Want to take consumer durable loan? Think of Tata Capital

 

Tata Capital Consumer Durable Loan Details

ParticularsDetails
Interest Rate12.99%-19% per annum
Loan AmountRs 10,000-Rs.1,50,000
Tenure6 months-24 months
Processing Fee 1.25%-2.5% of the loan amount
Foreclosure/Prepayment ChargesNil


Introduction

With the growth in number of lenders in India's consumer durable finance space, it has become important to analyse their offering in terms of aspects like interest rate, processing fee, loan amount eligibility, etc. Consumer durable finance, as the name suggests, is provided by banks and non-banking finance companies (NBFCs) to the customers for purchasing products like refrigerators, microwave, washing machine, LED television, home theatre, etc. There are a number of lenders ranging from  HDFC Bank to Bajaj Finserv who provide consumer durable loan. We, in this article, will highlight the consumer durable loan offering of Tata Capital, a leading NBFC in India.

    Eligibility Criteria for Tata Capital Consumer Durable Loan

    ParametersSalaried ProfessionalSelf-employed
    Age21-60 years21-65 years
    IncomeMinimum income of Rs 20,000 per monthMinimum annual income of Rs 2,00,000
    Job Experience/Business ContinuityMust have been working with the current employer for at least 2 yearsMinimum work experience of 3 years in the same line of business

    Documentation Required for Tata Capital Consumer Durable Loan

    ProofsSalaried ProfessionalSelf-employed
    Identity proofPAN Card/Voter ID/Passport/Driving License, 2 passport size photographsPAN Card/Voter ID/Passport/Driving License, 2 passport size photographs
    Age proofPassport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving CertificateMinimum annual income of Rs 2,00,0Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate00
    Address ProofLatest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter IDLatest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
    Income ProofSalary slip of last 2 months, bank statement for last 3 monthsLatest 2 year ITR with statement showing computation of income, CA Certified or audited profit & loss account statements and balance sheet for last 2 years, bank statement for last 6 months
    Signature verificationDriving License/Passport copy/PAN CardDriving License/Passport copy/PAN Card
    Signed Application FormYesYes
    Other documentsN.A.Shops and Establishments Act License with Proprietor Name or verified ECS with proprietorship stamp if repayment is done from proprietorship A/C
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    Products Covered Under Consumer Durable Loan

    • Laptops/Desktops (Price above Rs.30,000)
    • Smart phones (Price above Rs.20,000)
    • Flat screen television sets (LED/LCD/Plasma)
    • Washing Machines
    • Dryers
    • Refrigerators
    • Microwave Oven
    • Air Conditioners
    • Music Systems
    • Dishwashers

    Features & Benefits of Tata Capital Consumer Durable Loan

    • On spot approvals
    • Increased loan limit for credit card holders
    • Foreclosure allowed after the first EMI
    • No foreclosure and prepayment penalties

     

    (Updated on:7 November,2016)

     

    Personal Loan Interest Rates April 2018
    Bajaj Finserv 10.99% - 16.00%
    Fullerton India 14.00% - 33.00%
    HDFC Bank 10.99% - 20.99%
    ICICI Bank 10.99% - 18.40%
    IndusInd Bank 10.99% - 16.00%
    Kotak Bank 10.99% - 20.99%
    RBL 13.00% - 18.00%
    Standard Chartered Bank 11.49% - 14.49%
    Tata Capital 10.99% - 18.00%
    Home Loan Interest Rates April 2018
    State Bank of India/SBI 8.35% - 8.90%
    HDFC 8.40% - 9.35%
    Bank of Baroda 8.30% - 9.30%
    LIC Housing 8.45% - 8.90%
    PNB Housing Finance 8.40% - 8.99%
    ICICI Bank 8.35% - 8.85%
    Axis Bank 8.40% - 8.75%
    Citibank 8.40% - 9.25%
    Indiabulls Housing Finance Limited 8.45% - 9.75%
    Kotak Bank 8.35% - 8.50%
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