Are you looking for a quick way to pay for your larger expenses? If yes! A Tata Capital personal loan could be your answer! Tata Capital, a well-known name in the financial sector, provides a comprehensive personal loan product made to meet the various needs of individuals.
Tata Capital Personal Loan is available at 10.99% p.a. for loan amounts up to Rs 35 lakh and tenure up to 6 years. It offers quick loan processing, customized personal loans, pre-approved instant personal loans to a select group of customers, and instant small personal loans to salaried people with limited or no credit records.
In this article, we will explore Tata Capital Personal Loan in detail, highlighting its features, eligibility criteria, interest rates and charges, documentation, and much more.
What is Tata Capital personal loan?
A personal loan is a tempting loan option that you can use for a variety of purposes without putting up any collateral. A personal loan allows you to tackle your urgent financial needs with ease. No matter what your needs may be—whether it’s financing a medical emergency, taking a much-needed family vacation, or rejuvenating your home, Tata Capital’s personal loan is always at your rescue!
Tata Capital simply aims to reduce your financial worries with a wide range of online multipurpose personal loans. Customers can get unsecured personal loans for up to Rs. 35 lakhs at an attractive interest rate starting at just 10.99 %p.a with a tenure of up to 6 years. The best part is that the loan application process is incredibly convenient. With simple eligibility criteria and a digital application process, you can get the loan with utmost ease in no time.
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Tata Capital Personal Loan: An Overview
| Tata Capital Personal Loan Highlights | |
| Interest Rate | 10.99% p.a. onwards |
| Loan Amount | Up to Rs 35 lakh |
| Tenure | Up to 6 years |
| Minimum Monthly Salary | Rs 20,000 (Rs 15,000 for Government Employees, Salaried Employees, Doctors, Women, Education, Travel Loan) |
| Processing Fees | Up to 3 % of the loan amount + GST |
| Documentation | Proof of Identity Proof of Address Bank statements (last 6 months) Salary slips (latest) |
key features of Tata Capital personal loan
Multipurpose Personal Loan
Tata Capital offers a variety of personal loans to suit your specific needs. Whether you need money for a wedding, foreign trip, debt consolidation, or downpayment requirement, you can simply choose the loan amount that best suits your financial need, and apply to proceed.
No Collateral/ Security
It is an unsecured loan, which means borrowers are not required to provide any collateral or security, making it accessible to a broader range of individuals.
Overdraft Facility
It also enables you to use the personal loan overdraft option to withdraw money up to a specified limit. Only the amount that was used is subject to interest.
Zero Charges on Prepayment
After 12 months after receiving a personal loan, you may prepay a portion of it up to 25% of the outstanding balance without incurring any additional fees or penalties. You may prepay up to a maximum of 50% of the outstanding principal in a single year. However, any partial prepayment amount over 25% will be subject to the appropriate prepayment fees.
Highly Flexible
It simply allows you to choose the amount, duration, and EMI for which you need financing.
Competitive Interest Rates
Tata Capital always strives to offer competitive interest rates, making the loan more affordable for borrowers and ensuring they can manage their repayments effectively.
Quick processing & Disbursal
Tata Capital ensures a smooth and hassle-free application process, with quick approval and disbursal of funds to ensure immediate access to funds in times of urgency.
Eligibility of Different Types of Tata Capital Personal Loan
The eligibility is based on the borrower’s income, age, employment history, credit score, monthly income, and work experience. The following are the requirements for personal loans that Tata Capital has set forth for its various personal loan programs:
Personal Loan for Marriage: Customers can apply for a personal loan for marriage from Tata Capital to pay for wedding-related expenses. The eligibility criteria are as follows:
- The borrower should be salaried
- Age: 21- 58 years
- Worked for the company for at least 6 months
- Minimum work experience: 2 years
- Minimum monthly income: Rs 20,000
Personal Loan for Medical: Potential borrowers of personal loans are eligible for a medical loan to cover the cost of emergency medical care as well as cosmetic, dental, and other medical procedures. The eligibility criteria are as follows:
- Salaried individual
- Minimum 1 year of work experience
- Working in the current organization for at least 6 months
- Age: 21- 58 years
- Monthly income: At least Rs 20,000
Personal Loan for Education: The Tata Capital Personal Loan for Education gives borrowers the ability to pay for the tuition fees and living expenses of students who want to continue their education in India or abroad. The eligibility criteria are as follows:
- Age: 16-26 years
- The applicant or his/her parents must earn at least 15,000 rupees per month.
- Good academic record
- Should have a guarantor/ show security
Personal Loan for Travel: The Tata Capital Personal Loan for Travel is available to applicants to help them pay for their travel-related expenses, such as airfare, lodging, tour packages, and other related costs. The eligibility criteria are as follows:
- Age: 22-58 years
- One year of work experience
- Minimum monthly salary: Rs 15,000
Personal Loan for Home Renovation: To finance home renovations, including everything from significant interior upgrades to simple maintenance and repair requirements, Tata Capital offers Personal Loans for Home Renovation. The eligibility criteria are as follows:
- Age: Minimum- 24 years & Maximum- 65 years (at the time of loan maturity)
- Minimum monthly income: Rs 20,000
- Minimum work experience: 2 years
Personal Loan for Government Employees: Government employees can apply for a personal loan from Tata Capital to help them with their own financial needs. The eligibility criteria are as follows:
- Age: 22- 58 years
- Minimum monthly income: Rs 15,000
- Work experience: At least 1 year
- Other criteria: CIBIL Score, job stability
Personal Loan for Salaried Employees: Tata Capital offers Personal loans for Salaried Employees to help salaried individuals meet their personal financial needs. The eligibility criteria are as follows:
- Age: 22- 58 years
- Loan Minimum work experience: 1 year
- Minimum monthly income: Rs 15,000
- Credit score: Minimum 750 or above
- Should have paid off their previous debts on time.
Personal Loan for Doctors: Tata Capital also offers doctors special loans to purchase medical equipment and renovate their clinics. The eligibility criteria are as follows:
- Age: 22- 58 years
- Minimum monthly income: Rs 15,000
- Minimum work experience: 1 year
Personal Loan for Women: Tata Capital’s Personal Loan for Women enables working women and homemakers to raise funds for a variety of financial needs. The eligibility criteria are as follows:
- Minimum work experience: 1 year
- Age: 22- 58 years
- Minimum monthly income: Rs 15,000
Tata Capital Personal Loan Interest Rates
The Tata Capital Personal Loan’s interest rate starts at just 10.99% per annum. Here are the details of interest rates for various customer segments.
| Customer Segment | Interest Rates (p.a.) |
|---|---|
| Personal loan for salaried | 10.99% onwards |
| Personal loans for doctors | 10.99% onwards |
| Personal loan for women | 10.10% onwards |
| Personal loan for doctors | 12.00% onwards |
| Marriage loan | 10.99% onwards |
| Medical loan | 10.99% onwards |
| Travel loan | 10.99% onwards |
| Home renovation loan | 10.99% onwards |
| Personal loan overdraft | 13.55% onwards |
| Education Loan | 10.99% onwards |
Please be aware that all of the information provided here regarding the applicable interest rate is liable to change. Therefore, before applying for any personal loans, check with the loan provider.
Documents Required
- Photo ID Proofs: Copy of voter ID, Aadhaar card, driving license, passport
- Income Proofs: Bank statement copy for the last 6 months
- Salary Slips: Copy of salary slips for the last 3 months
- Address Proof: Passport/electricity bill/ration card copies
- Employment Certificate: Certificate proving one year of continuous employment
Please be aware that additional documents may be required depending on the type of loan you are applying for.
Bottom Line
Tata Capital provides a variety of personal loans to individuals to suit their specific needs. Tata Capital Personal loans are highly flexible and affordable. It also offers quick approval and disbursal of loan amounts to tackle all your urgent financial needs. If you are looking for a personal loan, you can apply now online or visit your nearest Tata Capital branch with the required documents to initiate the loan approval process.
FAQ’s
Tata Capital promises to approve and disburse personal loans within 72 hours of receiving loan documents and completing verification.
Tata Capital Personal Loan does not require collateral or guarantee from personal loan applicants.
Yes, if you have a low credit score you can apply for a personal finance loan. However, your chances of loan approval will be lower.
Credit reports show the repayment history of users and borrowers, both past and present. This aids creditors in determining whether loan applicants are creditworthy. A credit report showing a credit score of 750 or higher can increase the likelihood that a personal loan will be approved and that the interest rate will be lower.
Tata Capital does not have any hidden fees, but there are small processing costs. Processing fees of up to 3% of the loan amount, as well as document charges, are applicable and will be deducted from the loan amount at disbursement.