Tata Capital Financial Services Ltd Personal Loan
Tata Capital Financial Services Personal Loan is available at the lowest interest rate. One can apply for a loan of up to INR 35 Lakhs. Tata Capital Personal Loans are available for flexible tenures of up to 6 years. Unsecured Personal loans are available for all personal purposes, including medical emergencies or vacation planning. You can get instant approval within 5 minutes to satisfy your financial needs.
Connect with our Loan Advisor Now!
- Personalized Home Loan solutions
- Expert guidance
- Application assistance
- Credit score discussion
- Home Loan interest rate comparison
Get in Touch for Loan Expert Advice
Features and Benefits of Tata Capital Personal Loan
Tata Capital renders a wide range of features and benefits to its customers. Some of the popular ones are listed below:
Multipurpose Personal Loan
Tata Capital is an NBFC (Non-Banking Financial Company) that offers you a personal loan for a plethora of purposes, including travel, weddings, higher studies, etc.
Overdraft Facility
In case you need extra money, the company has an overdraft facility that allows you to withdraw money up to a certain agreed limit. Interest rates will be applicable only on the amount that you use.
Zero Charges on Part Pre-Payment
After six months of the personal loan disbursal, you are eligible to opt for the pre-payment part of the loan without any additional fee or penalty.
No Collateral/Security
No security or collateral is required for availing of Tata Capital Personal Loans.
Small Personal Loan Facility
This is one of the most unique features of Tata Capital Financial Services Limited. Not every financial institution offers this facility. With Tata Capital’s Small Personal Loan, you can avail of loans ranging from ₹ 40,000 to ₹ 1.5 lakhs.
Quick Approvals
This NBFC takes as low as 2 minutes to disburse your personal loan if your documents and applications are valid.
Minimal Paperwork
With minimal documentation like identity, address, and income proof, you are good to apply for a personal loan with Tata Capital.
Eligibility Criteria for Tata Capital Personal Loan
You must fulfil the following Tata Capital Personal Loan requirements to be eligible for a personal loan:
- The borrower’s age must be between 22 years to 58 years.
- The applicant must have a work experience of at least one year.
- The borrowers should be in the same organisation for the past six months.
- The monthly salary of the borrower must be at least ₹ 15,000.
- The borrower could be a salaried individual, a student, a retired individual or a self-employed individual.
How to Improve Your Personal Loan Eligibility?
In case you do not qualify for loan eligibility and want to improve it, follow these simple tips listed below:
- Maintain a Good CIBIL Score – Try to get a CIBIL score of at least 750. The more, the better.
- Pay Off Your Debts – Get rid of your existing debts and liabilities within the stipulated time and without defaulting. Try to build a good repayment history.
- Prefer a Longer Loan Tenure – Choosing a longer loan tenure will help you with a lower monthly EMI amount payment. Moreover, you will get a longer time span to complete your repayment.
- Add Co-applicants – If you are planning to borrow the loan amount with another borrower (a spouse, or parent) with a good credit score and income, it will improve your eligibility for a larger loan amount.
Tata Capital Personal Loan Fees and Charges
When you apply for a personal loan, you have to pay certain fees and charges. Tata Capital imposes the following charges on the personal loan availed by borrowers:
| Types of Charges | Charges Applicable |
| Processing Fees | 2.75% of the loan amount + GST |
| Penal Interest/Additional Interest | 3% on the overdue amount monthly along with the GST charges |
| Bounce Charges | ₹ 600 for every cheque/Payment Instrument Dishonour along with the GST charges |
| Mandate Rejection Service Charge | ₹ 450 + GST |
| CCOD Annual Maintenance Charges | 0.25% on Dropline Amount along with the GST or Rs. 1000, whichever is higher per year |
| Outstation Collection Charges | ₹ 100 + GST per repayment tenure |
| Statement of Accounts | ₹ 250 + GST charges |
| Loan Cancellation Charges | 2% of the loan amount or ₹ 5,750, whichever is higher and the GST charges |
| Instrument Swap Charges | ₹ 550 + GST charges |
| Duplicate Repayment Schedule | ₹ 550 + GST charges |
| Duplicate NOC | ₹ 550 + GST charges |
| Post-Dated Cheque Charges | ₹ 850 + GST charges |
Documents Required for Tata Capital Personal Loan
If you want to avail a personal loan with Tata Capital, then you must furnish the following documents:
For Salaried Person
- Photo Identity Proof documents such as PAN Card, Voter ID, etc.
- Address Proof documents such as the Aadhar Card, Driving Licence, Passport, etc.
- Salary Slips for the last three months
- Income Proof documents and
- Employment Certificate
For Self Employed Individuals
- Identity proof and proof of residence
- Documents that establish your credentials such as the Aadhar Card and Voter Card
- Employment certificate stating 1 year of continuous employment
- Income documents such as the bank statements for the last 6 months.
Tata Capital Personal Loan Interest Rates
The basic details of Tata Capital Personal Loan interest rates are as follows:
| Loan Amount | Upto ₹ 35 Lakh |
| Loan Tenure | Up to 6 years |
| Interest Rate | Starting at 10.99% |
| Processing Fee | Based on the loan amount |
Note: The interest rates are variable and they change depending on the borrower’s credit profile, tenure of the loan and more.
Factors Affecting Tata Capital Personal Loan Interest Rates
There are certain factors that may impact Tata Capital Personal Loan interest rates. They are as follows:
CIBIL Score
CIBIL or credit score reflects your repayment potential and plays a powerful role in securing low-interest personal loans. The greater the credit ratings, the more attractive interest rates you can get.
Repayment History
Once lenders have found your credit score, they will monitor your repayment history to assess the interest rate on the personal loan. They prefer clean credit history with timely payments and no EMI defaults.
Income
If you fall under the high-income bracket, the lender sees you as more likely to make timely repayments and extends better interest rates.
Debt-to-income Ratio
If you are paying for multiple loans and credit cards, and your debt load consumes a significant fragment of your monthly salary, you may appear a high-risk applicant to the lender. It can impact the interest rates on the personal loan you may qualify for.
Employer’s Reputation
If you are working with a reputable or credible organisation, the lender may provide you with more attractive rates. Employers’ reputation plays a significant role in determining the personal loan interest rate.
How does the EMI Calculation Work for Tata Capital Personal Loan?
One can calculate the interest rate on the personal loan by implementing the flat rate method and reducing the balance method.
In the flat rate method, the interest paid stays fixed. The total interest payable is computed on the loan amount availed throughout the entire tenure of the loan. Therefore, the personal loan interest rates remain constant and don’t lessen even when the principal amount reduces as you pay your monthly instalments.
On the contrary, the reducing balance method uses the interest rate which is determined by the outstanding balance amount, which lessens every time you pay an EMI.
The formula for calculating the interest rate on personal loan interest calculation can be expressed as follows:
Flat Rate Method
EMI = (Principal + Total Interest Payable) / Loan Tenure in Months)
Here, Total Interest Payable = Principal x Personal Loan Rate x Loan Tenure/100
Reducing Balance Method
EMI= [P x R x (1+R)^N]/[(1+R)^ (N-1)]
Where P = Principal Amount
R = Personal loan ROI or rate of Interest
N = Loan Tenure in months
How Does Tata Capital Compare with Other Lenders?
To know how Tata Capital compares with other lenders, have a glimpse at the table given below:
| Banks/NBFCs | Interest Rates (per annum) & onwards |
| Tata Capital | 10.99% |
| ICICI Bank | 10.25% |
| SBI | 9.60% |
| HDFC Bank | 10.25% |
| Kotak Mahindra Bank | 10.25% |
| PNB | 7.90% |
| IndusInd Bank | 10.49% |
| Axis Bank | 10.25% |
| IDFC First Bank | 10.49% |
| Bajaj Finserv | 13.00% |
| Clix Capital | 14.99% |
Tata Capital Personal Loan Customer Care Number
For any queries or additional information about Tata Capital Personal Loan, you can call and talk to one of the customer care executives on their toll-free number – 1860 267 6060.
You can also connect to Tata Capital’s smart virtual assistant ‘Tia’ and express your concerns. They will be addressed within a few minutes. Tia is available 24 x 7.
Another option is to talk to Tata Capital’s executives in person by directly visiting the nearest Tata Capital branch.
FAQs
No, visiting a branch is not mandatory. You can rather opt for an online loan processing procedure.
Tata Capital can approve a maximum personal loan amount of ₹ 35 lakhs. However, it completely depends on the borrower's monthly income.
The borrower of a Tata Capital’s Personal Loan must have a minimum salary of ₹ 15,000.
The eligibility criteria for a personal loan involve the applicant’s credit score, income, work experience, and job stability. Such factors also determine the loan amount that the borrower can borrow from his/her lender. Therefore, it’s highly recommended that the borrower of the personal loan runs an eligibility check before making an application for a personal loan. This will make the process of loan approval much quicker and smoother.
You can calculate the eligibility of the personal loan using two main factors:
- Monthly income method: Usually, you can avail a loan of up to 30 times your monthly salary.
- Debt-to-income ratio (DTI): It’s an EMI pay-out divided by your total monthly income. Your Debt-to-income ratio must be lower than 50% if you seek high personal loan eligibility.