Personal Loan for TCS Employees 2022

TCS or Tata Consultancy Services is one of the leading IT companies in the world and the second largest Indian company by market capitalisation. Headquartered in Mumbai, TCS operates in 149 companies. It was ranked 64th overall in the Forbes world’s most innovative companies ranking in 2015. TCS offers a host of services to domestic and international clients. Working with Tata Consultancy Services comes with additional advantages; its employees can enjoy multiple benefits by availing financial services from banks and NBFCs. Likewise, a personal loan for TCS employees entails a host of benefits as described in this piece of writing. Employees of TCS can get personal loans at more favourable terms than other borrowers. 

Banks and NBFCs always present exclusive offers for borrowers employed with listed companies, such as TCS. Since employees of reputed companies have a stable job and higher income, lenders have less risk to offer loans to them. 

Here are the benefits that TCS employees can enjoy by getting a personal loan:

• Attractive interest rates: Since the risk involved is less, lenders charge relatively low interest on a personal loan to borrowers employed with leading organizations like TCS. Hence these applicants can get a personal loan at attractive interest rates. 
• Higher loan amount: The amount of a personal loan is decided on the basis of the income or salary of an applicant. TCS employees earn a higher salary, hence, lenders offer them a higher loan amount as compared to other applicants with a lower income. 
• Simple documentation process: Almost all lenders offer a personal loan online with minimal documentation. Borrowers don’t need to visit a bank to apply for a personal loan. 
• Pre-approval loan offers: Multiple banks offer a pre-approved personal loan to TCS employees. For example, if you have a salary account with HDFC Bank or ICICI Bank, you can get HDFC Bank preapproved personal loan or ICICI Bank personal loan. State Bank of India also provides a personal loan through the YONO app to pre-approved customers of the bank.   
• Instant approval: TCS employees can get instant approval on a personal loan because they have a proven track record and all financial documents with them. In addition, they can get a personal loan with minimal documentation. 

Eligible Tata Consultancy Services employees can get a personal loan from almost all lenders. However, some lenders offer more favourable deals than others. Here are top lenders that offer the best personal loan for TCS employees:

Please note: Interest rates, processing fees and other charges are subject to periodic changes and depend on an applicant’s eligibility

Banks offer a relatively low interest rate to employees of reputed companies like TCS. However, the interest rate varies from lender to lender, for example, SBI personal loan interest rate starts at 9.85% and Kotak Mahindra Bank personal loan interest rate ranges from 10.99% - 24%. A lender will decide the final interest rates at the time of loan approval based on factors like principal loan amount, monthly income, credit score and work experience.

TCS employees will need to fulfill the following basic eligibility criteria. However, some criteria may vary from lender to lender: 

• Citizenship: Resident Indians
• Age limit: Applicants aged between 21 years to 60 years can apply for the loan. 
• Work experience: Salaried applicants with at least 1-year total work experience should be employed with the current organization (TCS) for at least 6 months.
• Monthly income: Typically, lenders require applicants to have a minimum salary of Rs. 30,000 per month. It may vary from Tier I city to Tier II city and will depend on the repayment capacity of a borrower.   
• Credit score: 750 or above
   

TCS's employees can apply for a personal loan with minimal documentation. The requirement for documentation slightly differs from lender to lender, however, you will need to submit the following documents to apply for a personal loan.  

• Identity proof: A copy of Voter’s ID Card/ Aadhaar Card/ Driving License/ Passport
• Address proof: A copy of Voter’s ID Card/ Aadhaar Card/ Driving License/ Passport
• Income proof: Salary slips of the last 3 months/ current dated salary certificate with the latest Form 16 
• Bank statement: Bank statement for the past 3 months
• PAN Card: PAN number for credit report

As compared to other applicants, employees of a leading organization like TCS can get several benefits by getting a personal loan. Banks provide such borrowers with attractive rate of interest, concession in the processing fees, higher loan amount, longer repayment tenure, and a lot more. Borrowers must compare interest rates or APR, loan tenure, amount, etc. before finalizing the lender for a personal loan. A personal loan EMI calculator can help you find out the monthly outgo, total interest payable and amortization.