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Being the flagship financial services company of the Tata Group, Tata Capital with its sole aim of providing focused and transparent financial solutions is helping people to fulfill their dreams. This one-stop financial service provider is known for catering the diverse needs of the retail, corporate and institutional customers across businesses. This Non-Banking Financial Company with its wide array of services, have many products in the financial service sector, and personal loan is one of them. Yes, no matter what your personal financial needs are, this company with its best of personal loan services, fulfills the needs of all.
Be it home renovation, family wedding, foreign holiday or medical emergency, this company with its unmatched benefits of personal loans caters all the needs of you and your loved ones. So, if you are looking to buy a personal loan from Tata Capital, then here are the details of the same.
Tata Capital Personal Loan Interest Rates October 2023
|Interest Rates||10.50% - 24.00%|
|Loan Amount||INR 1 Lac - INR 25 Lakh|
|Repayment||12 months-72 months|
|Processing Fee||1% of the loan amount + GST|
|Pre-Closure Charges||4.5% of the principal outstanding|
Tata Capital Personal Loan Eligibility Criteria October 2023
To avail the personal loan in Tata Capital, you need to fit into the below eligibility criteria.
Minimum Income Norms as per company category
|Company Category||ALL Locations|
|Tata Group||INR 15,000|
|Super Cat A and Cat A||INR 25,000|
|Cat B||INR 30,000|
|Cat C||INR 40,000|
|Category - PL||Product||Loan Amount||Proposed Rate||Existing PF||Proposed Flat PF|
|Super CAT A/ CAT A/ TGE||PL- Term Loan Only - BT & Fresh||>15 Lacs in Top Mkt||10.49%||1.25%||4999/-|
|>10 Lacs in Top Mkt & > 7.50 Lacs in Emerging Mkt||10.75%||1.25% & 1.50%||3999/-|
|>7.50 Lacs in Top Mkt & >5 Lacs in Emerging Mkt||10.99%||1.25% &1.50%||2999/-|
|CAT B/ CAT C||>15 Lacs in Top Mkt||10.99%||1.99%||4999/-|
|>10 Lacs in Top Mkt & >7.50 Lacs in Emerging Mkt||10.99%||1.99%||3999/-|
|>7.50 Lacs in Top Mkt & >5 Lacs in Emerging Mkt||11.49%||1.99%||2999/-|
If a customer is looking for Balance Transfer and Fresh Loan of above 15 lakh , the below offer is available
|Loan Amount||IRR||Processing Fees(+GST)|
|Loan amount >=15 lakh||10.99%||INR 4999|
In below table we have explained Salary Norms and Loan Amount capping rules for employees working in different categories. Tata Capital Has categorized its customers depending on the companies they are working in like Tata Group companies, Super Cat A, Cat A, Cat B, Cat C and Government organizations.
Basis on that the lender has capped the maximum loan amount it can provide to a customer.
|Salary Norms||TGE & Super Cat A||CAT A||CAT B||Cat C||FOIR Cap|
|< INR 25,000||3 Lacs||NA||NA||NA||50%|
|INR 25,000 to < INR 50,000||7.5 Lacs||6 Lacs||5 Lacs||3 Lacs||60%|
|INR 50,000 to < INR 75,000||15 Lacs||10 Lacs||7.5 Lacs||6 Lacs||65%|
|>= INR 75,000||20 Lacs||15 Lacs||10 Lacs||7.5 Lacs||75%|
Tata Capital calculates its loan amount basis on FOIR. And different percentage is applicable to different salary norms.
What is FOIR?
The FOIR full form is fixed obligation to income ratio. It is a popular parameter that banks use to calculate the loan eligibility of the applicant. It is also referred to as debt-to-income ratio.
While calculating the FOIR, the lender take into account the applicant’s income and the instalments of all loans the applicant is still paying. It also considers the Equated Monthly Instalment (EMI) of the prospective loan which is under consideration.
Let’s consider this example to understand better:
You are getting an income of INR 28,000 per month & working in Company Cat A; and a home loan instalment for INR 9,000.
So now you pay a total of INR 9,000 per month for all your active financial obligations.
As per the above table you are eligible for 55% of FOIR and you can avail up to a loan of 6 lacs. But that totally depend on your capability of paying the loan EMI.
Now why 55% of your Net Income because lender consider as per your profile you require up to 45% of your income for your living expenses. So, all your fixed monthly instalments including the EMI of the loan applied for should be restricted to 55% of your monthly income.
Now, you are spending your money every month paying INR 9,000 of your home loan instalment.
Fixed obligation – INR 9,000
Monthly Income – INR 28,000
FOIR Formula – (Fixed Obligation/ Monthly Income) *100
(9000/28000)*100 = 32.1%
Now your FOIR is less than 55%, hence you can apply for loan for 33% of your income.
You can never exceed your FOIR, if so then you won’t be able to apply for new loan. We advice to maintain your FOIR ratio in case you require loan in any emergency.
Eligibility criteria for Self-Employed Professionals and Businessman
|Age||25-65 years||25-65 years|
|Minimum Work Experience||At least 1 year||At least 2 year|
|Minimum Income||INR 2,00,000 per year||INR 2,00,000 per year|
|Minimum Loan Amount||INR 3,00,000||INR 75,000|
|Maximum Loan Amount||INR 20,00,000||INR 15,00,000|
|Tenure||12-48 months||12-48 months|
How to Apply Online for Tata Personal Loan through Wishfin?
- Online Application – You can apply for a personal loan by visiting the Wishfin website and just filling up your basic details in the application form and get you eligibility for personal loan.
- Document Submission – Post receiving your eligibility, you need to furnish the required documents to process further for your application.
- Verification – Your personal loan application and the submitted documents will get verified by Tata Capital.
- Approval – If your application and the documents are satisfactory then your loan application will get approved from the bank. And post approval the loan is sanctioned.
- Disbursal – Post sanctioning of the loan, receive the required personal loan amount in your bank amount – Amazing isn’t it.
Documentation Required to Apply
Next thing on which you need to pay attention is the documentation required to get the personal loan in this company.
|Address Proof: Ration Card/Electricity Bill/ Passport, etc||Identity Proof: Voters ID /Passport/Driving License, etc||Identity Proof: Voters ID /Passport/Driving License, etc|
|Bank Statement for the last 3 months||Address Proof: Ration Card/Electricity Bill/RentalAgreement/Trade License/Sales Tax Certificate, etc||Address Proof: Ration Card/Electricity Bill/Trade License/Sales Tax Certificate, etc|
|2 year Employment continuity document||Banks Statement for the last 6 months||Banks Statement for the last 6 months|
|Last 3 months Salary Slip||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|
|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||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|
Tata Capital Personal Loan EMI Calculator
Thinking about how to compute the exact EMI value? Use the EMI calculator, it is an online device programmed to calculate the instalment amount, total interest charged on the loan and the total repayment amount. It gives you the quick and error free result. To calculate the value the user has to put the loan amount, tenure and rate of interest in the calculator.
For Example – A personal loan applicant wants to know the amount of EMI he has to pay on the loan of INR 2,00,000 availed for the period of 5 years at the interest rate of 15% p.a. He feeds the values in the calculator to know the same. So, let’s take a look at the table below to know the EMIs, interest outgo and total amount payable.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 2,00,000||15%||1||₹ 18,052||₹ 16,620||₹ 2,16,620|
|₹ 2,00,000||15%||2||₹ 9697||₹ 32,736||₹ 2,32,736|
|₹ 2,00,000||15%||3||₹ 6933||₹ 49,590||₹ 2,49,590|
|₹ 2,00,000||15%||4||₹ 5566||₹ 67,175||₹ 2,67,175|
|₹ 2,00,000||15%||5||₹ 4758||₹ 85,479||₹ 2,85,479|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 29,038||₹ 28,057||₹ 1,70,961|
|2||₹ 33,706||₹ 23,389||₹ 1,37,254|
|3||₹ 39,125||₹ 17,971||₹ 98,129|
|4||₹ 45,414||₹ 11,681||₹ 52,715|
|5||₹ 52,773||₹ 4381||₹ 0|
Features & Benefits
- Multi-purpose loan – No matter what the occasion is, Tata Capital has the right personal loan offering . These loans can be used for funding various expenses as per the borrower’s discretion, from unexpected expenses to major life events such as wedding.
- Affordable Interest Rates – Tata Capital offers lucrative and affordable interest rates starting from 10.99% per annum
- No collateral – Since personal loans are unsecured loans that do not need any assets as collateral, loan approval takes lesser time
- Minimal Paperwork – Tata Capital Personal Loan only ask for minimal documentation to process your application only with basic details like source of income or the purpose of loan.
- Easy Repayment – Tata Capital Personal loan can be tailored as per your convenience and ability to repay. Tata Capital lets you choose the loan amount, tenure and the EMI period for which you need the loan.
- Hassle-free loan sanction and disbursal procedure – With the personalised approach of Tata Capital, the loan approval & disbursal happens without any hassles.
- Enjoy the convenience of doorstep service – Tata Capital offers you the doorstep service, makes it very simple and easy for you to apply.
Tata Capital Personal Loan Overdraft Facility
If you are in need of instant cash then Tata Capital also offers Personal Loan Overdraft facility with the flexibility to withdraw funds as per your need and pay interest only on the utilized amount. You can easily avail multiple withdrawals and part-payment without any extra charges.
Customers can avail loan amount starting from Rs 2 Lakhs to Rs 25 lakhs at a starting rate of 13.49% with processing fees up to 3% of the loan amount and GST.
In case of foreclosure of the overdraft facility the charges applicable would be 4.5% on the dropped down limit amount and GST.
Personal Loan Interest Rate for OD
|Category PL OD||Loan Amount||Proposed Rate (60 months)||Proposed Rate (84 months)||Proposed Flat PF|
|Super Cat A/CAT A/TGE||>20 Lakh upto 25 Lakh||13.49%||13.99%||10999/-|
|>16 Lakh upto 20 Lakh||13.49%||13.99%||9999/-|
|>10 Lakh upto 15 Lakh||13.75%||14.25%||8999/-|
|Less than 10 Lakh||13.99%||14.49%||5999/-|
|CAT B/CAT C||>16 Lakh upto 20 Lakh||14.25%||14.75%||9999/-|
|>10 Lakh upto 15 Lakh||8999/-|
|Less than 10 Lakh||6999/-|
|Category PL OD||Product||Loan Amount||Proposed Rate||Existing PF||Proposed Flat PF|
|Super Cat A/CAT A/TGE||PL - Term Loan only - Fresh & BT||>15 Lakh in Top Mkt||10.49%||1.25%||4999/-|
|>10 Lakh in Top Mkt & >7.50 Lakh in EM||10.75%||1.25% & 1.50%||3999/-|
|>7.50 Lakh in Top Mkt & >5Lakh in EM||10.99%||1.25% & 1.50%||2999/-|
|>15 Lakh in Top Mkt||10.99%||1.99%||4999/-|
|CAT B/CAT C||>10 Lakh in Top Mkt & >7.50 Lakh in EM||10.99%||1.99%||3999/-|
|>7.50 Lakh in Top Mkt & >5Lakh in EM||11.49%||1.99%||2999/-|
- Simple Documentation – hassle free process with minimal documentation.
- Easy re-payment options – you will only have to pay interest on the amount used with part payment facility without any extra charge.
- Multiple withdrawals via online transactions – You can withdraw money and pay back multiple times within the credit sanctioned/ available limit.
- Fixed limit – Limit stays fixed for 1 year for 48 Months Tenure product. Drop in limit to start post 12 Months. Limit stays fixed for 2 years for 60 Months Tenure product. Drop in limit start post 24 Months.
Tata Capital Personal Loan FAQs
1. How to get a personal loan from Tata Capital?
You can head over to the official Tata Capital website to apply for a personal loan. You just need to fill and submit an online application with all the required documents. The bank will then evaluate your application and documents and approve your loan request.
2. How much time Tata Capital takes to approve a personal loan?
Once you have submitted your loan application along with all the required documents, the bank would approve your loan within 2 to 3 working days.
3. How long does it take to get a personal loan from Tata Capital?
It would only take a few minutes to fill and submit the loan application form from Tata Capital. Whereas, the bank can take upto 2 to 3 days to approve your loan application.
4. What is the minimum personal loan amount in Tata Capital?
You can avail a minimum personal loan of INR 75,000 from Tata Capital. However, the loan amount depends on your monthly income. The minimum monthly income required to apply for a Tata Capital personal loan is INR 15,000.
5. Can I take 2 personal loans from Tata Capital?
Yes, you can apply for 2 personal loans from Tata Capital. However, to get approval on your second loan you would need to fulfill all the eligibility requirements just like your existing personal loan.
6. What are the documents required to apply for a Tata Capital personal loan?
The documents required to apply for a Tata Capital personal loan are as follows:
– ID proof ( Aadhaar card, PAN card, etc.)
– Residence proof. ( Utility bills, Driving license, Passport, etc.)
– Income proof ( Bank statements for the last 6 months)
– Employment Certificate ( With 1 year of continuous employment)
7. Who is eligible to take Tata Capital personal loan?
A salaried individual with at least 1 years of working experience and is within 22 years to 58 years of age can apply for a Tata Capital personal loan. The applicant should also have a minimum monthly income of INR 15,000.
8. What documents are required for Tata Capital personal loan?
To apply for a Tata Capital personal loan, you would require the following documents:
– Identity proof like Aadhaar card, PAN card, etc.
– Address proof like Utility bills, Driving license, Passport, etc.
– Bank statements for the last 6 months.
– Employment Certificate.
9. How to check my personal loan status in Tata Capital?
There are various ways to check your personal loan status in Tata Capital like:
– You can track your loan application status through a smartphone.
– Through the Bank’s official website.
– By visiting your nearest Tata Capital branch.
10. Who can be your co-borrower in Tata Capital personal loan application?
Your parents, spouse, children and even your siblings can act as your co-borrower in Tata Capital personal loan application.
11. What is the minimum CIBIL score required for a Tata Capital personal loan in India?
Tata Capital requires a minimum CIBIL score of 650 to be able to apply for a personal loan.
12. How to close Tata Capital's personal loan?
You can pay your last EMI of your personal loan and contact the bank branch to complete all the formalities and completely close your personal loan. However, if you wish to close your loan before the determined tenure, you can contact Tata Capital and apply for a foreclosure.
13. How to foreclose Tata Capital personal loan?
You can apply for a personal loan foreclosure at Tata Capital only after 6 months of loan disbursal. However, to foreclose your [personal loan, you will need to pay 4.5% of the principal outstanding amount plus the applicable GST.
14. How to pay Tata Capital personal loan?
You can pay your Tata Capital personal loan by any of the following options:
– Internet Banking
– Debit Card
– UPI Facility Offered By Your Bank
15. How to check personal loan balance in Tata Capital?
To check your personal loan balance in Tata Capital follow the below mentioned steps:
– Visit the official Tata Capital website.
– Log in using your customer ID and password into your personal loan account.
– Click the ‘View statement’ option.
– On the next screen you will be able to view your personal loan balance.
Grievance Redressal Details of Tata Capital
Name: Francyna Dias
Designation: Grievance Redressal Officer (GRO)
Address: 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013
Contact No: 18602676060
To Know More Details:- https://www.tatacapital.com/