Tata Capital Consumer Durable Loan Details
| Particulars | Details |
|---|---|
| Interest Rate | 12.99%-19% per annum |
| Loan Amount | Rs 10,000-Rs.1,50,000 |
| Tenure | 6 months-24 months |
| Processing Fee | 1.25%-2.5% of the loan amount |
| Foreclosure/Prepayment Charges | Nil |
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
| Parameters | Salaried Professional | Self-employed |
|---|---|---|
| Age | 21-60 years | 21-65 years |
| Income | Minimum income of Rs 20,000 per month | Minimum annual income of Rs 2,00,000 |
| Job Experience/Business Continuity | Must have been working with the current employer for at least 2 years | Minimum work experience of 3 years in the same line of business |
Documentation Required for Tata Capital Consumer Durable Loan
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Identity proof | PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs | PAN Card/Voter ID/Passport/Driving License, 2 passport size photographs |
| Age proof | Passport 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 Certificate | Minimum 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 Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Income Proof | Salary slip of last 2 months, bank statement for last 3 months | Latest 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 verification | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
| Signed Application Form | Yes | Yes |
| Other documents | N.A. | Shops and Establishments Act License with Proprietor Name or verified ECS with proprietorship stamp if repayment is done from proprietorship A/C |
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)
