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Tata Capital Personal Loan Interest Rates

Interest Rate Comparison Tool

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Availing a personal loan is not a hassle anymore as you have Tata Capital by your side. When it comes to availing the same, this NBFC offers the unsecured credit facility at an attractive interest rate of between 10.99% and 35% p.a. and loans amounting upto ₹35,00,000. Yes, being a reputed name in the financial sector, there is no denying the fact that Tata Capital Personal Loan is here to fulfill all your personal needs in the best way.

Tata Capital Personal Loan Interest Rate Details 2024

Do you know about the best part of Tata Capital Personal loans? With their digital application process and simple eligibility requirements, they have made the loan application process incredibly convenient for you. So, if you are someone who wants to know more about the personal loan interest rates with eligibility criteria offered by Tata Capital, read the page below.

Particulars Details
Interest Rates 10.99% - 35.00%
Loan Amount INR 75k  - INR 35 Lakh
Repayment 12 months-72 months
Processing Fee Up to 5.5% of the loan amount + GST
Pre-Closure Charges 4.5% of the principal outstanding

Advantages of Tata Capital Personal Loan

The following are some of the main benefits of applying for personal loans with Tata Capital-

  • Multipurpose Personal Loan: Tata Capital’s personal loans can be used for a variety of needs, such as medical expenses, travel, education, or home renovation. This flexibility allows you to address different financial requirements without needing to apply for separate loans.
  • No Collateral/Security: Tata Capital personal loans are unsecured, meaning you don’t need to provide any assets as collateral. This simplifies the borrowing process and reduces the risk of losing valuable property in case of repayment issues.
  • Overdraft Facility: If you require additional funds over what you have borrowed, you may withdraw them up to an agreed-upon amount. The best part is you have to pay interest on only the amount you use.
  • Zero Charges on Part Pre-Payment: You can repay a portion of your loan early without incurring additional fees. This can help reduce your overall interest burden and shorten the loan tenure, making your loan more cost-effective.

Factors Affecting Tata Capital Personal Loan Interest Rate

These are the factors that might affect the Personal Loan interest rate of Tata Capital -

  • Improve your Credit Score  - Regularly check your credit report to ensure accuracy and take steps to improve your score if needed. This includes timely repayment of existing loans and credit card bills.
  • Loan Tenure and Amount - The amount you wish to borrow and the loan tenure can significantly influence the interest rate. Generally, a shorter loan tenure may attract lower interest rates because the risk for the bank is reduced over a shorter period. Conversely, larger loan amounts might qualify for lower rates, although this can vary based on individual circumstances and creditworthiness.
  • Repayment Capacity - Lenders assess your ability to repay the loan based on your current financial situation. A strong repayment capacity can lead to more favorable interest rates.
  • Loan Type - The loan type significantly affects the interest rate of a personal loan because different loan types carry varying levels of risk for the lender. The type of loan you choose, including the presence of collateral, the interest rate structure, and the loan’s intended use, plays a vital role in determining the interest rate offered by lenders.
     
  • Existing Relationship with Tata Capital: If you have an existing relationship with Tata Capital or have maintained a good financial track record with them, you might receive more favorable interest rates on your personal loan.

Calculating EMIs on Tata Capital Personal Loans at Different Interest Rates

Are you considering a personal loan but unsure how the EMI will fit into your monthly budget? What if we told you that you could estimate it in just seconds? That’s right! If you’re wondering how to calculate the EMI for a personal loan, simply use Wishfin’s Tata Capital EMI Calculator

Just enter the following information:

  • Principal Amount
  • Interest Rate
  • Tenure

The EMIs for a Rs. 4,00,000 personal loan with interest rates of 10.99% p.a - 30% p.a over terms of one to five years are shown in the table below. The loan amount and other information are customizable to meet your needs.

Tenure (In Years)

EMI (at 10.99% Interest rate)

EMI (at 30% Interest rate)

1

₹35,350.80

₹38,994.85

2

₹18,641.28

₹22,365.13

3

₹13,093.59

₹16,980.63

4

₹10,336.27

₹14,402.40

5

₹8,694.97

₹12,941.36

What Should You Do in Order to Fetch the Lowest Interest Rate from Tata Capital?

These are the points that you need to keep in mind and can fetch the low interest rate from Tata Capital– 

  • Provide Proof of Stable Income: Showing that you have a steady and reliable income increases your chances of getting a lower interest rate, as it reassures the lender of your ability to repay the loan.
  • Choose a Shorter Loan Tenure: If you opt for a shorter repayment period, it may result in lower interest rates since it reduces the bank's risk and more chances of getting money back in a reasonable period. 
  • Borrow Only What You Need: Applying for a smaller loan amount can often result in better interest rates because the risk for the lender is lower. With a smaller loan, the bank has less money at stake, so they're more willing to offer a lower interest rate. This reduced risk makes lenders more comfortable offering favorable terms.
     
  • Apply During Promotional Periods: Watch out for any promotions or special offers that tata capital  may be doing on personal loans with lower interest rates. Occasionally, during holidays, year-end, or other promotional events, banks will offer lower rates. This can be a great way to get a loan at a lower cost.

Documents Required for a TATA Capital Personal Loan

These are some documents that are necessary while applying for a personal loan from Tata Capital:- 

General Documents (Applicable to All) 

  1. Application form properly filled by the borrower and any co-borrowers, if any, and sent with two copies of each photo.
  2. Proof of identity (Driver’s License, PAN/Passport/ Voter ID card) 
  3. Proof of Residence (photo copies of recent/ Electricity Bills/Telephone Bills/ Passport/  Property tax receipts/ Voters ID card) 
  4. Bank Statement of last 12 months 
  5. Statement of personal asset liabilities in the format required by the bank.

Additional Documents: For Salaried Employees 

  1. Latest Salary slip. 
  2. ID card issued by the employer (photocopy) 
  3. Last 2 years’ Form16 or IT Returns 
  4. Irrevocable Authority Letter sent to the Authority that Disburses 
  5. A letter of authority that cannot be revoked from the person with the authority to pay salaries and benefits

For Self Employed/Professionals/Businessmen 

  1. IT Returns/Assessment orders for the last 3 years and their Photocopies.
  2. For the last 3 year’s Balance sheet and Profit and Loss A/c (Certified true copy) 
  3. Business address proof
  4. Business proof includes (Sales Tax Registration, Gumasta /Trade license, Registration Certificate of establishment, etc.) 
  5. Certificate of Practice (Photocopy) (if applicable). 
  6. TDS Certificate (Form 16A, if applicable)

For Those Involved In Allied Activities As Well As Agriculturists

  1. Records attesting to land ownership
  2. Records with a Cropping Pattern
  3. Form for Interview

For NRI’s And PIO’s

  1. Two passport-sized photos of the borrower, for NRIs AND PIOs.
  2. Identification of the borrower's signature from their bankers.
  3. A duplicate passport, voter ID card, or PAN. 

Other Charges of TATA Capital Personal Loan

These are the additional fees and charges that might be applied to your personal loan application:- 

Processing Fee

Up to 5.5% of the loan amount + GST

Payment Instrument Swapping Charges

Rs. 550 + GST per instance.

Mandate Rejection Service Charge

Rs. 450 + GST.

Dishonor of any cheque/

payment instruments

Rs. 600

Duplicate Repayment Schedule

Rs. 550 + GST per instance.

Duplicate NOC

Rs. 550 along with the GST charge.

Part Payment Charges

Part prepayment is allowed once per year with a minimum gap of six months between two part prepayments.

A maximum of 50% of the principal outstanding can be prepaid in a single year.

Prepayment charges of 2.5% will be applicable on the amount exceeding 25% of the principal outstanding, up to the maximum 50% limit of the principal.

No part prepayment is allowed during the first 12 months (lock-in period) of the loan.

The minimum part prepayment amount must be at least equal to 2 months' EMI.

Foreclosure Charges on Term Loan Facility

Foreclosure charges of 4.5% will be applied to the principal outstanding at the time of foreclosure.

If the Borrower forecloses the loan within 12 months after making a part prepayment, foreclosure charges of 4.5% will be levied on the combined principal outstanding and the part prepayment amount.

Any prepayment or foreclosure made during the lock-in period will attract an additional 2% charge on top of the foreclosure/prepayment charges mentioned above, applied to the principal outstanding at the time of foreclosure.

Foreclosure Charges for Top-Up

Foreclosure charges of 2.50% will be levied on the future principal outstanding of the existing loan, but only if the new rate is lower than the existing rate.

Any prepayment or foreclosure made during the lock-in period will attract prepayment/foreclosure charges of 4.5% on the principal outstanding.

Compare Personal Loan Interest Rates from Different Banks

Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.

Aditya Birla Personal Loan Interest Rates Axis Bank Personal Loan Interest Rates
Bajaj Finserv Personal Loan Interest Rates Bandhan Bank Personal Loan Interest Rates
Bank of Baroda Personal Loan Interest Rates Muthoot Finance Personal Loan Interest Rates
Bank of Maharashtra Personal Loan Interest Rates Canara Bank Personal Loan Interest Rates
Central Bank Of India Personal Loan Interest Rates DCB Bank Personal Loan Interest Rates
Federal Bank Personal Loan Interest Rates SMFG India Credit Personal Loan Interest Rates
HDFC Personal Loan Interest Rates HSBC Personal Loan Interest Rates
ICICI Personal Loan Interest Rates IDBI Bank Personal Loan Interest Rates
IndusInd Bank Personal Loan Interest Rates IDFC First Bank Personal Loan Interest Rates
Karur Vysya Bank Personal Loan Interest Rates Bank of India Personal Loan Interest Rates
Bank of India Personal Loan Interest Rates Kotak Bank Personal Loan Interest Rates
Nainital Bank Personal Loan Interest Rates Punjab and Sind Bank Personal Loan Interest Rates
SBI Personal Loan Interest Rates YES Bank Personal Loan Interest Rates
PNB Personal Loan Interest Rates RBL Bank Personal Loan Interest Rates
Standard Chartered Bank Personal Loan Interest Rates Union Bank Personal Loan Interest Rates
UCO Bank Personal Loan Interest Rates Indian Bank Personal Loan Interest Rates

Frequently Asked Questions

1. What is the Tata Capital personal loan interest rate in 2024?

Tata Capital offers personal loans at affordable interest rates starting from 10.99% and  35% p.a. However, these rates can vary based on how you fulfill the personal loan eligibility requirements.

2. What is the rate of interest of 3 lakh, 5 lakh, 7 lakh, and 10 lakh in Tata Capital?

The personal loan interest rate of INR 3 lakh, 5 lakh, 7 lakh, and 10 lakh in Tata Capital can lie within the range of 10.99% and 35% p.a. However, your CIBIL score can play a major role in determining the final rate of interest that the bank will offer on your personal loan application.

3. What will be the interest rate of Tata Capital's personal loan for senior citizens?

Yes, personal loans are often available to senior citizens, though eligibility requirements may differ. Lenders frequently assess income, credit history, and repayment capacity, and depending on that interest rates get decided by the bank.

4. What will be the interest rate of Tata Capital personal loans for women?

The interest rate of Tata Capital personal loans for women can range from 10.99%

5. What is the Tata Capital Personal Loan Customer Care number?

1860 267 6060 is the number you can use to contact Tata Capital's customer care service from a landline or mobile device.

6. How can I negotiate with Tata Capital on the personal loan interest rate?

You can negotiate the personal loan interest rate with Tata Capital based on your relations with the bank. However, you can also bargain with Tata Capital to lower the interest rate on your personal loan if you have an unusually good CIBIL score.

7. Is a personal loan from Tata Capital a suitable fit?

If you've decided you want an unsecured loan, the Tata Capital Unsecured Personal Loan can be a smart option because of its many benefits, which include flexible repayment terms, rapid verification and processing, and affordable interest rates.

8. How long does a personal loan from Tata Capital take?

It takes approximately 72 hours for a personal loan to get approved from Tata Capital.  

9. What CIBIL score is needed to apply for a personal loan from Tata Capital?

It is desirable to have a CIBIL score of 750 or higher for Tata Capital personal loan products. But occasionally, they might take applications from those with lower credit scores into consideration.

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