Tata Capital Personal Loan EMI Calculator will help you to find out your Personal Loan EMI and interest cost based on your loan amount, tenure and interest rate. It will help you to choose your loan amount and loan tenure based on your repayment capacity.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
Personal Loan Interest Rate Comparison of different Banks
|HDFC Bank||11.00% p.a. onwards||Apply Now|
|Axis Bank||10.25% onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|ICICI Bank||10.50% onwards||Apply Now|
|Bajaj Finserv||13.00% onwards||Apply Now|
Tata Capital Personal Loan EMI Calculation
Tata Capital, a Non Banking Financial Company (NBFC), uses the reducing balance method of interest calculation. The following table shows the EMI payable for Tata Capital personal loan based on various combinations of loan parameters:
|Loan Amount (Rs.)||Interest Rate (p.a.)||Tenure (months)||EMI (Rs./month)|
Comparison of EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate
The following table shows how the method of interest calculation affects the monthly payout. As already mentioned, interest accrued in case of reducing balance method calculation is lower than interest accrued in case of flat balance calculation (even if interest rate is the same in both cases):
|Loan Amount (Rs.)||Loan Tenure (months)||Interest Rate (p.a.)||EMI using Flat Rate method (Rs.)||EMI using Reducing Balance method (Rs.)|
EMI Plans Offered by Tata Capital
Tata capital personal loans come with the following two EMI plans:
- Standard EMI Plan: In this plan, the EMI amount remains the same throughout the loan tenure. In other words, you consistently pay off the principal and interest components over a defined period of time. This plan is suitable for those with a regular income.
- Step Up Flexi EMI Plan: This plan offers great facility with respect to EMI payments. You can pay lower EMIs in the beginning and pay higher EMIs later as your salary increases. This plan allows you to pay more when you can afford. It is ideal for those who expect their income to increase at regular intervals.
Charges Levied on Non Payment of EMI
|Penal Interest||3% on overdue amount + GST|
|Bounce Charges||Rs. 600 for every cheque or payment instrument dishonour + GST|
|Mandate Rejection Service Charge (applicable on the EMI due date when the account does not have an active mandate for the given post dated cheque)||Rs. 450 + GST|
|Instrument Swap Charges||Rs. 550 + GST|
Factors Affecting Tata Capital Personal Loan EMI
The following factors affect Tata Capital personal loan EMI:
- Loan Amount: Generally, as the loan amount increases, the monthly payout also increases. The minimum personal loan amount offered by Tata Capital is Rs. 75,000 while the maximum is Rs. 25 lakh.
- Loan Tenure: Monthly EMI payable decreases with an increase in the repayment period if loan principal and interest rate are kept constant. However, it may result in greater interest payout. Thus, you should always seek a balance between these two aspects before settling on a suitable personal loan offer.
- Rate of Interest: A higher rate of interest results in higher EMIs. Additionally, the method of interest calculation also plays a role in determining your monthly payout. EMI tends to be lower when interest is calculated using the reducing balance method than that in case of the flat rate method.
Benefits of Using an EMI Calculator
- Financial planning: An EMI calculator allows you to plan your monthly finances better. You can calculate your EMIs beforehand by using the tool. This can help you reduce the risk of default with respect to any EMI payment in the future.
- Instantaneous Results: The Tata Capital personal loan EMI calculator saves you from having to perform tedious EMI calculations by hand. You only need to provide the loan parameters and the tool displays the EMI payable in seconds.
- Accurate Calculation: Not only will you save time with the use of the EMI calculator, but also get 100% accurate results instantly. This can help you plan your loan repayment better.
- 24×7 Availability: You can use the EMI calculator at any time of the day from anywhere. Moreover, you can use it any number of times to try out various combinations of loan amount, tenure and interest rate at no charge whatsoever.
Frequently Asked Questions (FAQs)
Q1. How to pay Tata Capital personal loan EMI online?
You can use the online EMI payment portal of Tata Capital to pay the EMIs online. You can either use net banking or UPI or a debit card to do so.
Q2. What is floating rate EMI calculation?
When the interest rate offered by the bank/ NBFC depends on an external benchmark, such as repo rate, the interest is said to be variable. This is because change in the repo rate can lead to a variation in the loan interest rate. The method used for EMI calculation in such cases may be called floating rate EMI calculation. Current Tata Capital personal loan EMIs are calculated on the basis of fixed interest rates which remain the same throughout the loan tenure.
Q3. Does the EMI calculator also show prepayment charges?
No, the EMI calculator does not display the prepayment charges. You can check the same in the loan agreement provided by the lender.
Q4. Does Tata Capital offer personal loan balance transfer facility?
Yes, Tata Capital allows personal loan balance transfer. Using this facility you can transfer an ongoing loan with any other lender to Tata Capital at a lower rate of interest. The interest rates and other features of the balance transfer facility tend to differ on a case by case basis.