Description

TATA Capital is a subsidiary of TATA sons limited. It is a Non-Banking Financial Company (NBFC) offering services in the areas of loans and other financial products. It is catering to the demands of the customers across the country through their 100 branches spread nation-wide. Registered as a systematically important non-deposit accepting NBFC with the Reserve Bank of India, the institution provides various operations across commercial finance, consumer loans & distribution, wealth management along with the marketing of TATA limited cards.

Avail a personal loan from Tata Capital and get a whole new experience altogether. The Tata Capital First Personal loan will provide you with quick and easy personal loan options at competitive personal loan interest rates. They understand your needs better than the most and hence offer customized personal loan products to you, with minimal documentation.

Tata Capital interest rate for the personal loan

Tata Capital interest rate for the personal loan 

General - Interest Rates

11.25% to 19%

Loan tenure

Minimum 12 months

Maximum 72 months

Processing Fee

Up to 2.5% of the total loan amount + GST

Loan amount

From a minimum of Rs 75000 to Rs 25,00,000 

Age

22 to 58 years 

Minimum net monthly income

Rs. 15,000 per month

Prepayment Charges

  • Allowed only after 6 EMIs 

  • No prepayment charge is levied if the prepayment amount is within 25% of the principal outstanding. 

  • Prepayment Charge is 2.5% of the principal outstanding + GST if the prepayment is above 25% of the principal outstanding.

 

Other rates/fees associated with a Tata Capital personal loan

 

Category

Rate/Charge

Repayment mode swap charges

Rs 550 for every transaction + GST

Collection of cheque/cash

Rs 100 per instance + GST

Cheque/NACH/ECS dishonored charges

Rs 600 + GST

Loan cancellation charges

2% of loan amount or ₹ 5750, whichever is higher + GST

Foreclosure charges 

  • Allowed only after 6 EMIs Charge is 4.5% of the principal outstanding + GST

Postdated cheque charges

Rs 850 + GST

Duplicate NOC charges

Rs 550 + GST

*Rates are subject to periodic changes. Tata Capital personal loan interest rates and other fees/charges are subject to regular reviews. They can also vary from customer to customer depending upon a number of factors.

Features of different Personal Loans Offered by Tata Capital

Personal Loan Schemes

Features & Benefits

Tata Capital Wedding Loan

  • The personal loan interest rates start as low as 11.25% per annum.

  • A Tata Capital wedding loan is nearly paperless, convenient and digital.

  • You can make part-prepayment on your wedding loan at no extra cost. 

  • No security/collateral is required for availing a Tata Capital personal loan of this type.

Personal loan for Home Improvement

  • The personal loan interest rates start as low as 9.60% per annum.

  • You can have a flexible loan tenure of 12 to 72 months to repay a Tata Capital Home Renovation loan.

  • No security/collateral is required for availing a Tata Capital personal loan of this type.

  • The maximum loan amount you can avail is Rs 25 lakhs.

Tata Capital Medical Loan

  • These loans are offered at comparatively lower personal loan interest rates starting from 11.25% per annum.

  • You can have a flexible loan tenure of 12 to 72 months to repay a Tata Capital Medical loan.

  • The maximum loan amount you can avail is Rs 25 lakhs.

  • No security/collateral is required for availing a Tata Capital personal loan of this type.

Tata Capital Travel loan

  • These loans are offered at comparatively lower personal loan interest rates starting from 11.25% per annum.

  • You can have a flexible loan tenure of 12 to 72 months to repay a Tata Capital Travel loan.

  • The maximum loan amount you can avail is Rs 25 lakhs.

  • No security/collateral is required for availing a Tata Capital personal loan of this type.

Factors that affect the Tata Capital personal loan interest rate

  • The Credit Rating of the applicant

While deciding on your personal loan application, Tata Capital scrutinizes your credit profile too. Your credit profile includes details such as how efficient you are in credit handling, your previous repayments and your past loan/credit records. If the above-mentioned parameters are found satisfactory, Tata Capital will not only approve your personal loan but also may provide you with the best interest rates applicable.

  • Monthly Income of the applicant 

The affordable monthly income of the applicant makes a decisive impact while Tata Capital calculates the interest rate being offered to him. It’s important for Tata Capital to assess the repayment ability of the borrower accurately before approving the loan to him. His monthly income allows Tata Capital to ascertain his payback capacity accurately and also to get some kind of a surety in the event of a possible default. 

If the applicant has a higher monthly income, Tata Capital is more or less convinced that the amount lent out would return to the bank within the scheduled time frame itself. On the contrary, if the applicant has a low monthly income, he will have difficulty in paying his EMIs on time every month. In this case, Tata Capital will see him as a risky proposition, as far as his loan repayment capacity is concerned. Hence, it will dampen his chances of getting the best interest rates from Tata Capital.  

  • The Type of Tata Capital Personal Loan you opt for

The rate of interest for a Tata Capital personal loan is also influenced by the loan type you have chosen. As you are aware of, there are two types of personal loans-

Secured Personal Loan: In this case, you need to pledge gold, a movable/immovable security or property as collateral while applying for your Tata Capital personal loan. The lender now has a fallback option, if you can't repay your loan tomorrow and hence, you are considered a less risky proposition. Tata Capital will not hesitate to grant you better offers with lower interest rates, if you opt for a secured personal loan.

Unsecured Personal Loan: In contrast to the secured personal loans, you do not need to pledge any security/collateral to Tata Capital. Therefore, your perceived creditworthiness is everything upon which the lender determines your loan repayment capability in future. The interest rates in an unsecured personal loan will be higher in comparison to secured loans as the Tata Capital deems you as a higher risk proposition while lending to you.

  • Tenure of the Personal Loan

The loan repayment period or the loan tenure of the Tata Capital personal loan has a decisive impact on the interest rates offered by the bank. The rate of interest is higher for shorter personal loan tenure and vice versa. 

  • If the applicant is a customer of Tata Capital

If you have been a loyal customer of Tata Capital and have maintained a wonderful working relationship all throughout, you are usually considered for offers/special schemes with cheaper interest rates. However, do have in mind that interest rate is a discretionary matter of the lender. By becoming a customer, you do not necessarily assure yourself of the lowest interest rates going around.

Why Choose Tata Capital Personal Loans? 

You should choose a Tata Capital personal loan due to the below-mentioned advantages associated with it-

  • Multipurpose loans: You can use the Tata Capital personal loan amount pretty much for any genuine purpose. 
  • Minimum Documentation:  The Tata Capital personal loan requires only a few basic documents to approve your much-needed personal loan.
  • No security/collateral: You do not need to pledge a security/ collateral to avail a Tata Capital personal loan.
  • Easy repayment options- You can decide to pay Tata Capital personal loan EMI with easy and multiple payment options as per your convenience. These options include auto debit, online payment, ECS, PDCs and so on. 
  • Fast loan disbursal- Tata Capital is disbursing loans in order to ensure that you do not need to wait for long before your financial needs are met.
  • Provides overdraft facility- If extra costs pile up for some reason, you can avail the overdraft facility of Tata Capital. Here, you can withdraw as much money you need, up to a mutually agreed limit.

In case of any query you have at any stage of your Tata Capital personal loan application process, the well-trained and experienced customer support team of Tata Capital Personal Loan will be there for you any time you want, round the clock. You can call the Afinoz customer care at 0120-411-0376. 

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