Tata Capital offers personal loans designed to meet any personal monetary requirement one could have. Personal loans offered by Tata Capital come with flexible repayment options and extremely competitive interest rates, ensuring their loans do not become a burden on a borrower. A simple and hassle free loan application process and attention to customer needs make Tata Capital Personal Loans one of the best choices when it comes to personal loans in India.
Interest rates on Tata Capital Personal Loans vary depending on factors like purpose of loan, income, borrower background, previous associations with the organisation, etc. Interest rates for the year 2015 range from 13.50% per annum to 18% per annum, based on different criteria. Tata Capital offers the option of repaying a loan in flexible EMIs, which along with competitive interest rates ensure that a borrower is not financially over-burdened to repay a personal loan. Interest rates calculated by Tata Capital depend on certain classifications, which can be changed according to its discretion.
|Interest rate||11.99% to 19.00% p.a.||11.99% to 19.00% p.a.|
|Loan Amount||Minimum: Rs.75,000 Maximum: Rs.15 lakh||
For professionals: Minimum - Rs.3 lakh Maximum - Rs.20 lakh
For businessman: Minimum - Rs.75,000 Maximum - Rs.15 lakh
|Loan Tenure||12 to 72 months||12 to 48 months|
|Lowest EMI||NA||Rs.8,163.49 for professionals (calculated at lowest loan amount taken for the maximum loan tenure at minimum interest rate).|
|Processing Fee||Minimum: Rs.999 + service tax. (Can go up depending on the loan particulars).||Minimum: Rs.999 + service tax. (can go up depending on the loan particulars)|
|Age||21 to 58 years||25 to 65 years|
|Prepayment Charges||No part pre-payment charges after 180 days. Within 180 days, no charges for payment up to 25% of your outstanding principal amount. Payment of more than 25% of the outstanding principal will attract 2% prepayment charge.||No part pre-payment charges after 180 days. Within 180 days, no charges for payment up to 25% of your outstanding principal amount. Payment of more than 25% of the outstanding principal will attract 2% prepayment charge.|
|Foreclosure Charges||4.5% of the principal outstanding at the time of foreclosure + Service tax.||4.5% of the principal outstanding at the time of foreclosure + Service tax.|
Knowing the EMI amount is a crucial factor in personal loans, as it allows an individual to plan his/her resources accordingly. Calculating the EMI on your Tata Capital Personal Loan is a simple task, thanks to Bankbazaar. Borrowers can log onto the BankBazaar website and enter the details of their loan (tenure, amount, interest rate) in the EMI calculator. The calculator will process the required details and display the EMI to be paid.
An amortization table offers a systematic breakdown of the entire loan repayment process, indicating the variation between the Principal and Interest component for a particular loan. Post each EMI payment the principal amount reduces and it is this lowered principal amount which is used to calculate the interest for the next term.
Example: Mr. Kumar avails a personal loan of Rs 1 lakh at an annual interest rate of 13.5% from Tata Capital. He opts for a repayment tenure of 5 years, which means he has to pay an EMI of Rs 2,301 per month. The table below highlights the entire loan repayment timeline, providing insight on the amount he would need to pay every year in order to clear the loan.
|Year||Principal paid (Rs)||Interest paid (Rs)||Balance amount (Rs)|
There are multiple factors which can affect the interest rates you end up paying for a Tata Capital personal loan, some of which are mentioned below.
Note: Interest rates charged by Tata Capital are at their sole discretion and subject to change.
Tata Capital relies on the CIBIL score of an applicant to gauge his/her loan repayment capacity. A good CIBIL score is an indicator of a good credit history, improving the chances of an applicant getting a personal loan at favourable interest rates. Applicants with low CIBIL scores might be considered risky and Tata Capital might choose to increase their interest rate, to offset any liability on their part.