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Tata Capital offers loan amount of up to Rs.20 lakh with interest rates ranging between 11.25% - 14.49% p.a. The repayment tenure is flexible and ranges between 1 to 6 years.
Particulars | Salaried/ Self-employed/pensioners |
Interest Rate | 11.25% - 14.49% |
Processing Fee | 0 to 2.5% of the loan amount |
Loan Tenure | Up to 6 years |
Loan Amount | Rs.75,000 to Rs.25 lakh |
Salary / Income | Minimum Rs.15,000 Per Month |
Employment Status | Salaried/Self-Employed/Retired employees/Doctors |
Credit Score | 750 and above |
Pre-Payment charges | 2% for payment of more than 25% of the outstanding principal balance. |
Overdue EMI Interest | 3% on overdue amount + GST |
Note: Interest rates charged by Tata Capital are at their sole discretion and subject to change.
1. Mr. Peters earns a monthly salary of Rs.25,000 and has a credit score of only 600. He availed a personal loan of Rs.2 lakh from Tata Capital with a repayment tenure of 1 year. Due to his low credit score, he is charged with an interest rate of 19% and a processing fee of 2.5%. The monthly EMIs that he will have to pay are given in the table below:
For Salary of Rs.25,000 Per Month
Loan amount | Rs.2 lakh | |||
Processing fee | 2.5% | |||
Loan tenure | 1 year | |||
Interest rate | 19% | |||
Monthly EMI | Rs.18,431 | |||
Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | EMI (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
1 | Rs.15,265 | Rs.3,167 | Rs.18,432 | Rs.1,84,735 |
2 | Rs.15,506 | Rs.2,925 | Rs.18,431 | Rs.1,69,229 |
3 | Rs.15,752 | Rs.2,679 | Rs.18,431 | Rs.1,53,477 |
4 | Rs.16,001 | Rs.2,430 | Rs.18,431 | Rs.1,37,476 |
5 | Rs.16,255 | Rs.2,177 | Rs.18,432 | Rs.1,21,221 |
6 | Rs.16,512 | Rs.1,919 | Rs.18,431 | Rs.1,04,709 |
7 | Rs.16,773 | Rs.1,658 | Rs.18,431 | Rs.87,936 |
8 | Rs.17,039 | Rs.1,392 | Rs.18,431 | Rs.70,897 |
9 | Rs.17,309 | Rs.1,123 | Rs.18,432 | Rs.53,588 |
10 | Rs.17,583 | Rs.848 | Rs.18,431 | Rs.36,005 |
11 | Rs.17,861 | Rs.570 | Rs.18,431 | Rs.18,144 |
12 | Rs.18,144 | Rs.287 | Rs.18,431 | Rs.0 |
2. Ms. Tavane earns a monthly salary of Rs.50,000 per month and has a credit score of 750. She avails a personal loan of Rs.2 lakh for a tenure of 1 year from Tata Capital. Due to her impressive credit score she is charged a relatively lower interest rate of 11.49% and a processing fee of 2.50% on her loan. The monthly EMIs that she will have to pay are given in the table given below:
For Salary of Rs.50,000 Per Month
Loan amount | Rs.2 lakh | |||
Processing fee | 2.5% | |||
Loan tenure | 1 year | |||
Interest rate | 11.49% | |||
>Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | EMI (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
1 | Rs.15,807 | Rs.1,915 | Rs.17,722 | Rs.1,84,193 |
2 | Rs.15,958 | Rs.1,764 | Rs.17,722 | Rs.1,68,234 |
3 | Rs.16,111 | Rs.1,611 | Rs.17,722 | Rs.1,52,123 |
4 | Rs.16,265 | Rs.1,457 | Rs.17,722 | Rs.1,35,858 |
5 | Rs.16,421 | Rs.1,301 | Rs.17,722 | Rs.1,19,437 |
6 | Rs.16,578 | Rs.1,144 | Rs.17,722 | Rs.1,02,858 |
7 | Rs.16,737 | Rs.985 | Rs.17,722 | Rs.86,121 |
8 | Rs.16,897 | Rs.825 | Rs.17,722 | Rs.69,223 |
9 | Rs.17,059 | Rs.663 | Rs.17,722 | Rs.52,164 |
10 | Rs.17,223 | Rs.499 | Rs.17,722 | Rs.34,942 |
11 | Rs.17,388 | Rs.335 | Rs.17,723 | Rs.17,554 |
12 | Rs.17,554 | Rs.168 | Rs.17,722 | Rs.0 |
The list of documents that you will have to submit while applying for a Tata Capital personal loan are given below:
Yes, you can apply for a Tata Capital personal loan offline. You will have to locate a branch of Tata Capital nearest to you and pay it a visit along with the necessary documents. You can then submit these documents and apply for a Tata Capital personal loan.
3. I have a low credit score. Can I apply for a Tata Capital Personal Loan?It is important that you have a credit score of 750 and above so that not only your application for a personal loan gets approved but you are also charged a lower interest rate. If you have a low credit score, it is highly recommended that you improve your credit score before applying for a personal loan. However, you can still apply for a personal loan from Tata Capital despite a low credit score. The chances are high that you will be charged a higher interest rate due to your low credit score.
4. Can I transfer my personal loan to Tata Capital?Yes, you can transfer your personal loan to Tata Capital. However, it is important to understand that once you do that, you will be charged different interest rates based on the loan amount, repayment tenure, credit score, etc.
5. How much time does it take for Tata Capital to credit the loan amount to my bank account?If all the documents provided by you are correct, and the verification process is completed, the company will credit the loan amount to your bank account within 3 days of your applying for the personal loan.
6. Can I apply for a personal loan through phone?Yes, you can call on the toll-free number 18002096060 and apply for a personal loan offered by Tata Capital.
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