With an aim of taking financial products and services to as many customers as possible, Tata Capital offers a wide variety of loan options of which personal loan is a popular product. The company with its years of experience and expertise is a great name to bank with especially since the reach of the company is quite widespread. There are many features that differentiate Tata Capital personal loans from loans offered by other banks. Here are a few of such significant features that contribute to the success of these personal loans.
Features and Benefits
Fast Loan Disbursal: Tata Capital is fast in disbursing loans so as to ensure that customers are not required to wait for long periods before getting their financial needs met. Be it a wedding or a child’s education or a long-pending vacation, Tata Capital personal loan ensures you meet all your financial requirements without delay.
Competitive Interest Rates: The rate of interest on Tata Capital Personal loans is quite competitive and starts at a very low percentage.
Zero Prepayment Charges: Pre-payment charges are not applicable at all in case the customer wants to pay off the personal loan earlier than the stipulated loan tenure. This means that you can reimburse the loan amount to the bank as soon as you have extra cash and be done with your financial liability.
Loan Details
| Interest Rate (Monthly reducing balance) |
12.99% - 19.75% |
| Processing Fees |
Nil |
| Pre Closure Charges |
Preclosure permitted after 12 months. 0% of principal outstanding (plus ST) |
| Loan Tenure |
1 year to 5 years |
| Guarantor Requirement |
No guarantor required |
Fees and Charges
| Loan processing charges |
Up to 2.5% of the loan amount +GST |
| Prepayment |
- No part prepayment allowed in the first 6 months
- Prepayment allowed only once in a year
- There has to be a gap of minimum of 6 months between two part payments
|
| Pre-payment charges |
- Prepayment charge is 2.5% + GST on amount over and above 25% of outstanding principle
- Part payment amount is up to 25% of the outstanding principle
|
| Penal interest |
3% on overdue amount + GST |
| Post-Dated Cheque Charges |
Rs.850 + GST |
| Bounce Charges |
Rs.600 for every cheque/ Payment Instrument/ ECS Dishonour + GST |
| Cancellation Charges |
2% of loan amount or Rs.5,750 whichever is higher |
| Instrument Swapping Charges |
Rs.550 + GST |
| Foreclosure Charges |
- No foreclosure charges in the first 6 months
- 4.5% of the outstanding principle at the time of foreclosure + GST
|
| Foreclosure Charges for Top Up |
2.5% on the future outstanding principle of the existing loan + GST |
| Foreclosure Charges in CCOD Cases |
- No foreclosure charges in the first 6 months
- 4.5% on the drop-down limit amount+ GST
|
| Mandate Rejection Service Charge |
Rs.450 + GST (Charges will be levied if the new mandate form is not registered within 30 days of the rejection of the previous mandate form) |
| CCOD Annual Maintenance Charges |
0.25% on the drop line amount + GST or Rs.1,000 whichever is higher |
| Outstation Collection Charges |
Rs.100 + GST |
| Statement of Accounts |
- Soft copy: Nil
- Branch walk-in: Rs.250 + GST
|
| Duplicate Repayment Schedule |
- Soft copy: Nil
- Branch walk-in: Rs.550 + GST
|
| Duplicate NOC |
Rs.550 + GST |
| Foreclosure Letter Charges |
- Soft copy: Nil
- Branch walk-in: Rs.199 + GST
|
Documentation needed to apply
- Signed application form with photograph
- Copy of passport/ voter ID Card/ Driving License
- Processing fee cheque
- Last 3 months bank statement/6 months bank passbook
Documentation for salaried applicants:
- Latest salary slip
- Current dated salary certificate with the latest Form 16
Documentation for self-employed applicants:
- Latest Bank statement
- Latest ITR or Form 16
Tata Capital Personal Loan Eligibility
Eligibility Criteria for Salaried Individuals
| Segment |
- MNC
- Public Ltd.
- Co/Large Pvt. Ltd.
- State Govt. /Central Govt.
- PSU
|
| Age |
Between 21-58 Years |
| Job Continuity |
Should have a job and worked with the current employer for at least 1 year |
| Minimum Income |
Rs.20,000 per month |
| Minimum Loan Amount |
Rs.75,000 |
| Maximum Loan Amount |
Rs.15,00,000 |
| Tenure |
12-60 Months |
| Documents Required |
- Identity Proof: Voters ID /Passport/Driving License
- Address Proof: Ration Card/Electricity Bill/Rental Agreement/ Passport.
- Bank Statement for the last 3 Months
- Latest Form 16
- Most Recent Salary Slip or current dated Salary Certificate
|
For Self Employed Individuals and Self-Employed Professionals:
| Parameters |
Self Employed Professionals |
Self Employed Individuals |
| Age |
25-65 Years |
25-65 Years |
| Business Continuity |
Min. 3 years in the same business and city |
Min. 3 years in the same business and city |
| Minimum Income |
Rs.2,00,000 per year |
Rs.2,00,000 per year |
| Minimum Loan Amount |
Rs.75,000 |
Rs.75,000 |
| Maximum Loan Amount |
Rs.15,00,000 |
Rs.15,00,000 |
| Tenure |
12-48 Months |
12-48 Months |
| Documents Required |
- Identity Proof: Voters ID /Passport/Driving License
- Address Proof: Ration Card/Electricity Bill/Rental Agreement/Trade License/Sales Tax Certificate.
- Banks Statement for the last 6 months
- Highest Professional Degree
- Latest Income Tax Return(ITR)
|
- Identity Proof: Voters ID /Passport/Driving License
- Address Proof: Ration Card/Electricity Bill/Rental Agreement/Trade License/Sales Tax Certificate.
- Banks Statement for the last 6 months
- Latest Income Tax Return(ITR) along with the computation of income, Balance sheet(B/S) and Profit& Loss(P&L) for the last 2 years certified by a CA.
- Proof of Continuation: Trade License/Sales Tax Certificate/Establishment.
|
How to apply for a Tata Capital Personal Loan on BankBazaar.com?
Applying for Tata Capital Personal Loan is just a few step procedure with the BankBazaar.com website.
Step 1: Check your Personal Loan Eligibility by filling in your details into the online tool. The tool will calculate the eligibility based on the norms of the Tata Capital Company and will let you know the personal loan amount quotations you are eligible to apply for.
Step 2: The tool will give all the possible quotations for you as per your eligibility, now you can choose the most suitable option that fits your requirement as well as pocket.
Step 3: After you select a particular plan and click submit, you will receive an e-approval from BankBazaar.com that your application has been approved and submitted.
BankBazaar.com then forwards your application to the concerned department of the bank’s nearest branch. Tata Capital will then get in touch with you regarding your loan application. The turnaround time is real quick and meanwhile the status of the application can be tracked via SMS or e-mail.
How to calculate EMI
The BankBazaar Personal Loan EMI Calculator is a unique tool featured on the BankBazaar.com website. This online tool helps you calculate your EMI that needs to be paid every month. Using this online tool makes it easy for an applicant to know and plan beforehand his monthly expenses according to the loan repayment EMI.
A user can enter details like the loan amount, tenure and the rate of interest; the tool then calculate the approximate EMI and lets the user know how much needs to be paid per month.
About the bank
Tata Capital Limited is a unit of Tata Sons Limited. The company is registered with the Reserve Bank of India and it offers financial services which are fee-based and fund-based. The company is a customer-focused firm that aims to develop and provide banking solutions under the Tata Capital brand.
Tata Capital caters to customers from diverse backgrounds like retail, corporates, institutions and individual customers. The Tata group is a world-renowned business house and through its sub-division, Tata Capital, the group wants to bring to the financial sector the same expertise and experience that it has been known for. The tagline of the company is “We do what is right for you”, which depicts the superior level of commitment that the company has towards its customers.
The company deals in commercial finance, private equity, investment banking, wealth management, infrastructure finance, consumer loans, travel related services, foreign exchange and leasing services. Tata Capital has alliances with some of the major financial giants of the world like Mizuho Securities and International Finance Corporation. The company has a wide network of offices across the country to take their financial products and services to as many retail and consumer customers as possible.
Tata Capital Personal Loans are a popular set of personal finance schemes that cater to the individual financial needs of a customer. You can avail this finance for any personal reason like home renovation, weddings or festival expenditure.
FAQs
How do I track the status of my Tata Capital Personal Loan?
Loan application status can be tracked via e-mails and SMS through the BankBazaar.com portal. Additional details can also be availed by calling the BankBazaar.com customer helpline or by directly calling up the Tata Capital customer center.
What are the advantages of applying for Tata Capital personal loan through BankBazaar.com?
The best interest rates can be availed while ensuring that you get the best overall loan quotations. Also you have the full BankBazaar team support in letting you sail successfully through your loan application processing.
What is the minimum and maximum amount of Personal Loan that I can get with Tata Capital?
The minimum loan amount is 75,000 rupees while the maximum is 15,00,000 rupees. This however, depends upon your loan eligibility.
What is the tenure for which I can avail a Personal loan with Tata Capital?
The tenure offered is between 12 to 60 months.
Does BankBazaar.com charge for using its Loan Calculator Tool?
No. This Calculator is absolutely free for use.
Where can I get the Tata Capital Personal Loan Application form?
The Personal loan application form can directly be found and filled at the BankBazaar.com website. The application can then be submitted too through the same website.
Can I receive the Tata Capital Personal Loan statement online?
Yes. You can choose to receive your loan statement online on the email id registered with the company.
Is there a processing fee?
A processing fee is charged upfront and depends upon the loan amount and tenure.
Can I avail a personal loan for purpose of business?
Yes. A personal loan from Tata Capital can be availed for business purposes too.
Can I get a top-up on my existing personal loan with Tata Capital?
Yes. A top-up loan can be availed only in case when 8-18 EMIs have been already paid.
What are the pre-closure charges for the Tata Capital Personal loan?
There are no pre-payment charges for a Tata Capital Personal Loan if you pay the loan amount after 180 days from the disbursal of loan amount and up to 25% payment of the loan amount. In case the part payment is greater than 25% then a 2% fee is charged.
Can I apply for a Tata Capital Personal loan Online?
Customers have the option to make an online application for a personal loan. All you have to do is visit the company’s official website and click on the Personal Loans link in the Online Loans section and enter the required details, such as name, gender, date of birth, residential status, email id, mobile number, city of residence, profession, etc. Once all these details have been filled in, you will have to choose the tenure and loan amount you wish to avail after which you can submit the application and wait for its approval provided you meet all eligibility criteria.
How much time does it usually take to get the personal loan approved if I take the online route?
Customers who apply for personal loans online will receive immediate approval in about five minutes provided they qualify for the facility. The loan will be disbursed to the applicant in less than 72 hours after the customer has submitted all the relevant documents. However, whether or not your application will be approved will be solely determined by Tata Capital Financial Services Limited.
How do I check the status of my loan online?
After you have submitted your application for a loan using the company’s website, the status of your facility can be tracked by simply visiting the ‘Track my Application’ link on the official website. You will be required to furnish the loan application number along with your date of birth to retrieve the data you require.
Do I have to scan my documents and submit them online or do I have to visit a Tata Capital branch to submit them physically when applying for a personal loan?
Customers have the option of uploading their documents online as it offers the element of convenience. Alternatively, you can also choose the option of having your documents collected personally by an executive representative of Tata Capital Financial Services Limited. The executives of the company will visit you at your office or residence as per your convenience to complete the formalities.
What are the details that must be entered in the Residence address section when filling out the online application for a personal loan?
The details entered by a customer in the residence address section of the online application form must be the same as stated in the address proof you have submitted to the company. The address proof may include any one of your passport, ration card, driving license, latest mobile phone bill or in the absence of the aforementioned documents, you may submit a letter from your employer provided it contains a signature of the admin manager or authorised HR.
How do I make repayments towards the loan?
Customers have the option of repaying their personal loans through the Electronic Clearance System (ECS). All you have to do is inform the company to deduct the equated monthly instalments from the bank account you have nominated. Customers also have the option to make payments via post-dated cheques in favour of Tata Capital Financial Services Limited.
Is there an option to prepay my personal loan?
Yes, customers can prepay their personal loans by simply visiting a branch of Tata Capital Financial Services Limited or calling and getting professional advice from an executive of the company at 1800 209 6060 (*Between 9 AM to 8 PM; Monday to Saturday; Closed on Sundays and Public Holidays). When visiting the branch, certain documents must be carried on your person. These documents include a statement that states that you have cleared the last instalment, foreclosure statement, request letter signed by the applicant, and PAN card. The prepayment of your personal loan can be made via demand draft, cheque or cash.
Details
100% PAPERLESS APPROVAL
