Apply for Personal Loan Starting From 10.25%*Tata Capital Personal Loan Highlights – May 2022 | |
| Interest Rate | 10.99% p.a. onwards |
| Loan Amount | Up to Rs 35 lakh |
| Tenure | Up to 6 years |
| Processing Fees | Up to 2.75% of the loan amount + GST |
| Minimum Monthly Salary | Rs 35,000 |
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Table of Contents
Tata Capital Personal Loan Interest Rates
| Customer Profile | Rate of Interest |
| Salaried | 10.99% p.a. onwards |
| Self-employed | 10.99% p.a. onwards |
Comparison of Tata Capital Personal Loan vs Other Lenders
| Banks/NBFCs | Interest Rates (per annum) |
| Tata capital | 10.99% onwards |
| HDFC Bank | 10.25% – 21% |
| SBI | 9.60% – 13.85% |
| ICICI Bank | 10.25% onwards |
| Axis Bank | 10.25% onwards |
| Kotak Mahindra Bank | 10.75% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
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 |
Types of Tata Capital Personal Loan
Personal Loan Overdraft
- Purpose: It 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: 1-5 years
- Processing Charges: Up to 3% of the loan amount + GST
Wedding Loan
- Purpose: Personal loans offered to finance wedding-related expenses of the applicants
- 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: To arrange funds 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 loans offered to finance higher education of students planning to study further in India or abroad
- 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: To meet the personal financial needs of government employees
- 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
Also Know: What are the personal loan eligibility criteria for government employees?
Personal Loan for Salaried Employees
- Purpose: Loans offered to salaried employees to meet their personal requirements without any end-usage restrictions
- 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)
Personal Loan for Doctors
- Purpose: To meet the financial requirements of doctors including personal and professional requirements like purchasing high-end medical equipment, renovation of the 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 loans offered to women, working as well as homemakers, to fulfil their diverse financial needs
- Loan Amount: Rs 75,000- Rs. 35 lakh
- Tenure: Up to 6 years (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: Loans offered to pensioners to fulfill their financial needs for personal purposes such as home renovation, medical emergency, travel, etc.
- 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.
Eligibility for Tata Capital Personal Loan
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
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
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
Loan 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 is drawn- Rs 15,000
For Low Salary People
- No hard and fast eligibility conditions
Also Read: How to Get a Personal Loan If You have Low Salary/Income
Check Your Free Credit Score to know personal loan eligibility Check Now
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 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
Note: Minimum documentation work required for low salaried borrowers
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
Personal Loan at Attractive Interest Rates Apply Now
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 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.
Also Read: How using Step UP Credit Card can be a good way to build/improve your credit score
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 by 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..
