Tata Capital Personal Loan Highlights
|Interest Rate||11.75% p.a. onwards|
|Loan Amount||Up to Rs. 20 lakh|
|Loan Tenure||12 months to 60 months|
|Minimum Eligible Income||Rs. 15,000 p.m.|
|Foreclosure Charges||4.5% on loan principal foreclosed + GST|
|Processing Fees||Up to 2.75% of loan sanctioned + GST|
Tata Capital offers personal loans of up to Rs. 20 lakh to individuals applying online, calling the customer care number or visiting the nearest branch. Tata Capital personal loan interest rates start at 11.75% p.a. and the tenure can extend up to 60 months. With minimum paperwork involved, your personal loan application is processed instantly and the loan amount is disbursed quickly.
Features of Tata Capital Personal Loan
- Loan Amount: Tata Capital offers a personal loan amount of maximum Rs. 20 lakh that can be used based on the borrower’s requirements
- Instant Online Approval: Once you submit all the documents and other information, you get an instant in-principal approval on your personal loan
- Flexible Tenure: Tata Capital ensures that your repayment schedule is stress-free and offers you a flexible tenure ranging from 12 to 60 months
- Quick Fund Disbursal: Once your Tata Capital personal loan application gets processed, your funds can get disbursed within as short a time as a few hours
- Overdraft Facility: Tata Capital’s personal loan offers an overdraft limit which allows you to withdraw additional money up to a pre-arranged limit. The interest on the overdraft is charged only on the amount you use
- Minimal Documentation Process: To apply for Tata Capital personal loan, you only need to submit basic documents for a hassle-free process
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Tata Capital Personal Loan Interest Rates
Tata Capital Personal Loan interest rate starts at 11.75%. Specific interest rates applicable to an applicant are dependent upon several factors including but not limited to credit score, customer segment, loan amount and location.
Types of Tata Capital Personal Loan Products
|Type of Personal Loan||Interest Rate (p.a.)|
|Home Renovation Loan||Starting at 11.75% p.a.|
|Overdraft Loan||Starting at 15.50% p.a.|
- Tata Capital Home Renovation Loan: You can remodel or renovate your home without any money constraints with Tata Capital Home Renovation Loan. The Home Renovation Loan comes with the following features:
- One can avail loan up to Rs. 20 lakh
- The loan tenure can vary between 12 to 60 months
- Requires no collateral or security to avail
- Interest rate starts at as low as 11.75%
- Tata Capital Wedding Loan: You can make your dream wedding possible with a Tata Capital Wedding Loan. Whether you want to book that perfect venue, hire a wedding photographer or buy that beautiful dress from your favourite designer, a wedding loan can help you pay for all wedding-related expenses. Key features of the wedding loan are:
- One can avail loan up to Rs. 20 lakh
- The loan tenure can vary between 12 to 60 months
- Early part repayment of the loan can be done without any extra charges/cost
- Interest rates start at as low as 11.75%
- No collateral or security is required to obtain the loan
- Minimal paperwork and quick approval/disbursal of loans
- Tata Capital Medical Loan: Medical emergencies can strike anyone anytime and being short of funds at such a crucial time can be really stressful. Tata Capital Medical Loan offers flexible repayment options for all medical, dental and cosmetic procedures. The features of Tata Capital’s Medical Loan are as follows:
- Applications receive instant e-approval once all the required documents are submitted
- Minimum paperwork and quick disbursal of loans
- Applicant has the flexibility to decide the loan amount, tenure and repayment options
- Requires no collateral or security to be provided
- Tata Capital Travel Loan: This personal loan from Tata Capital lets you undertake your dream trip without falling short of funds. It covers all travel-related expenses like hotel and airfare (all kinds of transportation expenses), tour packages, etc. The features of the Tata Capital Personal Loan for Travel include:
- Quick turnaround time from application to disbursal. Funds may be credited in the customer’s bank account within a couple of days subsequent to approval
- Requires minimum paperwork and no collateral
- Features tenure of up to 60 months
- Tata Capital Overdraft Loan: The overdraft facility is applicable to Tata Capital Personal Loans lets customers withdraw and pay back multiple times within their sanctioned credit limit. Interest is charged only on the amount utilized. Some key features of the Overdraft Loan are given below:
- The loan amount sanctioned can range between Rs. 2 lakh to Rs. 20 lakh depending upon your loan eligibility and other criteria
- Interest rate starts at 15.50% p.a.
- Simple documentation and minimum paperwork
- Customers can withdraw and pay back multiple times within the sanctioned limit
- Allows part-payment without any extra charge
- Offers Fixed Hybrid Overdraft facility, whereby the sanctioned limit of the loan remains fixed for a pre-determined tenure (1 year for 4 year loan tenure/2 years for 5 year loan tenure). Subsequently, there is a drop in limit for the rest of the tenure.
To avail Tata Capital personal loan, the following personal loan eligibility criteria need to be fulfilled:
For Salaried and Self-employed Individuals:
Particulars of the Applicant
Minimum Monthly Income
Documents required for Loan Application
The following documents are required to avail Tata Capital Personal Loan:
- Photo Identity Proof: A copy of your PAN/Aadhaar/Passport/Voter ID/Driving License etc.
- Income Proof: A copy of salary account bank statements for the past six months
- Address Proof: A copy of your Electricity Bill (not more than 3 months old) / Ration Card / Passport
- Salary slips for last 3 months
- Employment Certificate: A certificate issued by an employer certifying one year of continuous employment with the current employer
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How to Apply for Tata Capital Personal Loan with Paisabazaar?
The application process for Tata Capital Personal Loan with Paisabazaar involves the following steps:
Step 1- Visit Paisabazaar.com and fill out the online application form to check offers.
Step 2 – You will get a list of personal loan offers from different banks/NBFCs listed as per the chances of approval.
Step 3 – Contact Paisabazaar for assistance or select a prospective lender from the list.
Step 4 – Complete and submit your loan application online.
Why Apply for Personal Loan through Paisabazaar?
- Offers from Top Lenders: Paisabazaar has 40+ partners (Banks/NBFCs/Fintechs) to provide available loan offers from multiple lenders at one place best suited to you.
- Compare & Choose: You can check and compare available personal loan offers from India’s largest banks, NBFCs and fintechs, on Paisabazaar.
- Personalized solutions & certainty of approval: On Paisabazaar, personal loan offers are rank-ordered basis your credit score and other eligibility factors. This will help you in choosing the most-suited offer and provide you with the certainty of loan approval.
- Pre-Approved Loans: Once a part of the Paisabazaar ecosystem, you get personalised pre-approved personal loan offers based on your credit health from time to time. These loans come with low processing fees, low interest rates and almost no documentation.
- Unbiased Advice: In case you have any queries or need assistance, Paisabazaar’s team of experts will guide you on every step, coordinate with lender Banks/NBFCs and help you get the most-suited personal loan.
- Complete Digital Process: As a digital-only organization, Paisabazaar.com offers you completely digital processes that help you avail personal loans from the comfort of your homes with zero to minimum paperwork and a completely digital experience.
- Document Pickup: Where physical documentation is needed, Paisabazaar representatives will pick documents from your home/office on a mutually agreed date and time once you apply for the loan. With this, you are not required to physically visit the lender to submit your documents as Paisabazaar will do the needful for you – at zero cost.
- End-to-end Assistance: Right from looking out for a loan option to getting the sanctioned loan amount in your bank account, Team Paisabazaar remains with you and works in the background with the lenders, to give you a wonderful experience.
Fees and other Charges
|Loan Processing Charges||Up to 2.75% of the loan amount + GST|
|Part Prepayment Charges||Part prepayment is allowed post repayment of 6 EMIs.|
Can only be availed once a year.
2.5% of principle outstanding + taxes is applicable for every part payment done
|Penal Interest/ Additional Interest||3% on overdue amount per month + GST|
|Post- dated cheque charges||Rs. 850 + GST|
|Cheque Bounce Charges||Rs. 600 for every Cheque/ ECS Dishonour/ Payment Instrument + GST|
|Cancellation charges||2% of loan amount or Rs. 5750, whichever is higher + GST|
|Instrument swapping charges||Rs. 550 + GST|
|Foreclosure charges||No Foreclosure is allowed in first 6 months|
4.5% on the principal amount outstanding (dropped down amount) + GST
|Mandate Rejection Service Charge||Rs. 450 + GST (Charges will be levied on the EMI due date if the account does not have an active mandate after the exhaustion of the given post-dated cheques. This charge would be levied every month till an active mandate is activated.)|
|Outstation Collection Charges||Rs. 100 + GST|
Tata Capital Personal Loan EMI Calculation
Calculating EMI before applying for a personal loan helps you in making sure that the loan EMI payments do not adversely impact your monthly budget. It also helps in reducing the risk of defaulting on your loan. Finding an EMI that best suits your requirement through manual calculations is a tedious task, therefore, Tata Capital offers you a Personal Loan EMI calculator.
The rate of interest for Tata Capital Personal Loans starts at as low as 11.75%. The table below depicts a sample of loan amounts and the EMI payable for different loan tenure and interest rates.
|Loan Amount (Rs.) and Interest Rate||Monthly EMI Payout (Rs.)|
|1-year loan tenure||2-year loan tenure||3-year loan tenure||4-year loan tenure||5-year loan tenure|
|5 lakh @ 11.25% p.a.||Rs. 44,249||Rs. 23,362||Rs. 16,429||Rs. 12,984||Rs. 10,934|
|10 lakh @ 13% p.a.||Rs. 89,317||Rs. 47,542||Rs. 33,694||Rs. 26,827||Rs. 22,753|
|20 lakh @ 15% p.a.||Rs. 1,80,517||Rs. 96,973||Rs. 69,331||Rs. 55,661||Rs. 47,580|
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Comparison of Tata Capital Personal Loan vs Other Lenders
The following is a table comparing the key features of a personal loan from Tata Capital to other top lenders in India:
|Particulars||Tata Capital||HDFC Bank||Citi Bank||Axis Bank||ICICI Bank||Bajaj Finserv|
|Interest Rate||Starting from 11.75%||10.75% to 21.30%||Starting from 10.50%||Starting from 11%||11.25% to 22.00%||Starting from 12.99%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 20 lakh||Upto Rs. 40 lakh||Upto Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 20 lakh||Upto Rs. 25 lakh|
|Processing Fee||Upto 2.75% of the loan amount plus GST||Upto 2.50% of the loan amount||Upto 3% of the loan amount||2% of loan amount plus GST||Upto 2.25% of loan amount plus GST||Up to 4.13% of the loan amount|
Tata Capital Customer Care
Customers can contact the Tata Capital customer care through any of the following ways:
- By Phone: You can call on 1860-267-6060 (between 9 AM to 8 PM; Monday to Saturday). Standard call charges may apply.
- Email: You can send an email on email@example.com or firstname.lastname@example.org (For existing Customers) to get support from customer care.
- Branch Visit: You can also visit the nearby Tata Capital branch to get your queries answered by a representative.
- Write to the Company: You can receiver customer support/grievance redress by writing to Tata Capital at 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013.
Also Read: Tata Capital Personal Loan Customer Care
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Important Points to Consider while Applying for a Personal Loan
- Loan Amount: Remember to borrow as per your repayment ability as borrowing more than you can repay may lead you into a debt trap.
- Credit Score: Your credit score reflects your past loans and credit cards repayments. Therefore, having a high credit score can improve your chances of approval for a personal loan.
- Interest Rates and Interest Payout: Interest rates have an impact on your instalment. Therefore, to have affordable EMIs, it is necessary to choose a lender offering a lower interest rate. You can compare interest rates by various lenders on Paisabazaar. However, also keep in mind that a longer tenure will result in a higher interest payout over the loan tenure.
- Other Fees and Charges: Apart from the interest rate, there are other fees and charges associated with a personal loan. These include processing fees, late payment fees, foreclosure charges, part prepayment fee, etc. It is important to ask your lender about all these charges to avoid any shock in the future.
Q1. I live in Mumbai. Can I apply for Tata Capital personal loan?
Yes, you can apply for Tata Capital personal loan if you live in Mumbai. You can also apply for this personal loan if you are living in major cities of India like Delhi, Noida, Pune, Chennai, Bangalore, Vizag, etc.
Q2. What should I do if I have a low credit score?
If you have a low credit score, you can take a joint loan with either your spouse or parent (only if their credit score is good). However, credit score is only one of the factors impacting eligibility for a personal loan as other factors including your repayment capability will also be considered at the time of approval.
Q3. Can I transfer my existing personal loan to Tata Capital?
Yes, you can get your existing personal loan transferred to Tata Capital. There are additional charges for a personal loan balance transfer and these are decided on a case to case basis.
Q4. How much time will it take for a personal loan to get disbursed?
Once the verification process is completed and your personal loan is approved, Tata Capital usually takes 72 hours to disburse your personal loan.
Q5. How is Tata Capital Personal overdraft loan different from a term personal loan?
Tata Capital personal overdraft loan features an overdraft facility that lets customers withdraw additional funds up to an agreed limit and interest is charged only on the amount that they use. Besides, it does not charge customers on part pre-payment after 6 months of availing a personal loan. These features set the overdraft loan apart from a term personal loan.
Q6. Are guarantors or collateral (security) required to secure a personal loan from Tata Capital?
No, to get personal loans, you do not require any guarantor or collateral as these loans are typically unsecured in nature.
Q7. What are the different payment options available with Tata Capital to repay personal loans?
Customers can pay their loan EMIs online using the company’s website or mobile application. They can also drop a cheque at the nearest branch office or set up automated payments/SI linked to a bank account of their choice to make the EMI repayment.
Q8. Can I take Tata Capital personal loan to cover medical expenses?
Tata Capital personal loan can be taken by a borrower to fulfill any of his/her needs. Thus, you can take the Tata Capital personal loan to pay off your medical expenses as well.