Personal loans are the best instruments to meet your financial requirements or to tide over the urgent cash crunch. Personal loans are unsecured loans and they are the ideal tool when you don’t have security or property to pledge for the loan amount. We are living in an era where, where a personal loan applicant can get the desired loan amount within hours of applying. It depends on the lender to lender how their services are towards their customers. Sorting the best lender is a very crucial task while trying to avail a personal loan with best of services.
The present finance market is stuffed with a number of banks and NBFCs with attractive offers on the personal loan. One of the top financial institutions with awesome services on the personal loan is Tata Capital.
Tata Capital Personal Loan
Tata capital provides all-purpose personal loans up to 25 lakhs which is a quite big amount. Tata capital personal loans are collateral free loans hence one doesn’t need to keep any of his valuables in line to get the loan sanctioned. The loan amount can be used for any general purpose such as bearing marriage expenses, funding an abroad trip, paying medical bills, spending for home renovation and so on. The interest rate on Tata Capital personal loan is comparatively lower than other banks and NBFCs. It charges an interest rate which is as low as 11.49%. Here are the other fees and charges for a Tata Capital loan.
- Processing Charge– 1.50% to 2.00% + Service Taxes
- Foreclosure Charge-4.5% of the principal outstanding at the time of foreclosure + ST
- Part-payment Charges– 2% (of the amount paid) + GST is applicable beyond that period.
- Delay in Paying EMI Charges– 2% on every outstanding month over the prevailing interest amount.
These nominal fees and charges are to be paid by the borrower while availing a personal loan from Tata Capital.
Tata Capital Personal Loan Features
Tata Capital is one of the topmost NBFCs in India for the Personal loan. The comprehensive service and multiple features make it one of the best-picked lenders. Here are some features of Tata Capital personal loan.
- Multipurpose Loan
Tata Capital personal loans can be used according to the need of the borrower.
- Affordable Interest Rate
Tata Capital offers competitive interest rate on personal loans which is as low as 11.49%
- Easy Repayment
One can use multiple ways of repayment such as post-dated cheques, ECS, online payments of EMI and so on
- Minimal Paperwork
This financial institution demands only a few document for approving a loan.
- No Collateral
Tata Capital personal loan is an unsecured loan, so none of your valuables is at risk.
- Online Access
Tata Capital provides access to handle your credit account online, which made it much easier to do payments, check balance etc.
- Fast Disbursal
One can get the loan amount in the bank account within 72 hours of applying.
- Customer Support System
One can call or email to the customer support team at any time to clarify any doubts regarding the loan.
- Online Eligibility Checking & EMI Calculator
Tata Capital provides the convenience of checking the loan eligibility and EMI using the website. One can even apply for the loan online without visiting the bank.
- High Amount
One can take a personal loan upto 25 Lacs as a personal loan which is indeed a very big amount.
Tata Capital Personal Loan Eligibility
The tata capital personal loan eligibility which one needs to fulfill a personal loan are very basic ones. Both the salaried and the self-employed can apply for a personal loan. The criteria which one need to fulfill are-
- Both salaried and self-employed must have to in the age group between 21-58 years.
- A salaried person must have at least two years of overall working experience and at least 6 months with the current employer whereas a business person must prove 3 years of business turn-over.
- The income of Salaried Individuals should not be less than Rs. 20,000 per month
The amount which can be taken as loan depends primarily on the cash flow and the liabilities of the applicant.
Salaried Persons: With a minimum income of Rs.20,000 pm one will be considered eligible for a maximum loan of Rs.15,00,000.
Self-Employed Persons: With a minimum income of Rs. 2,00,000 per annum, a self-employed professional can get a maximum loan of Rs. 20,00,000.
Business Owners: With a minimum income of Rs. 2,00,000 per annum, a self-employed professional can get a maximum loan of Rs. 15,00,000.
Tata Capital Personal Loan Documents
The documents which an applicant has to furnish in order to get the loan sanctioned are given below.
| criteria | Salaried individuals | Self employed individuals | Business owners |
| Identity proof | Voters ID /Passport/Driving License, etc | ||
| Address proof | Ration Card/Electricity Bill/ Passport, etc. | ||
| Bank statements | For the last 3 months | ||
| Employment certificates | 2-year Employment continuity document | NA | NA |
| Salary slips | For last 3 months | NA | NA |
| Educational/Business Continuity documents | NA | Proof of highest professional degree | Proof of Continuation: Trade License/Sales Tax Certificate/Establishment. Certified copy of Partnership Deed, Memorandum of Association(MOA), Article of Association(AOA) and Board Resolution |
| ITR Filings | NA | 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. | |
A personal loan from Tata Capital is very easy to access. It has all the features which an ideal personal loan should have. So whenever you feel that your savings are not enough to meet both the ends, go for a personal loan from Tata Capital and repay it in small EMIs. Happy Borrowing!
