Multiple banks. Different interest rates. Call it a "conflict of interest".

Tata Capital Personal Loan Interest Rates

Tata Capital offers loan amount of up to Rs.20 lakh with interest rates ranging between 11.25% to 19% p.a. The repayment tenure is flexible and ranges between 1 to 6 years.

Particulars Salaried/ Self-employed/pensioners
Interest Rate 11.25% to 19%
Processing Fee 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

Features of Tata Capital Personal Loan Scheme

  • You can avail this loan for various reasons such as renovating your house, funding the education of your children, getting yourself or a member of your family married, taking a vacation, etc.
  • You can prepay your loan amount any time after availing the personal loan for 6 months and above.
  • You do not require any collateral, security, or guarantor while applying for personal loan from Tata Capital.
  • You can ask for additional loan amount from the company if required.

Factors affecting your Tata Capital Personal Loan Interest Rates

  • Loan tenure – The tenure of a personal loan has a bearing on the interest rates. Loans for a short tenure might attract a higher interest rate compared to loans for longer tenures.
  • Repayment capacity – Tata Capital is a financial institution which runs on its ability to get back its investment. The repayment capacity of an individual could change the interest rates charged by the organisation, as they might not charge an exorbitant interest rate to someone who does not have the means to repay such amounts.
  • Relationship with Tata Capital – Individuals having a good relationship with Tata Capital might be in a position to reduce their interest rates, owing to their past behaviour and personal standing. It is possible for banks/lenders to reduce interest rates for those who are valued customers and those who have displayed great commitment to their payments in the past.
  • Employment details – Interest rates vary depending on the profession of a borrower. Tata Capital charges different interest rates to self-employed and salaried individuals. Salaried borrowers might be charged a lower interest rate as they have a stable source of income and there is little risk of defaulting. Self-employed borrowers might not always have a steady income source and might have to pay a higher interest rate as the organisation could view them as risky prospects.

Note: Interest rates charged by Tata Capital are at their sole discretion and subject to change.

Other Fees and Charges

  • Penal interest: 3% on the overdue amount
  • Post-dated cheques charges: Rs.850 plus GST
  • Bounce charges: Rs.600 for each bounced cheque
  • Cancellation charges: Rs.5,750 or Rs.2% of the loan amount, whichever is higher + GST.
  • Foreclosure charges: There won’t be any foreclosure charges levied in the first 6 months after the approval of personal loan. However, a foreclosure charge of 4.5% on the outstanding loan amount + GST will be charged at the time of foreclosure
  • Mandate rejection service charge: Rs.450 + GST
  • CCOD annual maintenance charge: 0.25% on the dropline amount or Rs.1,000 whichever is higher
  • Outstation collection charges: Rs.100 + GST
  • Statement of accounts: Rs.250 + GST for branch walk in.
  • Duplicate NOC: Rs.550 + GST.
  • Foreclosure letter charges: Rs.199 + GST for branch walk in

Illustration

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

Frequently Asked Questions

1. What are the documents that I will have to submit while applying for a Tata Capital personal loan?

The list of documents that you will have to submit while applying for a Tata Capital personal loan are given below:

  • Proof of identity
  • Proof of address
  • Salary slip for the last three months
  • Bank statement for the last three months.
2. Can I apply for a Tata Capital personal loan offline?

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.

Personal Loan Interest Rates
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