Tata Capital Personal Loan Highlights | |
| Interest Rate | 10.99% p.a. onwards |
| Loan Amount | Up to Rs 35 lakh |
| Tenure | Up to 6 years |
| Minimum Monthly Salary | Rs 35,000 |
| Processing Fees | Up to 2.75% of the loan amount + GST |
| Pre-approved Instant Personal Loan | Offered to select consumers based on their repayment history, monthly income, credit score, age, etc. |
| Part-payment Fees |
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| Pre-closure Charges |
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| Documentation |
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Note: Rates as of 31st January 2023
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Table of Contents
Tata Capital Personal Loan Interest Rates
Tata Capital Personal Loan interest rates start from 10.99% p.a. onwards. While the NBFC has not disclosed the interest rate differentiation based on the credit score, just like other lenders, this NBFC may also consider the credit score of its personal loan applicants while setting their personal loan interest rates.
| Customer Profile | Rate of Interest (p.a.) |
| Salaried | 10.99% onwards |
| Self-employed | 10.99% onwards |
| Personal Loan Overdraft | 13.50% |
Comparison Table of Personal Loan Interest Rates for Top Banks/NBFCs
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 11.00% onwards | Apply Now |
| SBI | 10.90%-15.40% | |
| 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 |
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Processing Fees & Charges
| Processing Fees | Up to 2.75% of loan amount + GST |
| Penal/Additional Interest | 3% on the overdue amount monthly + GST |
| Bounce Charges | Rs 600 + GST |
| Mandate Rejection Service Charge | Rs 450 + GST |
| CCOD Annual Maintenance Charge | Rs 0.25% on dropline amount + GST of Rs 1,000 |
| Outstation Collection Charges | Rs 100 + GST |
| Accounts Statement | Rs 250 + GST |
| Loan Cancellation Charges | 2% of the loan amount or Rs 5,750 (whichever is higher) + GST |
| Instrument swap charges | Rs 550 + GST |
| Duplicate Repayment Schedule | Rs 550 + GST |
| Duplicate NOC | Rs 550 + GST |
| Post- Dated Cheque Charges | Rs 850 + GST |
| Part-payment Charges | No part-payment for the first 12 months 2.5% + GST on amount over and above 25% of outstanding principal |
| Foreclosure Charges | 4.5% of the outstanding principal at the time of foreclosure + GST For closing loan within 12 months- 6.5% + GST If foreclosed within 6 months after completing part pre-payment: 4.5% of the outstanding principal at the time of foreclosure + GST + part pre-payment amount |
| Foreclosure Charges for Top- up | 2.50% on the principal outstanding at the time of foreclosure + GST Any prepayment /foreclosure made within 12 months prepayment/foreclosure charges 4.5% + applicable taxes on the principal outstanding |
| Foreclosure Charges in CCOD cases | 4.5% on dropped down limit + GST |
| Foreclosure Charges on Term Loan Facility | 4.5% of the outstanding principal at the time of foreclosure + GST |
| Foreclosure Letter Charges | Soft Copy- NIL |
| Branch Walkin- Rs 199 + GST |
Also know about the personal loan processing fee offered by top lenders
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Types of Tata Capital Personal Loan
Personal Loan Overdraft
- Purpose: Personal Loan Overdraft facility offers flexibility to withdraw funds and make part-payments as per the borrower’s needs and financial position without incurring any extra charges. Interest is charged only on the amount used but unpaid.
- Loan Amount: Rs 2 lakh- 35 lakh
- Tenure: Up to 7 years
- Processing Charges: Up to 3% of the loan amount + GST
Wedding Loan
- Purpose: Wedding loan is offered for financing wedding-related expenses
- Loan Amount: Rs 75,000- 35 lakh
- Tenure: 1-6 years
- Processing Charges: Up to 2.75% of the loan amount + GST
Medical Loan
- Purpose: Prospective personal loan applicants can avail medical loan for meeting the expenses for medical emergencies and for cosmetic, dental and other medical procedures.
- Loan Amount: Rs 75,000- 35 lakh
- Tenure: 1-6 years
- Processing Charges: Up to 2.75% of the loan amount + GST
Personal Loan for Education
- Purpose: Personal loan for education finances the tuition fees and living cost of the students planning to study further in India or abroad. This loan facility is feasible for those who are unable to avail regular personal loan.
- Loan Amount: Rs 75,000- 35 lakh
- Tenure: 1-6 years
- Processing Charges: Up to 2.75% of the loan amount + GST
Travel Loan
- Purpose: Personal loans to fund vacation or various travel-related expenses of the applicant including transportation costs, hotel expenses, tour packages, and/or any other expenses associated with the travel
- Loan Amount: Rs 75,000- Rs. 35 lakh
- Tenure: 1-6 years
- Processing Charges: Up to 2.75% of the loan amount + GST
Home Renovation Loan
- Purpose: This loan facility helps the borrowers with funds for home renovation ranging from extensive interior upgrades to basic maintenance and repair needs
- Loan Amount: Rs 75,000- Rs. 35 lakh
- Tenure: 1-6 years
- Processing Charges: Up to 2.75% of the loan amount + GST
Personal Loan for Government Employees
- Purpose: Individuals employed in government sectors can avail personal loan for government employees to meet their personal financial needs.
- Loan Amount: Up to Rs 35 lakh
- Tenure: 1-6 years
- Processing Charges: Up to 2.75% of the loan amount + GST
- Part prepayment Charges: NIL
Personal Loan for Salaried Employees
- Purpose: Tata Capital offers personal loan for salaried to meet the personal financial needs of salaried individuals
- Loan Amount: Rs 75,000- Rs. 35 lakh
- Tenure: Up to 6 years (personal loan overdraft facility available)
- Part prepayment Charges: NIL (allowed after 6 months of loan disbursal date)
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Personal Loan for Doctors
- Purpose:Tata Capital offers special personal loan for doctors to finance their personal and professional requirements like purchasing high-end medical equipments, renovation of clinic, etc.
- Loan Amount: Rs 75,000- 35 lakh
- Tenure: Up to 6 years
- Processing Charges: Up to 2.75% of the loan amount + GST
- Part prepayment Charges: NIL (allowed after 6 months of loan disbursal date)
Personal Loan for Women
- Purpose: Personal loan for women caters the diverse financial requirements of working women as well as home makers
- Loan Amount: Rs 75,000- Rs. 35 lakh
- Tenure: Up to 6 years (personal loan overdraft facility available)
- Processing Charges: Up to 2.75% of the loan amount + GST
- Part prepayment Charges: NIL (allowed after 6 months of loan disbursal date)
Personal Loan for Pensioners
- Purpose: Pension loan is a collateral free personal loan facility for meeting the personal financial needs of pensioners
- Loan Amount: Rs 75,000- 35 lakh depending upon the eligibility criteria (higher the pension, higher the loan amount you can avail)
- Tenure: Up to 6 years
- Processing Charges: up to 2.75%
Small Personal Loan
- Purpose: Low ticket instant personal loan for salaried borrowers with disbursal within a few minutes
- Loan Amount: Rs 40,000- 1.5 lakh
- Processing Charges: Up to 2% of the loan amount + GST
Pre-approved Instant Personal Loan
Purpose: Tata Capital also offers instant pre-approved personal loan to selected individuals having spotless history of repaying their credit dues. The NBFC may also consider other factors like monthly income, credit score, age, etc while offering this loan facility.
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Eligibility for Tata Capital Personal Loan
Tata Capital personal loan eligibility depends on the income, age, job stability, credit score, monthly income and work experience of its personal loan applicants. Below-mentioned are the personal loan eligibility criteria set by Tata Capital for its different personal loan schemes:
For Personal Loan Overdraft Facility
- Age: 22-58 years
- Minimum monthly income: Rs 35,000
- Serving in the same job for at least 1 year
- At least 2 years of work experience
For Wedding Loan
- The borrower should be salaried
- Age: 21- 58 years
- Serving in the current organization for at least 6 months
- Minimum monthly income: Rs 20,000
For Medical Loan
- Salaried individual
- Minimum 1 year work experience
- Working in the current organization for at least 6 months
- Age: 21- 58 years
- Monthly income: At least Rs 20,000
Personal Loan For Education
- Age: 16-26 years
- Good academic record
- Borrower/parents should have a stable income source
- Credit history of the co-applicant
- Should have a guarantor/ show security
For Travel Loan
- Age: 22-58 years
- Salaried person
- One year of work experience
- Working in the same job for at least 6 months
- Minimum monthly salary: Rs 20,000
For Home Renovation Loan
- Age: Minimum- 24 years & Maximum- 65 years (at the time of loan maturity)
- Minimum monthly income: Rs 20,000
- Minimum work experience: 2 years
- For entrepreneurs: Minimum 3 years experience in the current field
For Government Employees
- Age: 22- 58 years
- Minimum monthly income: Rs 15,000
- Work experience: At least 1 year
- Other criteria: CIBIL Score, job stability
For Salaried Employees
- Age: 22- 58 years
- Loan Minimum work experience: 1 year
- Minimum monthly income: Rs 15,000
- Credit score: Minimum 750 or above
- Should have repaid the previous debts on time
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For Doctors
- Age: 22- 58 years
- Minimum monthly income: Rs 15,000
- Minimum work experience: 1 year
Loan for Women
- Minimum work experience: 1 year
- Age: 22- 58 years
- Minimum monthly income: Rs 15,000
Loan for Pensioners
Minimum monthly pension drawn is Rs 15,000
Know more about personal loan eligibility set by various banks and NBFCs
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Documentation Required for Tata Capital Personal Loan
- Photo ID Proofs: Copy of voter ID, Aadhaar card, driving license, passport
- Income Proofs: Bank statement copy for last 6 months
- Salary Slips: Copy of salary slips for last 3 months
- Address Proof: Passport/electricity bill/ration card copies
- Employment Certificate: Certificate showing continuous employment of 1 year
Additional Documents for Tata Personal Loan for Education
- Admission letter issued by the school/college
- Mark sheet and certificates of 10th std. (attested)
- Documents for studying abroad such as entry permit, admission letter, I-20 Form from the institute, the contract
- ITR of parent/guarantor
- Essential documents issued by school/college/institute including fees breakup, prospectus, etc.
- Details of the employment like resignation letter, resignation acceptance, study leave sanction letter
- Property documents in case of an immovable property offered as security
For Pensioners/Self-employed Women
- Photo Id proofs
- Income proofs
- Address Proofs
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Tata Capital Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
Q. How long does it take for the disbursal of Tata Capital Personal Loan?
A. Tata Capital claims to disburse personal loan in 72 hours after the submission of loan documents and completion of verification process.
Q. How does the credit report affect the Tata Capital Personal Loan approval process?
A. Credit report depicts the repayment history of credit card users and borrowers, both past and existing. This helps the lenders and credit card issuers in evaluating the creditworthiness of the loan applicants. A credit report depicting a credit score of 750 and above can increase the chances of availing personal loan and at lower interest rates.
Q. Does personal loan affect your credit score?
A. Making a loan or credit card application directly with the lender would lead it to fetch your credit report from the credit bureaus to evaluate your creditworthiness. Such credit report fetches made by the lenders are considered as hard enquiries. The credit bureaus are known to reduce the credit score of loan applicants by a few points for each hard enquiry. Hence, making loan applications with multiple lenders within a short span may lead to significant reduction in your credit score and thereby, your loan eligibility. Applicants should instead visit online financial marketplaces like Paisabazaar.com to compare personal loans offered by multiple lenders. While these online marketplaces would also fetch your credit score, such fetches are considered as soft enquiry and they do not impact your credit score.
Q. Do you need any security or guarantors while applying for Tata Capital Personal Loan?
A. Tata Capital Personal Loan do not ask for security or guarantors from personal loan applicants.
Q. At what credit score can the applicants avail Tata Capital Personal Loan?
A. Tata Capital has not explicitly stated the cut-off credit score for personal loan applicants. However, a credit score of 750 and above may increase the chances of availing personal loan at lower interest rates.
Q. Can the applicants having low credit scores avail personal loan from Tata Capital?
A. Applicants with low credit score can take a joint personal loan with spouse or parents to improve their personal loan eligibility for Tata Capital Personal Loan. However, the personal loan approval would depend on the repayment capacity of the applicant and co-applicant.
Q. How is the personal loan interest rates for Tata capital determined?
A. Tata Capital would fix the interest rates of their personal loan applicants based on their age, credit score, repayment history, job profile, monthly income, etc..
