Overview about Tata Capital Personal Loan

Tata Capital Limited is a subsidiary of one of India’s most respected business houses, Tata Sons Limited. Registered with the RBI as a Non Banking Financial Company (NBFC), Tata Capital under it's brand offers it's customers fund and fee based financial services. It is a customer-centric, trusted one-stop shop for financial services catering to all diverse needs of corporate, institutional and retail customers, across various areas of business in terms of commercial finance, wealth management, consumer loans, and more.

Tata Capital Personal Loan Eligibility

To avail a personal loan from Tata Capital below is the eligibility criteria:

For self employed:

Apart from the above mentioned criteria, most banks and financial institutions take into consideration the Credit Information Report [CIR] to check your payment history trend, if there's any amount due or any default as well.

The check is also done with the Income ratio to EMI, in this check they identify if your total EMI exceeds your monthly incomes by 50% or more. If this is the case then the chances of getting the loan is drastically reduced.

Documentation required for self-employed:

• Any government approved identity proof – voter’s ID, passport, driving license
• Address proof – electricity bill, rental agreement, passport, ration card
• Bank statements for previous 3 months
• Form 16 (latest)
• Income tax returns for the last 2 years attested by a CA, which includes the computation of income, the balance sheet and profit and loss statement
• Proof of Continuation: Trade License/Sales Tax Certificate/Establishment – in case of self-employed individuals
• Certified copy of Partnership Deed, Memorandum of Association(MOA), Article of Association(AOA) and Board Resolution – in case of self-employed individuals

For salaried individuals:

Documentation required for salaried individuals:

• Any government approved identity proof – voter’s ID, passport, driving license
• Address proof – electricity bill, rental agreement, passport, ration card
• Bank statements for previous 3 months
• Form 16 (latest)
• Most recent salary certificate/slip

Factors affecting Tata Capital Personal Loan Eligibility

• Income - The income you earn on a monthly basis is a very important factor to determine your loan eligibility. It shows that you’re capable of repaying the loan.
• Employment history - Your employment history shows that stability, constantly changes jobs raises caution. It can be ignored as well for exceptions, like spouse in the military, government employed which involves shuffling cities, etc.
• Payment history - Making your payments regularly for your previous loans, credit cards, mortgages, vehicle loans, etc. increases your eligibility of a personal loan since they’re aware that you’re regular with your payments.
• City of residence - Your chances of getting a loan in a metro city like Chennai, Mumbai, Bangalore etc. are more likely that smaller cities.
• Age - If you’re a young salaried employee, you are at a higher risk of changing jobs quickly to move ahead in your career and this can be a risk leaving you unemployed, therefore this affects your loan eligibility.
• CIBIL and Credit history - Your CIBIL score and the credit history are a very vital factor to determine your loan eligibility. It establishes your loan pattern for credit and your repaying capabilities. Allowing Tata Capital to have the confidence that you will make payments regularly.

How CIBIL Score affects your Tata Capital Personal Loan Eligibility?

• When you want to take a personal loan from Tata Capital, they will ensure to check your CIBIL score to have the confidence that you will repay the loan taken, a CIBIL score can range from 300 - 900. Any score above 750 will ensure you get the loan.
• The CIBIL records will also show a loan pattern, showing that you've taken x secured and y unsecured loans and will work in your favour as well.
• They also record your repayment history of your previous loans and credit cards giving Tata Capital the confidence they get repaid.
• If you have made any settlements with any lenders as you were unable to keep up with the installments. They will check on this as well

How to increase Tata Capital Personal Loan Eligibility?

• Maintain a good credit history - Making regular payments and not missing out on deadlines helps you get a good credit history. This also increases your CIBIL score which helps you as well.
• Ensure you have a mixture of secured and unsecured loans - Ensuring a mixture of both secured and unsecured loans increases credibility.
• Prepayment - Having lesser EMIs to pay off give you the options to clear it via a prepayment option, giving you a better disposable income to take on a loan and increasing your chances.
• Not having many credit cards - Too many credit cards will increase a risk on your credit favorability, and lowers the chances of getting a loan.

FAQs on Tata Capital Personal Loan Eligibility

Q. Are there any additional charges or processing fees?

A. Yes, there are a processing fee is charged as an upfront amount, and will be deducted from the disbursed amount.

Q. Can i prepay my Tata Capital Personal Loan?

A. Yes, you can prepay the outstanding amount after a period of 180 days after loan has been disbursed. A fee for prepayment after 6 months is not applicable, however if you decide to prepay the loan after 180 days but before 6 months then a 2% closure charge is applicable on the extra amount.

Q. Is there a top-up facility available on my Tata Capital Personal Loan?

A. Yes, there is a top-up facility available depending on the tenure of the loan, but on a condition of at least 8 - 18 months of EMI being paid already.