The Tata Capital Personal Loan is not the cheapest personal loan in India, but it does have great benefits for a variety of borrowers. Tata Capital personal loan interest rates start at 10.99%, which is only slightly lower than the market average. However, Tata offers large personal loans, long loan terms, and minimal documentation requirements for self-employed borrowers. So, while total costs may be significantly higher than the average personal loan, Tata Capital has unique features that can't be found at a majority of personal loan lenders.
|Summary of Tata Capital Personal Loans|
|Interest rates starting at 10.99%|
|Personal loan amounts up to Rs. 25 lakhs|
|6 year loan tenures|
|Personal loan without ITR|
|No prepayment penalty fee after 6 months|
Table of Contents
What Makes Tata Capital Personal Loans Stand Out to Borrowers
The Tata Capital Personal Loan starts with relatively low interest rates at 10.99%, meaning borrowers with high CIBIL scores and income can avail a cheap personal loan from Tata. Additionally, Tata offers significantly larger funding amounts than most other banks, allowing borrowers to apply for a personal loan anywhere from Rs. 75,000 to Rs. 25 lakhs.
Many banks charge a prepayment penalty anywhere up to 5.00% of the prepaid amount or principal outstanding. This charge can drive up your total costs, which is why Tata Capital stands out with zero prepayment penalties after the first 6 months of your personal loan tenure.
Tata Capital Personal Loan Interest Rates
With rates starting from 10.99%, the Tata Capital Personal Loan finds itself in the middle range of interest rates in India. Compared to the average rate of personal loan lenders that we analysed — 11.88% — Tata Capital personal loan interest rates are technically considered low.
However, Tata Capital does not advertise its maximum interest rate, therefore it is possible you may be charged a high rate depending on your personal loan eligibility. Your final interest rate will be determined by your CIBIL score, income and job position, and the personal loan amount you seek to borrow from Tata Capital, amongst other factors.
Borrowers with low CIBIL scores can still avail a Tata Personal Loan, as long as they can prove their financial ability to pay their EMIs on time. Click here to read more about other personal loans for low CIBIL scores.
Tata Capital Personal Loan Eligibility Criteria
Tata Capital's age requirements are more strict than most other banks. While many personal loan lenders allow applicants between 18 and 75 years of age to apply, Tata only offers personal loans to borrowers between the ages of 22 and 58. If you are outside of this age range, you should consider Union Bank of India or Axis Bank for your personal financing needs.
Additionally, Tata Capital personal loan eligibility criteria calls for a minimum income requirement of Rs. 15,000 and at least one year of work experience. Though this moderately low income requirement is standard in India, low income earners may find more suitable salary requirements at UCO Bank or Indian Overseas Bank.
For self-employed eligibility, Tata Capital has the same personal loan eligibility criteria as salaried borrowers. This is a good feature since most banks generally require more income for non-salaried individuals.
Finally, Tata Capital offers a long loan tenure maximum of 6 years. Most personal loan lenders have loan terms of 4 to 5 years, therefore Tata is the best option for borrowers who want a longer period of time to pay off their personal loan.
Tata Capital Personal Loan Processing Fee and Other Charges
Tata Capital's personal loan advantage is its zero prepayment penalty fees after the first 6 months of the personal loan tenure. Few banks offer this loan feature, and instead may charge up to 7.00% of the principal outstanding amount.
However, the Tata Capital processing fee of 2.75% is relatively higher than the market standards of 1.50% to 2.50%. Though your processing fee is a one-time payment that is calculated on your total personal loan amount, it can still significantly impact your total cost of borrowing. Therefore, you may want to consider other banks with lower processing fees like State Bank of India.
Tata's late payment penalty fee is also higher than most personal loan lenders. While a majority of the lenders that we analysed charge 2.00% per late EMI payment, Tata Capital charges 3.00% of the overdue amount per month + GST.
Read More: SBI Personal Loan Review
|Bounce Charges||Rs. 600|
|Mandate Rejection Service Charge||Rs. 450 + GST|
|Loan Cancellation Charges||2.00% of loan amount or Rs. 5,750, whichever is higher + GST|
|Instrument Swap Charges||Rs. 550 + GST|
|Duplicate NOC||Rs. 550 + GST|
|Post-Dated Cheque Charges||Rs. 850 + GST|
|Outstation Collection Charges||Rs. 100 + GST|
Like most personal loan lenders, Tata Capital charges an assortment of fees throughout your loan application process.
|Standard EMI||You will pay back your loan on a monthly basis (12 EMIs per year). Interest is calculated on total principal loan amount.|
|Flexi Interest-Only Loan EMI||You can withdraw your personal loan funds through a pre-approved cash limit as you need it. Interest is charged on the amount used and not on the total principal loan amount.|
|Step-Up Flexi Loan EMI||You can pay lower EMIs in the beginning of your personal loan term, and pay higher EMI amounts as your loan term progresses.|
Some lenders like Tata Capital offer a variety of personal loan repayment methods. There are three different equated monthly instalment payment options available to you.
To calculate an estimate of your personal loan EMIs, use the Tata Capital Personal Loan EMI calculator on their official website.
Tata Capital Personal Loan: Apply
Tata Capital has an online personal loan application process that is very easy to follow. With the right documents required and follow up, your Tata personal loan can be disbursed within a few days.
|6 Steps to Avail a Tata Personal Loan|
|1. Enter Details||Enter name, mobile number, and PAN number verification.|
|2. Input Loan Requirements||If pre-approved, input your personal loan requirement within the sanctioned loan amount limit.|
|3. Provide Personal Details||Enter your personal details and banking details.|
|4. Set Up Your E-mandate||Complete a one time Tata Capital netbanking transaction authorization.|
|5. Additional Facility||You can avail insurance to protect yourself against personal loan liabilities.|
|6. Instant Personal Loan Disbursement||Accept your online loan agreement, verify your details, and your loan will be instantly disbursed.|
Tata Capital: Documents Required for Personal Loan
Tata Capital does not require many documents to avail a personal loan, which is greatly beneficial for borrowers who may not have formal proof of income, for instance. You can find the required documents for both self employed and salaried borrowers below.
- Photo Identity Proof: Copy of your Voter's ID, Passport, Driving License, OR Aadhar Card
- Address Proof: Copy of your Ration Card, Electricity Bill OR Passport
- Income Proof: Last 6 months' bank statements
- Salary Slips: Last 3 months' salary slips
- Employment Certificate: Showing 1 year of continuous employment
Borrowers who are self employed without ITRs will find that Tata Capital is a good personal lender to consider, since it only requires 6 months of bank statements as proof of income.
Tata Capital Personal Loan Customer Care
To check your Tata Capital personal loan status or find out more about the Tata personal loan, you can contact customer care through any of the methods below.
- Tata Capital Personal Loan Customer Care Number: (1) 860 267 6060
- Click Here to Access Tata Capital Personal Loan Login
- Click Here to Find a Tata Capital Branch Near You