Personal Loans is up to a span of six years

• The interest rates for Tata Capital Personal Loan starts at 10.99%.

• There is no requirement for a security or a collateral to avail of Tata Capital Personal Loans.

• There is no documentation hassle involved and the loan application process can be completed with minimum documentation requirement.

• Tata Capital Personal Loan offers several repayment options and flexible Equated Monthly Instalments (EMI) options.

Documents Necessary for Applying for the Tata Capital Personal Loan

The following documents are required for the Tata Capital Personal Loan:

• Photo ID Proofs: Aadhar card, passport, driving licence, and a scanned copy of voter ID

• Salary Slips: Copy of the latest salary slips (previous three months)

• Income Proofs: Copy of the bank statement (previous six months)

• Employment Certificate: Certificate of employment of one year

• Address Proof: Electricity bill/passport/ration card copies

1. Additional Documents Required for the Tata Capital Personal Loan for Education

• A letter of admission issued by the college/school.

• Attested certificates and Mark sheet of 10th grade.

• Documents such as admission letter, entry permit, contract, I-20 Form issued by the institute for studying out of India.

• Income Tax Return of the guarantor/parents.

• Mandatory documents which are issued by the educational institution such as the prospectus, fees breakup, and more.

• Necessary details of the employment such as the resignation acceptance/letter, letter of study leave sanction, and more.

• Documents of property in cases of the immovable properties which are offered as a security.

2. For Self-employed Women/Pensioners

• Photo ID Proofs: Aadhar card, passport, driving licence, and a scanned copy of voter ID;

• Address Proof: Electricity bill/passport/ration card copies

• Income Proofs: Copy of the bank statement (previous six months)

• Salary Slips: Copy of the latest salary slips (previous three months)

How to Apply for Tata Capital Personal Loan?

Follow these steps to apply for the Tata Capital Personal Loan:

• Navigate to the online website of Tata Capital ((https://www.tatacapital.com/personal-loan/how-to-apply-for-personal-loan.html).

• Fill in the online application form.

• Submit the necessary documents as asked for.

• Wait for the verification process to be completed.

• You will receive the approval notification either by email or on your registered mobile number.

Customer Care Details

In case of any queries, grievances, or concerns, you can write to the customer support of Tata Capital at customercare@tatacapital.com. 

You can also call on their toll-free customer service contact number: 1860 267 6060.

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