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  • Tata Capital Personal Loan Eligibility

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  • Tata Capital offers personal loans to customers who are in the age group of 22 to 58 years. Applicants should have a monthly income of at least Rs.15,000. It is mandatory that they have work experience of at least 1 year. They should also have been in the same job for a minimum of 6 months. Tata Capital offers personal loans that are hassle-free and affordable. The bank also offers overdraft facility up to an agreed limit. For overdraft, interest is payable only on the amount that is used.

    Tata Capital Personal Loan Eligibility Criteria

    Criteria Salaried
    Age 22 to 58 years
    Minimum Monthly Income Rs.15,000
    Work Experience At least 1 year
    Employment Status Should be in the same job for at least 6 months

    Factors Affecting Tata Capital Personal Loan Eligibility

    1. Age of the applicant – Applicants who are in the late twenties and early thirties can easily get a loan from Tata Capital. This is because these individuals are more likely to have a steady income and hence, would bear lesser risk to the bank.
    2. Monthly income – The net monthly income of the applicant is an indication of his/her loan repayment capacity. Hence, an individual with a good income after deduction of liabilities is more likely to be approved for a higher loan amount.
    3. Work experience – If an individual has a good amount of work experience, it is highly probable that he/she will be earning a decent salary. This implies that he/she will be more likely to honour the EMIs on the due date. Hence, the lender considers this borrower to be of lower risk.
    4. Employment status – Tata Capital personal loan eligibility requirements state that borrowers should have been employed with the same company for at least 6 months. This is an indication of the steady income that the applicant will be receiving.
    5. CIBIL score – Tata Capital provides loans to borrowers with a CIBIL score of above 750. It is advisable to maintain a good credit score before applying for the loan as this will help in ensuring that the loan application is not rejected.

    How to Improve Your Chances of Getting a Tata Capital Personal Loan

    • Make a down payment – If a borrower makes a down payment for the Tata Capital loan, he/she is reducing the risk of the lender. This is a great way to ensure that the loan application is processed faster. The bank is also more likely to approve this application.
    • Add a co-applicant – In case your credit score is below 750, you can consider adding a co-signer at the time of applying for the loan. You should look for a co-signer who has a good credit history. This way the risk that you pose to the lender will be reduced, and your application may be approved faster.
    • Apply when you have a good salary – It is advisable to apply for a loan after you start earning a good take-home salary after deduction of all liabilities. This way, you will seem to be of lesser risk to the bank. The chances of your loan application being approved are hence, higher.

    Tata Capital Personal Loan Details

    Interest Rate 12.99% p.a. onwards
    Loan Amount Rs.75,000 – Rs.25 lakh
    Loan Tenure 12 – 72 months
    Processing Fees Up to 2.5% of the loan amount

    FAQs

    1. What are the documents mandated by Tata Capital to check for personal loan eligibility of an applicant?
    2. Tata Capital mandates that you submit the following documents while applying for a personal loan:

      • Income proof – Copy of your bank statements for the preceding 3 months
      • Photo identity proof – Copy of your driving license, passport, or Aadhaar card
      • Salary slips – Copies of your salary slips for the previous 3 months
      • Employment certificate – A record of your employment for one continuous year
      • Address proof – Copy of your electricity bill, ration card, or passport
    3. Does the Tata Capital personal loan require a security or a guarantor?
    4. No, Tata Capital offers a pure unsecured personal loan that can be used for a variety of reasons, including education, wedding, travel, etc.

    5. I have a low CIBIL score but require a loan urgently. Is there anything that I can do about this?
    6. In case you have a low credit score and require a loan urgently, you can consider applying for a joint loan with your parent or spouse. Tata Capital assesses the credit risk involved in this and will approve the loan based on your ability to repay.

    7. I have an existing personal loan. Can I get it transferred to Tata Capital?
    8. Yes, Personal Loan Transfer facility is available. You can approach Tata Capital for more details.

    9. How long does Tata Capital take to disburse a personal loan?
    10. Once the bank completes the verification of documents submitted, the loan disbursal process takes about 72 hours.

        

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