Tata Capital Personal Loan EMI Calculator

After availing the personal loan, if you are curious to know what would be your EMIs, all you need to know about a personal loan EMI Calculator . That’s Right! This smart and time-saving tool online is there to help you in the best way. It lets you know the exact calculations of your EMI and Interest Outgo in a hassle-free manner.

• Loan Amount
• Interest Rate
• Tenure

Gives you the exact and precise results related to your Tata Capital Personal Loan EMI, Interest Outgo and Total Amount Payable. With its 24×7 availability, this device is absolutely easy to use and allows you to enjoy your personal loan journey.

How to Use Wishfin Tata Capital Personal Loan EMI Calculator?

Wishfin provides a user-friendly online personal loan EMI calculator that instantly provides accurate EMI calculations. All you need to do is drag the sliders to select your desired loan amount, interest rate, and loan term.

Once you set these parameters, the calculator will display your monthly EMI, the total interest to be paid, and the total amount you will repay over the loan period.

Example of Tata Capital Personal Loan EMI Calculation

Let’s make you understand the functionality of this tool with the help of an example below.

Suppose Rajat Verma, a 32-year-old Senior Copy Editor by profession, is looking for a personal loan of ₹5 Lakh to enjoy a family vacation in Europe. Tata Capital has agreed to offer the loan at an interest rate of 10.30% per annum for a tenure of 5 years. But before saying yes to a lender, Rajat wants to be fully sure about his EMI, i.e., whether his EMIs are going to be pocket-friendly or not. Thus, he used this online device to learn the same. So, let’s just know more about the same in the table below.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

What is the Lowest EMI Offered by Tata Capital on Personal Loans?

In the below tables, you can have a look at the EMI amount for different loan amounts at the end of different periods at a Tata Capital Bank personal loan interest rate of 10.99% to 16 % per annum

Tata Capital Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 10.99% per annum

You can have a look at the EMI amounts for a period of 2, 3, 4 and 5 years respectively for a loan amount ranging from 1 lakh to 15 lakh at an interest rate of 10.99% per annum

Tata Capital Personal Loan EMI for Different Loan Amounts and Different Tenures at an interest rate of 16.00% per annum

You can have a look at the EMI amounts for a period of 2, 3, 4, and 5 years, respectively, for a loan amount ranging from 1 lakh to 15 lakh at an interest rate of 16% per annum..

Tata Capital Personal Loan EMI Calculation Formula

The calculator uses the below formula to calculate an EMI.

EMI=[P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI=Equated Monthly Installment
P=Principal Loan Amount
R=Monthly Interest Rate
N=Number of Monthly Installments

If you've taken a loan of ₹6.5 lakh at an interest rate of 15% with a repayment period of 4 years, the calculation for your monthly installment (EMI) would look like this:

• Principal Amount (P): ₹6,50,000
• Interest Rate (R): 15% per annum (which is 0.15 per month)
• Loan Tenure (n): 4 years, or 48 months

Here’s how to calculate your EMIs:

[6,50,000 x 0.15 x (1 + 0.15) ^ 48]/[(1+0.15) ^48 -1] = 18,089.99

Therefore, your monthly payment will be ₹18,089.99

TATA Capital Personal Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

Key Benefits of Using Tata Capital Personal Loan EMI Calculator

Here are the primary advantages of using the Tata Capital online personal loan calculator:

• Instant Results: The calculator provides immediate EMI calculations and simplifies the process without needing complex math.
  
• Financial Planning Aid: By previewing your monthly payments, you can better organize your finances and budget.
  
• Customizable Inputs: You can modify the loan amount, interest rate, and repayment period to see how these variations influence your EMI, allowing you to tailor the loan to fit your financial situation.
  
• Error Reduction: Automated calculations reduce the chance of errors compared to manual calculations, ensuring accuracy in your financial planning.
  
• Time-Saving: Saves time by eliminating the need for manual computation and, in turn, allows for quick financial decision-making.

Eligibility Criteria to Apply for Tata Capital Personal Loan

Here are the eligibility criteria for salaried individuals:

• Age: Must be between 22 to 58 years old.
• Minimum Monthly Income: At least Rs.15,000.
• Work Experience: Should have at least 1 year of work experience.
• Employment Status: Must have been in the same job for at least 6 months.

What are the Factors Affecting Tata Capital Personal Loan EMI?

Here are the factors that influence the monthly installment for a Tata Capital personal loan:

• Loan Amount: The more you borrow, the higher your monthly payment will be.
• Interest Rate: A higher interest rate will increase your EMI, while a lower rate will decrease it.
• Loan Tenure: The length of your loan affects your EMI. Longer loan terms mean smaller monthly payments and shorter terms mean larger payments.
• Income: The amount you earn can determine how much you're allowed to borrow and the terms of your loan, which can affect your EMI.
• Credit Score: A better credit score might qualify you for lower interest rates, reducing your EMI.
• Existing Debts: Having other loans or debts can influence how much you can borrow and the terms of your new loan, affecting your EMI.

Fees and Charges Levied on Tata Capital Personal Loan

Here are the fees and charges applicable to personal loans by Tata Capital:

• Processing Fees: You may be charged up to 5.5% of the loan amount plus GST for processing your loan.
• Loan Cancellation Charges: Tata Capital charges either 2% of the loan amount or Rs. 5,750, whichever is higher in case you decide to cancel your loan,
• Part Payment: If you want to pay part of your loan early, there’s a charge of 2.5% on any amount that exceeds 25% but is less than 50% of the outstanding principal.
• Penal Interest: If you miss a payment, the penalty is 3% per month on the overdue amount, plus applicable taxes.

Limitations of Using Tata Capital Personal Loan EMI Calculator

While online EMI calculator comes with several advantages, there are certain limitations as well when it comes to using this tool:

• Doesn’t Include All Fees: The calculator doesn't account for additional costs such as processing fees, late payment charges, or early repayment penalties, which could increase the overall expense of your loan.
• Assumes Fixed Interest Rate: It usually calculates using a fixed interest rate for the entire duration of the loan, which might not capture fluctuations that occur with variable rate loans.
• Ignores Credit Score: The calculator doesn’t consider your credit score, a key factor that can influence the actual interest rate you're offered.
• Doesn’t Check Eligibility: It doesn't evaluate whether you're eligible for the loan, which would depend on your income, other debts, and credit history.