Tata Capital Personal Loan Interest Rates and Loan Types
|Particulars||Interest rates (p.a.)|
|Personal loan for salaried||10.99% onwards|
|Personal loan for self-employed||10.99% onwards|
|Personal loan for govt. employees||10.99% onwards|
|Personal loan for women||10.99% onwards|
|Personal loan for doctors||10.99% onwards|
|Marriage loan||10.99% onwards|
|Medical loan||10.99% onwards|
|Travel loan||10.99% onwards|
|Home renovation loan||10.99% onwards|
|Personal loan overdraft||13.55% onwards|
|Education loan||10.99% onwards|
Note: Rates as of 10th May 2023
Comparison of Personal Loan Interest Rates offered by Various Banks/NBFCs
|HDFC Bank||10.50% onwards||Apply Now|
|ICICI Bank||10.75% onwards||Apply Now|
|Axis Bank||10.49% onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|IndusInd Bank||10.49% onwards||Apply Now|
|IDFC First Bank||10.49% onwards||Apply Now|
|Bajaj Finserv||11.00% onwards||Apply Now|
|Tata Capital||10.99% onwards||Apply Now|
Also Read: Which bank/NBFC is best for availing personal loans in India?
Factors influencing Tata Capital Personal Loan Interest Rates
Tata Capital provides personal loans to salaried applicants based on their credit scores. However, the non-banking financial company (NBFC) has not specified their personal loan interest rates matrix for prospective borrowers on the basis of their credit scores.
Personal loan applicants can follow healthy credit behaviours like paying their EMIs on time, avoiding multiple loan applications within short durations, maintaining an optimal credit mix, etc. to increase/maintain their credit scores and thereby, improve their personal loan eligibility. They should also review their credit reports at regular intervals to find any mistakes in the report and highlight it to their lender or credit bureaus. Any error in a loan applicant’s credit report can reduce his credit score and negatively impact his eligibility for availing personal loans. Lower credit scores may also reduce loan applicants’ chance of availing Tata Capital Personal Loans at lower interest rates.
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Tata Capital has a minimum monthly income requirement of Rs 35,000 for their salaried personal loan applicants. Although Tata Capital has not specified the differential personal loan interest rates based on their loan applicants’ income, many lenders do provide lower interest rates for personal loan applicants having higher incomes. Borrowers with higher incomes usually have higher loan repayment capacity as well, which reduces the lender’s credit risk. Lenders can then pass on this benefit to the personal loan borrower in the form of lower interest rates.
Tata Capital sets their personal loan interest rates based on their loan applicants’ occupation profile and work experience. The NBFC has not specified offering differentiated interest rates on their personal loans based on their employer profile. However, many lenders consider the employer profile of their loan applicants while finalising the interest rates on their personal loans. Lenders usually offer lower interest rates on personal loans for salaried applicants when compared to personal loan for self-employed applicants. Within salaried applicants, lenders provide lower interest rates for employees working for the government or PSUs as their income and job security are usually higher compared to other salaried applicants. Lenders also offer lower interest rates on personal loans to employees working in MNCs or reputed private sector companies as their capacity of withstanding adverse economic conditions is usually better than other organisations in the private sector.
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Existing Relationship with Tata Capital
Even though Tata Capital has not specified offering discounted personal loan interest rates to their existing customers, various lenders give interest rate concessions to personal loan applicants already having lending/deposit accounts with them. Hence, loan applicants looking to avail Tata Capital Personal Loans should first contact lenders with whom they already have existing lending/banking relationships and then, compare the interest rates offered by those lenders with Tata Capital’s Personal Loan interest rates .
Tips to Avail Personal Loans at Low Interest Rates
- Maintain credit scores of 750 and above.
- Check the pre-approved personal loans offered from multiple lenders.
- Track personal loan rates of interest offered by top banks/NBFC, especially during the festive season.
- If you have a lending or deposit account with one or more lenders, ask them if they can offer you a personal loan at reduced interest rates.
- Check online financial marketplaces to compare Tata Capital’s Personal Loan interest rates with the personal loan interest rates offered by different lenders.