The reasons for taking business loan may vary from buying inventories, raw materials to expansion of an old business to maintaining cash flow. Whatever be the reason, Tata Capital provides customized business loans to its clients. Tata Capital offers business loans up to Rs. 75 lakh at an interest rate of 19% onwards. The entire process of availing loan and repayment of the same is very smooth and flexible.
Tata Capital Business Loan Interest Rate & Charges – 2021
The interest rate and other fees and charges of Tata Capital Business Loan are as mentioned below:
|Category/Type/Services||Interest Rate, Features, Fees & Charges|
|Interest Rate||19% onwards|
|Loan Amount||Min. Rs. 5 lakh & Max. up to Rs. 75 lakh|
|Repayment Tenure||Min. 12 months & Max. 36 months|
|Cancellation Charges||2.75% of the loan amount + GST|
|Foreclosure charges||4.5% of the principal outstanding on the ongoing business loan|
|Penal Interest||3% on Overdue Amount per month + GST|
|Loan Cancellation Charges||2% of loan amount or Rs. 5750, whichever is higher + GST|
|Bounce Charges||Rs. 2000 for every Cheque/ Payment Instrument Dishonour + GST|
|Mandate Rejection Service Charge||Rs. 450 + GST|
|Document Processing Charges||Rs. 1,999 + GST|
|Swapping Charges||Rs. 550 + GST|
|Post-dated cheque charges||Rs. 850 + GST|
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges.
Features of Tata Capital Business Loan
Following are the salient features of Tata Capital Business Loan:
- Tata Capital provides unsecured business loans
- No collateral required
- Interest Rate: 19% onwards
- Loan Amount: Minimum Rs. 5 lakh & Max. up to Rs. 75 lakh
- Repayment Tenure: From 12 months to 36 months
- Business loan of 3 types are available –
- Working Capital loan to aid you in fulfilling day-to-day operations of the company
- Machinery loan to buy new machines or repair old equipment and increase overall quality
- MSME & SME loan for the small businesses to run effectively
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Following are the key norms that must be fulfilled while applying for a business loan:
- The loan applicant must be in the age group of 25-65 years
- Loan is available for businesses that are in operation for at least 3 consecutive financial years
- The business must show a constant growth and cash profit over the past 2 years
- Loan is available for business that is currently in operation and has their balance sheet reviewed by a registered Chartered Accountant
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Documents Required for Loan Application
- Duly filled application form
- Passport-sized photographs
- Business Plan
- Identity proof like Voter Card, Aadhaar Card, Passport, Driving License
- Address proof like Aadhaar Card, Passport, Driving License
- Last 6 months bank statements copy
- PAN card
- Business proof like Establishments or Sales Tax Certificate or Trade License
- Ownership documents
- Sole proprietorship declaration or Partnership deed certified copy
- IT Returns for last 2 financial years
- Balance sheet and Profit/Loss Statement for last 2 financial years
Related Post: Documents Required for Mudra Loan for New Business
How to Apply for TATA Capital Business Loan?
Tata Capital Business loan offers multiple business loan products that cater to different sections of business aspects. If you are looking for options and want to apply for a business loan, you can visit at Paisabazaar.com where all the comparisons of banks business loans along with interest rate and features are available. All the business loan products offered by the banks and NBFCs can be compared here at Paisabazaar.com.
To check the business loan EMI, applicants can visit the official website and check from Tata Capital Business Loan EMI Calculator online.
Application forms can be downloaded in pdf format from official website and the applicant can perform online payment after loan approval.
Tata Capital Business Loan Customer Care Number
|Email ID:||firstname.lastname@example.org, email@example.com, firstname.lastname@example.org|
Frequently Asked Questions (FAQs)
Q. How can the business loan be repaid?
Ans. The repayment can be done through Post Dated cheques, ECS (Electronic Clearance Service) or Standing Instruction
Q. What is the loan repayment period of business loan?
Ans. One can repay the loan amount from 12 months and up to 36 months with TATA Capital business loan
Q. What is the interest rate of TATA Capital business loan?
Ans. The interest rate is 19% onwards and is fixed.
Applying for Tata Capital Business Loan is very simple. One can visit a nearby branch and apply for the loan directly or visit their official website and apply online. In case, one has certain doubts, they can call the toll-free number 1860-267-6060 from 9 a.m. to 8 p.m. on Monday to Saturday or visit a nearby Tata Capital branch.
Q. How can I download my Tata Capital Business Loan statement online?
Ans. To download your Tata Capital Business Loan statement online, kindly follow the below mentioned steps:
Step 1: Visit: https://www.tatacapital.com/ways-to-service/retail-portal.html to Click on ”Login Now”
Step 2: Page will redirect to https://retailonline.tatacapital.com/
Step 3: Enter your registered mobile number or email address
Step 4: Click on Get OTP or Login Using User ID
Step 5: After Logging – You can download the statement