Tata Capital Personal Loan

Tata Capital Personal Loan Highlights
Interest Rate	10.99% p.a. onwards
Loan Amount	For Others- Up to Rs 35 lakh For Doctors- Rs 5 lakh to Rs 75 lakh For Women- Rs 2 lakh onwards
Tenure	Up to 6 years
Minimum Monthly Salary	Rs 20,000 (Rs 15,000 for Government Employees, Salaried Employees, Doctors, Women, Education, Travel Loan)
Processing Fees	Flat Rs 76 (valid till 28th September 2023)
Pre-approved Instant Personal Loan	Offered to select consumers based on their repayment history, monthly income, credit score, age, etc.
Part-payment Fees	No part-payment for the first 12 months 2.5% + GST on amount over and above 25% of outstanding principal
Pre-closure Charges	4.5% of outstanding principal + GST 6.5% + GST (if closing within 12 months) 4.5% of outstanding principal + GST + part pre-payment amount (if foreclosing within 6 months after completing part pre-payment)
Documentation	Proof of Identity Proof of Address Bank statements (last 6 months) Salary slips (latest)

Note: Rates as of 28th September 2023

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	13.55%
Personal Loan for Doctors	12% p.a. onwards
Personal Loan for Women	10.10% p.a.

Comparison Table of Personal Loan Interest Rates for Top Banks/NBFCs

Banks/NBFCs	Interest Rates(p.a.)
Axis Bank	10.49% onwards	Apply Now
IndusInd Bank	10.49% onwards	Apply Now
IDFC First Bank	10.49% onwards	Apply Now
HDFC Bank	10.50% onwards	Apply Now
ICICI Bank	10.50% onwards	Apply Now
Kotak Mahindra Bank	10.99% onwards	Apply Now
Tata Capital	10.99% onwards	Apply Now
Bajaj Finserv	11.00% onwards	Apply Now
Federal Bank	11.49% onwards	Apply Now
DMI Finance	12.00% - 40.00%	Apply Now
L&T Finance	12.00% onwards	Apply Now
Kreditbee	12.25% - 30.00%	Apply Now
MoneyTap	12.96% onwards	Apply Now
Piramal Finance	12.99% onwards	Apply Now
Aditya Birla	13.00% onwards	Apply Now
MoneyView	15.96% onwards	Apply Now
Cashe	27.00% onwards	Apply Now

Processing Fees & Charges

Processing Fees	Flat Rs 76 (valid till 28th September 2023)
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

Types of Tata Capital Personal Loan

Personal Loan Overdraft

• Purpose: Tata Capital Personal loan overdraft facility allows borrowers the flexibility to withdraw funds from the sanctioned limit and make repayments as per their requirements. The interest component is charged only on the amount withdrawn. The borrower can withdraw and repay the loan amount multiple times within the sanctioned limit.
• Loan Amount: Rs 2 lakh- 35 lakh
• Tenure: Up to 7 years

Personal Loan for Marriage

• Purpose: Consumers can avail Marriage Loan from Tata Capital for financing their wedding related expenses
• Loan Amount: Rs 75,000- 35 lakh
• Tenure: 1-6 years

Personal Loan for Medical 

• 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

Personal Loan for Education

• Purpose:  Personal Loan for Education from Tata Capital allows the borrowers to finance 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 education loan.
• Loan Amount: Rs 75,000- 35 lakh
• Tenure: 1-6 years

Personal Loan for Travel

• Purpose: Applicants can avail Tata Capital Personal Loan for Travel to finance their travel related expenses including transportation cost, 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

Personal Loan for Home Renovation 

• Purpose: Tata Capital offers Personal Loan for Home Renovation to finance the renovation of the homes ranging from extensive interior upgrades to basic maintenance and repair needs.
• Loan Amount: Rs 75,000- Rs 35 lakh
• Tenure: 1-6 years

Personal Loan for Government Employees

• Purpose: Individuals employed in government sectors can avail Personal Loan for Government Employees from Tata Capital to meet their personal financial needs.
• Loan Amount: Up to Rs 35 lakh
• Tenure: 1-6 years

Personal Loan for Salaried Employees

• Purpose: Tata Capital offers Personal Loan for Salaried Employees 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)

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 5 lakh-Rs 75 lakh
• Tenure: Up to 5 years

Personal Loan for Women

• Purpose: Personal Loan for Women from Tata Capital allows working women as well as home makers to raise finance for meeting their diverse financial needs.
• Loan Amount: Rs 2 lakh onwards
• Tenure: Up to 6 years (personal loan overdraft facility available)

Pre-approved Instant Personal Loan

Purpose: Tata Capital also offers instant pre-approved personal loan to individuals having excellent track records of repaying their credit dues. The NBFC may also consider other factors like monthly income, credit score, age, etc. while offering this loan facility to such individuals.

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:

• Age: 22-58 years
• Minimum monthly income: Rs 20,000
• Serving in the same job for at least 6 months
• At least 1 year of work experience

Personal Loan for Marriage

• The borrower should be salaried
• Age: 21- 58 years
• Serving in the current organization for at least 6 months
• Minimum work experience: 2 years
• Minimum monthly income: Rs 20,000

Personal Loan for Medical

• 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
• Minimum monthly income of applicants or his/her parents: Rs 15,000
• Good academic past record
• Should have a guarantor/ show security

Personal Loan for Travel

• Age: 22-58 years
• One year of work experience
• Minimum monthly salary: Rs 15,000

Personal Loan for Home Renovation 

• 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

Personal Loan 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 

Personal Loan 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

Personal Loan For Doctors

• Age: 22- 58 years
• Minimum monthly income: Rs 15,000
• Minimum work experience: 1 year

Personal Loan for Women

• Minimum work experience: 1 year
• Age: 22- 58 years
• Minimum monthly income: Rs 15,000

Know more about personal loan eligibility set by various banks and NBFCs

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 Self-employed Women

• Photo Id proofs
• Income proofs
• Address Proofs

Tata Capital Personal Loan EMI Calculator

FAQs

1. How long does it take for the disbursal of Tata Capital Personal Loan?

Ans. Tata Capital claims to disburse personal loan in 72 hours after the submission of loan documents and completion of verification process.

2. How does the credit report affect the Tata Capital Personal Loan approval process?

Ans. 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.

3. Does personal loan affect your credit score?

Ans. 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.

4. Do you need any security or guarantors while applying for Tata Capital Personal Loan?

Ans. Tata Capital Personal Loan do not ask for security or guarantors from personal loan applicants.

5. At what credit score can the applicants avail Tata Capital Personal Loan?

Ans. 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.

6. Can the applicants having low credit scores avail personal loan from Tata Capital?

Ans. 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.

7. How is the personal loan interest rates for Tata capital determined?

Ans. 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..