Wedding expenses can be significant enough to stress your budget and often savings are not enough to cover the entire cost of your plans for the big day. Tata Capital Marriage Loan is offered for amounts of up to Rs. 20 lakh with repayment tenure of up to 5 years. The disbursed amount can be used to pay various wedding-related expenses including venue, catering, accommodation for guests, jewellery, invitation card, decoration cost, etc.
Table of Contents
Interest Rate
Starting from 11.99%, the interest rate of Tata Capital Marriage Loan varies from individual to individual depending on the applicant’s credit score, loan amount, repayment capacity, age, etc.
Also Check: Interest rates of personal loans offered by other lenders
Fees and Other Charges
The following are some key fees and charges other than interest charges that are applicable to a marriage loan from Tata Capital:
| Type of Charge | Applicable Charges* | ||
| Processing Fee | Up to 2.75% of loan principal | ||
| Penal Interest/ Additional Interest | 3% on amount overdue for the month | ||
| Bounce Charge | Rs. 600 for each payment instrument dishonour | ||
| Mandate Rejection Service Charge | Rs. 450 | ||
| Outstation collection charges | Rs. 100 per instance | ||
| Statement of accounts | Soft Copy | Free | |
| Branch Walk-in | Rs. 250 | ||
| Loan Cancellation Charges | Higher among Rs. 5,750 or 2% of loan amount | ||
| Instrument Swap Charges | Rs. 550 | ||
| Duplicate Repayment Schedule | Soft Copy | Free | |
| Branch Walk- in | Rs. 550 | ||
| Duplicate NOC (No Objection Certificate) | Rs. 550 | ||
| Post-Dated Cheque Swap Charges | Rs. 850 per instance | ||
| Foreclosure Charges | Foreclosure charges | 4.5% of loan principal outstanding at the time of foreclosure. | |
| Part- payment charges | 2.5% + applicable charges on amount over 25% of principal outstanding | ||
| Foreclosure Charges for Top-Up | 2.5% on the principal outstanding at the time of foreclosure. | ||
| Any part prepayment /foreclosure made during the lock-in period will require payment of part prepayment/foreclosure charges equal to 4.5% on the outstanding loan principal | |||
| Foreclosure Charges on Term Loan Facility | 4.5% on the principal outstanding at the time of foreclosure.
In case the Borrower forecloses the term loan within 6 months after doing part prepayment, foreclosure charges of 4.5% will be levied on the principal loan amount outstanding plus part prepayment amount. |
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| Foreclosure Letter Charges | Soft Copy | Free | |
| Branch Walk- in | Rs. 199 | ||
*Note: Taxes such as GST may be applicable to the above mentioned charges as per Government rules.
Eligibility Criteria
- You should be a salaried individual
- You should be aged within 21 to 58 years
- Your minimum monthly income should be at least Rs. 20,000
- You must have a work experience of at least 2 years
- You should be working in your present organisation (at the time of loan application) for at least the past 12 months
Also know about Tata Capital Personal Loan Eligibility
Documents Required for Loan Application
- PAN Card Copy (mandatory)
- ID proof: Passport/ Voter ID Card/ Driving License/ Aadhaar Card (any one)
- Income proof: Bank statement of last 6 months and salary slips of last 3 months
- Address proof: Ration Card/ Passport/ Electricity Bill/ Passport
- Employment certificate: An employment certificate stating at least one year of continuous employment with your current organisation
EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Tata Capital Customer Care
- You can call at 1860-267-6060 (between 9 AM to 8 PM Monday to Saturday; Closed on Sundays and all Public Holidays)
- You can write a letter detailing your query to 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013
- You can send an email with your query to contactus@tatacapital.com or customercare@tatacapital.com (for existing Customers)
- You can visit the nearest Tata Capital branch. Branch details can be found on the official website.
FAQs
1. What happens if I cancel my marriage loan after availing it?
Ans. If you cancel the loan, the processing fee won’t be refunded while you will not have to pay any prepayment/foreclosure charges when you repay the loan in full. Any additional charges with respect to such an eventuality will be mentioned in your loan agreement.
2. Can I make a part prepayment on marriage loan?
Ans. Part prepayment on a personal loan is allowed only once in a year and the minimum time allowed between two successive prepayments is six months. You can make a part prepayment on your marriage loan along with any and all applicable charges.
3. Can I foreclose my marriage Loan?
Ans. You can foreclose your marriage loan after a lock-in period of 6 months by paying the applicable foreclosure charges along with the outstanding loan principal amount.
4. What happens if I miss an EMI?
Ans. If you miss an EMI, you will have to pay the late payment charge/penal interest charge and your credit score may also be adversely impacted.
5. I am self-employed. Can I get a marriage loan?
Ans. Currently Tata Capital marriage loan is available only to salaried applicants. However, self-employed individuals may be eligible for other personal loan options from Tata Capital subject to applicable terms and conditions.