Thank you for your interest in Personal Loan from TATA CAPITAL LIMITED. Unfortunately, we do not have a tie-up with TATA CAPITAL LIMITED currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Thank you for your interest in Personal Loan from TATA CAPITAL LIMITED. Unfortunately, we do not have a tie-up with TATA CAPITAL LIMITED currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Minimum income required
Rs.17,500 per month
Maximum allowed personal loan is Rs. 50K to Rs. 30 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 Yr years
|Interest Rate (Monthly reducing balance)||13.49% - 34%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
Personal loan is a popular financial loan instrument providing assistance for any immediate financial need. Personal loans are non-collateral loans offered by almost all public sector banks and private banks to leverage any financial crisis. Quick approval with minimal documentation and loan disbursal as quick as one day makes personal loan a widely popular financial instrument.Unlike in the past, a borrower seeking personal loan does not need to be physically present in the bank branch to request for a personal loan. With the use of technology and internet, personal loans can now be applied online with a quick approval process of less than one working day. Wide quantum of loan amount, flexible loan tenure and easy availability makes personal loans a viable financial instrument for people of all financial backgrounds when faced with a financial crisis.
A temporary financial crisis can happen to anyone irrespective of his or her overall financial status. Personal loans are a great way to offset any such temporary financial crisis as it allows the users to avail a loan without any pre conditions on the usage of funds. Personal loans have a quick approval mechanism with loans getting cleared as early as within 24-48 hours of the loan application submission.
BankBazaar.com, India's premier financial market place has collaborated with various public sector and private banks to offer customized personal loans for it's users. Users can apply for a personal loan online using BankBazaar.com online loan request tool.
Easy Eligibility Check: The loan calculator tool at BankBazaar.com checks for the user’s personal loan eligibility instantly. The tool also offers customized quotes for all eligible users as per their financial credit history and eligibility criteria.
Instant Quotes: The eligible loan applicants are offered instant quotes customized as per their profile and with a discounted interest rate.
Real time Loan Comparison: BankBazaar.com also offers a simple online personal loan comparison tool allowing users to compare the loan offers of various banks. Feedback shared by previous successful personal loan applicants acts as a helpful tool for new applicants to get the best personal loan deal.
Instant e-Approval: The applicant gets an instant e-approval after successfully submitting his or her personal loan application.
Assured Privacy: All personal loan applications submitted with BankBazaar.com are sent electronically to the concerned bank department assuring complete privacy and transparency.
Applying for a personal loan at BankBazaar.com involves three simple steps :
Step 1: In the first step, the user must fill the personal loan eligibility form available online with required personal data. Once submitted the personal loan tool automatically checks for eligibility of the applicant and personalized personal loan options.
Step 2: In the second step, the applicant can compare various personal loan options offered by the tool interface and apply for the best suitable loan.
Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of personal loan application online.
The application is sent electronically to the selected bank. The loan department of the concerned bank gets in touch with the applicant directly. Users can check the status of their loan application through SMS alters as well as emails.
|Bank/NBFC||Rate of Interest||Loan Processing Charges||Prepayment/ Forclosure Charges||Cheque Bounce Charges|
|Axis Bank||15.50% to 24%||1.50% to 2.00% + Service Tax as applicable||Nil||Rs. 500 per cheque bounce + Service Tax as applicable|
|SBI||Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating||2.02%-3.03% of the loan amount.||Nil||NA|
|HDFC Bank||15.75% to 20%||Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.||Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 2% of Principal Outstanding >36 Months - NIL||NA|
|Bajaj Finserv||16%||2% - 3% of the loan amount||Nil||Rs. 1,000 for every bounce|
|ICICI Bank||13.99% to 18.00%||Up to 2.25% of loan amount plus Service Tax||The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan.||NA|
HDFC Bank is a market leader in personal loans offering a Personal Accidental Cover of up to 8 Lakhs along with a Critical Illness cover of 1 Lakhs with each personal loan. HDFC Personal Loan starts as low as 15.75% interest rate for salaried individuals. HDFC Bank offers a high quantum of personal loan with a complete removal of any prepayment charges after a period of 36 months. HDFC Bank offers pre approved personal loans up to Rs. 3 Lakhs for women personal loan applicants along with free access to lifestyle diva products and services.
ICICI Bank personal loans are available for both salaried as well as self-employed individuals and professionals. Salaried individuals can get a maximum personal loan up to Rs. 15 Lakhs while self-employed individuals can get a loan up to Rs. 30 Lakhs. ICICI Personal Loan starts with as low as 13.99% interest rate.
Bajaj Finance Limited is one of the most popular non-banking financial companies offering personal loans up to Rs. 25 Lakhs for salaried individuals. Bajaj Finserv (Finance) Personal Loan starts from as low as 16% interest rate for salaried individuals. Bajaj Finserv allows prepayment up to 6 times in a calendar year with a minimum amount per prepay exceeding 3 EMIs. Bajaj Finserv offers a 24/7 customer support helpline including toll free number, emails and SMS allowing users to get in touch with the company to resolve their grievances at the earliest.
State Bank of India, the largest public sector bank of the country is one of the most preferred banks when it comes to personal loans. SBI offers personal loans for both salaried and self-employed individuals. State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs. State Bank of India has streamlined it's personal loan division allowing for quick loan approval and disbursal. SBI Personal Loan schemes are offered at lucrative interest rates for various working professionals and salaried individuals from time to time.
Axis Bank is a popular choice for personal loans as the bank aims to give personal attention to each loan applicant. The quantum of personal loan amount for Axis Bank Personal Loan is highest in it's class fixed at an upper limit of Rs 15 Lakhs. Axis Bank offers personal loans at a competitive interest rate ranging from 15.5 to 24% with zero prepayment charges. Axis Bank offers eDGE loyalty points on Personal Loans which can be redeemed for cash surplus and discounts along with multiple repayment options. For any loan related query, Axis Bank has set up a dedicated helpline for loan services available round the clock at the bank's toll free numbers.
BankBazaar.com offers users the opportunity to choose from the best personal loan plans in India as per the borrower’s repayment capacity and choice of tenure. BankBazaar.com offers customized personal loan quotes from various banks and non-banking financial companies. Users can choose the most suited bank or NBFC for their personal loan requests as per it's charges and other features.
Different banks and NBFCs have different minimum documentation requirement for personal loans. The common documents required by most banks and NBFCs for individuals requesting a personal loan include :
Various banks and NBFC’s offer personal loans to all applicants fulfilling their basic eligibility criteria. While different banks have different minimum eligibility criteria, the criteria common for most banks and NBFCs for individuals requesting a personal loan include:
Different banks and non-banking financial companies offer different interest rates for personal loans. Most banks have their own unique different classification based on which interest rates are calculated. Personal loan interest rates of various banks vary from 13.50 to 18.50% depending on the eligibility criteria, the loan amount and the tenure period of the personal loan.
EMI calculation for personal loan is now made easy using the EMI calculator available at BankBazaar.com. The Personal Loan EMI Calculator tool allows users the option of changing the loan amount and tenure while calculating the EMI for the personal loan. EMI loan calculator tool is a great option allowing users to see their monthly installment for the loan, helping them to choose the most suitable loan as per their financial budget.
Every organisation or company in the world requires one key ingredient in order to make profits – Money, and the lack of it can hamper the growth of not just a company but also an entire nation. Banks and lending institutions cater to a large chunk of the financial needs in the country, helping players establish themselves. Getting a loan, is however not as easy for someone who does not have access to banks, especially in rural areas. This is where the concept of Microfinance comes into the picture, ensuring that deserving candidates who require small to medium range loans get sufficient amounts to fund their dreams.
With a majority of the Indian population residing in rural areas, access to banks is limited, with microfinance institutions catering to millions. The concept of inclusive growth has made them a reliable ally, contributing towards the development of the community and thereby the nation. These Microfinance Institutions offer loans to people from the lower income group, people who would generally not be in a position to avail loans from major players. The number of Microfinance Institutions in the country is steadily increasing, ensuring that finance isn’t out of reach for members of the society.
Top 10 Microfinance Companies in India 2016
With the number of microfinance institutions increasing on a steady basis, customers are spoilt for choice, with each MFI bringing something unique to the sector. Listed below are the top 10 MFIs in the country.
Borrowers can take a personal loan against Mutual Funds or similar debt instruments. In case your income is lower, the mutual fund investment will make up for the lower income and it also enhances your loan eligibility. The debt instruments are a safer option and less volatile. The rate of interest charged on the loan will be lower than the rates provided for unsecured personal loan. To avail a loan against mutual fund, an application has to be filled by the joint holders of the mutual fund portfolio to seek for a loan. The loan amount sanctioned is a percentage of the value of the units held in the folio on the date of giving the loan. If the borrower defaults on the loan, then the lender can ask for the units in the portfolio to be redeemed. The proceeds will be used to pay the lender.
A. Personal loan is an unsecured loan that is given without any security. The end use of the money is not monitored either.Q. What can I use the Personal loan for?
A. You can take a personal loan to meet any personal financial requirement or to repay your credit card bill, to buy electronic items, to take a vacation or to even meet the expenses of a wedding or any other function.Q. Who can apply for a personal loan?
A. A salaried individual, self-employed professionals and self-employed non-professionals can apply for a personal loan.Q. What is the minimum tenure of a personal loan?
A. Most banks will provide personal loan for a minimum of 1 year.Q. What is the maximum tenure of a personal loan?
A. Most banks will provide personal loan for a maximum of 5 years.Q. What is the eligibility criteria to avail personal loan?
A. The minimum age of the applicant must be not less than 21 years and the maximum age of the applicant at loan maturity must be 65 years.Q. Will the banks charge me a processing fee?
A. Yes, usually the banks charge a processing fee of 2-3 percent on the loan amount. You can however negotiate with the bank to reduce the fee.Q. How can I repay my personal loan?
A. Personal loan can be repaid in equal monthly instalments or EMI. You can provide a post-dated cheque or can give a standing order with your bank or through electronic transfer. Q. What is an EMI?
A. EMI or Equal Monthly Instalment includes principal and interest.Q. Is part- prepayment allowed on my personal loan?
A. Personal loans can be prepaid in parts or fully at any stage. Some banks might charge a prepayment penalty whereas some banks will not. Some banks will not allow the part-prepayment. So, check all the documents before finalising with the bank.Q. Will I need a guarantor to take a personal loan?
A. No, you will not need a guarantor to take a personal loan.Q. Can I club my income with my spouse to take a personal loan?
A. Yes, you can club the income of your spouse to boost your eligibility to avail a personal loan.Q. How much personal loan can I take?
A. The banks do not usually let you take a loan exceeding 30- 40 percent of your net salary.Q. What is the minimum loan limit offered for personal loan?
A. Generally, the minimum amount limit that one can take a personal loan is Rs.1,000.Q. What is the maximum loan limit offered for personal loan?
A. Generally, the maximum loan limit is Rs.15 lakhs.Q. Do I need to submit any security or collateral to take a personal loan?
A. No, you don’t have to provide any security or collateral to take a personal loan.Q. Do I get to choose between a fixed and a floating rate of interest for the personal loan?
A. Yes, you have the option to choose either the fixed or floating rate of interest.Q. What is the rate of interest that will be charged on my personal loan?
A. The interest rate varies from banks to banks and it is within 14-26 percent depending on your profile and the scheme that you opt for.Q. How many days does it take for the bank to disburse the personal loan amount?
A. Banks disburse the loan within 72 hours to 7 working days provided all the documents are in place.Q. Will the banks check my CIBIL score while reviewing my application?
A. Yes, banks refer your CIBIL score and credit report and the minimum CIBIL score requirement is 750+.Q. Will the CIBIL score affect my personal loan interest rate?
A. Yes, the CIBIL score affects the interest rate offered to you. If your CIBIL score is high and if you have a good repayment history, then the bank will offer you a lower interest rate.Q. How will I be eligible for a relationship discount?
A. If you have been a customer for a particular bank for a while, then the bank might reduce the personal loan interest rate or other such charges. Some banks will also provide you additional services.Q. What are the documents required to seek a personal loan application approval?
A. You need to submit an identity proof as well as residence proof, your latest salary slip, form no. 16, last 6 months bank statement and a passport sized photograph that is to be affixed on the application form.Q. Do I need to open a bank account to service my personal loan?
A. If you don’t have a bank account with the bank, it is not mandatory to apply for one. But, if you apply for a loan with your existing banker, then you will be eligible for a relationship discount.Q. How do I stop executives from calling me to let me know about other loans?
A. Some banks let you register yourself for ‘Do Not Disturb’. The executives will not disturb you with cold sales calls.Q: What is the best way to apply for personal Loan?
A: The best way to apply for an personal loan is by using the online loan application tool at BankBazaar.com The tool can be accessed on this page allowing users to choose personal loan from various banks and NBFCS as per their selection.Q: What is the minimum and maximum amount of Personal Loan that I can get?
A: Various banks and NBFC’s offer personal loans ranging from a minimum amount of Rs. 1000 to a maximum amount of Rs. 15 to Rs. 20 Lakhs. The maximum and minimum loan amount depends on the underlying bank as well as the personal financial details of the loan seeker.Q: What is the tenure for which I can avail a Personal Loan?
A: Various banks offer different tenure for personal loans. The most common tenure period offered by majority of banks and NBFCs ranges between 12 to 60 months.Q: Can I Track my Loan Application?
A: BankBazaar.com offers it's loan applicants an active tracking tool through both email and SMS allowing them to track daily updates of their loan application.Q: Is my Data Safe with BankBazaar.com?
A: BankBazaar.com is India’s premier financial market place and takes utmost care in ensuring the all data is sent in electronic form with high level of encryption. BankBazaar.com does not share data with any third party other than the financial institution.Q: Is BankBazaar.com Personal Loan Tool Free?
A: Yes BankBazaar.com personal loan calculator tool is totally free and the portal does not charge any fee for it's services from members.
BankBazaar’s Super Summer Sale is back and is offering Rs.5,000 GoCash on disbursal of personal loan which was applied for on BankBazaar.com. The coupon will be sent to the email id that the customer provides on the BankBazaar application. The user can then visit the Goibibo website and redeem the GoCash voucher.
This deal is valid from 10th April, 2016 to 30th April, 2016. The voucher is given on approval or disbursal of the personal loan which is availed through applications made on BankBazaar.com and the applications are to be made within the valid program period. The vouchers offered are promotional vouchers and is subject to usage limitations visit Goibibo website to know more about the limitations.
Points to remember:
*Partnering banks include:
The gift vouchers will be dispatched on approval of a Personal Loan application made through BankBazaar portal in any of the participating banks:
Disclaimer: BankBazaar reserves the right to modify, add or discontinue the terms and conditions at any time without any notice.
by BankBazaar posted on April 27th, 2016
The Capital Local Area Bank located in Punjab has launched the first small finance bank in the country. This comes after the RBI granted approval for these institutions about 7 months back. The bank has started operations in this segment with 10 branches at present and plans to expand to 27 by the end of the year. The bank is among 10 others given similar licenses back in September 2015. The small finance banks will be allowed to offer basic banking services. Capital Local meanwhile has decided to keep the branches open on all 7 days following its practices in the state.
by BankBazaar posted on April 21st, 2016
IDBI Bank launched the “Stand up India” scheme at all regional offices of the bank across the country on April 14. The scheme is in line with Prime Minister Narendra Modi’s vision of promoting entrepreneurship among the scheduled castes, scheduled tribes and women. It also aims to improve the social conditions of these groups. The scheme will allow individuals to avail loans from Rs. 10 lakh to Rs. 1 crore for economic activities. Eligible beneficiaries under the scheme were issued loan sanction letters during the launch functions across India.
by BankBazaar posted on April 19th, 2016
Banjara Hills in Hyderabad was a milestone for DCB Bank, as they launched their 200th branch at this location. Offering a number of products and services, the branch is regulated as per the provisions laid down by the Reserve Bank of India. A regional office was also opened in Banjara Hills, with it offering multiple loans, foreign exchange, trade finance, cash management services among others. Serving individuals, corporates, SMEs and agricultural entities, DCB bank will offer unique products to cater to specific requirements.
by BankBazaar posted on April 18th, 2016
The Food Corporation of India (FCI) has invited bids from Scheduled Banks for raising a short-term loan of Rs. 20,000 crore for one month. The loan will be used by the FCI to meet a short-term “fund requirement for procurement and distribution of food grains”. Its subsidy arrears have, reportedly, reached Rs. 58,650 crore as on March 31. Most of the subsidy paid to FCI is for buying the food grains necessary to run the Public Distribution System (PDS). The tender was floated on April 13 and the last date for of submission of offer is April 26. The corporation also has a cash credit limit of Rs. 54,495 crore with a consortium of 67 banks.
by BankBazaar posted on April 15th, 2016
There might be an increase in the amount of loans that can be availed by people and businesses, as per a plan revealed for the district, by the District Collector. The new credit plan has a 15% overall increase in budget for the district in question. The last year’s budget was around INR 6710.92 crore. People will have more of a freedom to approach the case of personal loans and home loans post the same.
by BankBazaar posted on April 14th, 2016
An interactive meeting between MSMEs and World Bank experts, to discuss ways to facilitate easy flow of credit to the units, will be held in Bengaluru on April 19 under the aegis of the Federation of Indian Micro and Small & Medium Enterprises (FISME). The experts will also discuss the credit information system and find ways to improve the current systems India has, especially the Credit Information Bureau of India Limited (CIBIL). The meeting comes at a time when the significance of credit information is growing in the global business scenario. India is yet to give importance to credit score, but in developed economies it is “an important tool for sourcing credit and plays a deciding role in interest rates”, according to the FISME.
by BankBazaar posted on April 13th, 2016
CRISIL has stressed on the need to encourage more women towards entrepreneurship, after a study showed that women-promoted businesses did very well in terms of business as well as loan repayment. According to an analysis of over 350 micro, small and medium enterprises promoted by women and rated by CRISIL, these units have stable and diversified businesses that help them go through economic cycles better. About 79 percent of the businesses surveyed have been functioning for over 5 years, and 71 percent have diversified business operations in terms of product and demographic reach. These MSMEs also have a robust investment in technology, which helps them best their competitors, with 88 percent of the businesses employing automated or semi-automated functioning. It was also found that MSMEs promoted by women have good loan repayment history, with their on-time repayment standing above 95 percent. However, only 14 percent of the MSMEs are run or promoted by women, as per the Ministry of MSME Annual Report 2014-15.
by BankBazaar posted on April 12th, 2016
In Nizamabad, the annual credit plan for the year 2016-17 has been formulated and it featured a growth of 16.59 percent over the estimate of last year. The estimated overlay is of INR 6030 crores.
Farm loans for up to INR 3250 crore will be given out by the District Level Bankers’ Committee as decided last week. The committee has sanctioned around INR 91 crores last year under the MUDRA scheme and has helped about 8200 beneficiaries in the field of personal and business loans.
by BankBazaar posted on April 7th, 2016
Aiming to provide better loans and credit lines to the businesses and people in the city, the district collector of Kolhapur approved the the INR 6013 crore credit supply plan. This supply is meant to fortify the different financial schemes that have been launched. Inclusive among the schemes are the Jan Dhan Yojana, the insurance scheme, Pradhan Mantri Mudra Yojana, a solar pump set scheme and for providing training to students in the district. This also takes into account that 15% of the total credit will be given to Muslims. The growth of the credit supply has been by 19% for 2016-17 as compared to 2015-16.
by BankBazaar posted on April 6th, 2016
Narendra Modi, the Prime Minister of India has launched the Stand Up India scheme that will ensure that banks sanction loans to the extent of Rs.1 crore to women entrepreneurs and those who fall under the SC / ST category. The event was attended by the Union Minister of State for Finance, the Union Finance Minister, the Governor of Uttar Pradesh and the Union Minister for Culture and Tourism, among others. Female entrepreneurs and SC / ST individuals who take out loans will receive a RuPay debit card for withdrawal in addition to comprehensive support such as marketing, factoring, facilitating loan and pre-loan training.