TATA Capital provides unsecured loans that are ideally aimed to provide financial aid towards business needs of self-employed professionals, business owners and even doctors. These loans can help out in the growth or urgent financial demands of any business. Coupled with Flexi EMIs, these loans can present a very good opportunity for business owners to avail financing that is affordable and easily payable.
This unsecured loan is provided to self-employed individuals or entrepreneurs for the sake of furthering their business. Long repayment terms allow the loan to function as an effective working capital tool.
An unsecured business loan as this has a few eligibility criteria to be met in order for the financial institution to be able to sanction the loan. The eligibility requirements can be mentioned as follows –
Business Loan from TATA Capital is a specific term loan with repayment period of up to 3 years.
Repayment options from TATA Capital allow one to manage one’s personal finance effectively by either scaling up or scaling down the payments to be made for the loan. These repayment options are termed as Flexi EMIs. There are three options available under Flexi EMIs, namely -
Based on the creditworthiness of the applicant and validity of documents, TATA Capital can provide loans from INR 3 lakhs up to INR 50 lakhs.
Interest rates for a Business Loan could depend on the base lending rate and is based on the discretion of TATA Capital. Further changes to the rates could be done by TATA Capital as and when required.
The following will be the various charges that one would need to pay once a loan amount has been accepted.
|Post Dated Cheque Charges||INR 850|
|Cheque Bounce Charges per event||INR 450|
|Cancellation of Loan||Higher INR 5750 or 2% of loan amount|
|Duplicate NOC||INR 550|
|Swapping Charges (for payment mandate)||INR 600|
|Foreclosure Charges||4.5% of outstanding principal amount along with taxes|
|Foreclosure Charges on top ups||2% of principal outstanding plus taxes|
|Duplicate Repayment Schedule||INR 550|
|Legal action||INR 3400|
|Initiation of Arbitration Proceedings||INR 4000|
|Receiving Order from District Court||INR 4000|
|Receiving Order from High Court||INR 13500|
|Issue of each Legal Notice||INR 125 to INR 300|
|Award Execution||INR 5600|
The standard list of required documents for applying for this loan are mentioned as follows –
Know Your Customer (KYC) documents for the co-applicant.
The above set of documents comprise the minimum required list. To aid in credit approval, TATA Capital might ask for extra documents if necessary.
The Business Loan from TATA Capital is a good financing option for urgent financial needs on business grounds.
Some key features of this specialised loan are as follows –
The loan can be applied for through TATA Capital’s website, as well as forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail TATA Capital requesting an executive assistance for application process.
Based on the security offered or not, the loan amount may range from INR 3 lakhs to INR 50 lakhs. TATA Capital might allow a higher loan amount based on its discretion.
The loans can be taken for a minimum period of 12 months to a maximum period of 36 months.
The interest rate on this loan is fixed.
One can pay the EMIs through post-dated cheques, electronic clearance service or direct debit.
One can call TATA Capital or email them. Alternatively, you can apply for a loan through BankBazaar.
Loans can be offered to individuals as well as companies and they should fall within the categories of -
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