Tata Capital Personal Loan Eligibility

The Tata Capital Personal Loan eligibility criteria for availing its different loan products are as follows:

Tata Capital Personal Loan Overdraft Facility

Tata Capital Personal Loan Balance Transfer

Tata Capital Wedding Loan

Tata Capital Medical Loan

Tata Capital Travel Loan

Tata Capital Home Renovation Loan

Tata Capital Government Employees

Tata Capital Personal Loan for Salaried Employees

Tata Capital Personal Loan for Women

Tata Capital Small Personal Loan

Credit Scores

The Tata Capital Personal Loan Eligibility criteria for salaried personal loan applicants is based on their CIBIL/credit scores. Most lenders use credit scores as one of the first filters to assess personal loan applications. Lenders consider personal loan applicants with credit scores of 750 and above as creditworthy and hence, such applicants have a higher probability of getting approval for their loan applications. Some lenders also offer personal loans at lower interest rates to loan applicants having higher credit scores. Thus, having higher credit scores can help one in improving their personal loan eligibility and thereby, availing lower personal loan interest rates.

EMI Repayment Capacity

The role of repayment capacity of personal loan applicants in ascertaining the Tata Capital Personal Loan Eligibility has not been disclosed by the lender. However, most lenders consider the repayment capacity of such applicants while evaluating their personal loan applications. Lenders usually require personal loan applicants to limit their monthly loan repayment obligations (including their EMIs both from existing loans and from the proposed personal loan) to within 50%-60% of their total monthly income. Lenders usually do not approve personal loan applications of individuals who fail to adhere to this limit.

Personal loan applicants who exceed the 50%-60% limit should opt for longer personal loan tenures, as it will help them reduce their EMIs and improve their loan repayment capacity.  Hence, Tata Capital Personal Loan applicants should use the personal loan emi calculator to determine the optimum EMI and loan tenure based on their repayment capacity as it helps to increase their Tata Capital Personal Loan Eligibility.

Occupation Profile

Both salaried and self-employed working professionals are eligible to avail Tata Capital Personal Loans. Personal loan applicants should have work experience of at least 2 years and monthly income of  Rs 35,000 and above to avail Tata Capital Personal Loans. While the lender has not specified the role of its loan applicants’ occupation profiles in deciding their Tata Capital Personal Loan Eligibility, many lenders determine their personal loan eligibility based on the occupation profile of their personal loan applicants.

Existing Consumer Relationship with Tata Capital

Tata Capital has not specified whether its existing customers get any concession or preference while evaluating their personal loan eligibility. However, many lenders prefer lending personal loans to their existing customers. Some lenders also provide pre-approved instant personal loans with immediate disbursal or zero documentation for select customers based on their credit profile. Some lenders offer preferential personal loan interest rates to their existing customers. Hence, existing Tata Capital customers planning to apply for personal loans should confirm with the lender if they qualify for pre-approved personal loans.