Tata Capital Personal Loan

About Tata Capital Personal Loan

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.

Personal Loan

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    Tata Capital Personal Loan Interest Rates September 2020

    ParticularsDetails
    Interest Rates10.99% - 18.00%
    Loan AmountINR 75,000 - INR 25 Lakh
    Repayment12 months-72 months
    Processing FeeINR 999 - 2.50% of the loan amount
    Pre-Closure Charges4% of the principal outstanding

    Tata Capital Personal Loan Eligibility Criteria September 2020

    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 CategoryALL Locations
    Tata GroupINR 15,000
    GovernmentINR 25,000
    Super Cat A and Cat AINR 25,000
    Cat BINR 30,000
    Cat CINR 40,000

    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 NormsTGE & Super Cat ACAT ACAT BCat CFOIR Cap
    < INR 25,0003 Lacs---45%
    INR 25,000 to < INR 50,0007.5 Lacs6 Lacs5 Lacs3 Lacs55%
    INR 50,000 to < INR 75,00015 Lacs10 Lacs7.5 Lacs6 Lacs60%
    >= INR 75,00020 Lacs15 Lacs10 Lacs7.5 Lacs70%

    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

    ParametersSelf-Employed ProfessionalsBusinessmen
    Age25-65 years25-65 years
    Job Continuity3 years3 years
    Minimum IncomeINR 2,00,000 per yearINR 2,00,000 per year
    Minimum Loan AmountINR 3,00,000INR 75,000
    Maximum Loan AmountINR 20,00,000INR 15,00,000
    Tenure12-48 months12-48 months

    How to Apply Online for Tata Personal Loan

    • Online Application – You can apply for a personal loan by visiting the 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.

    SalariedSelf-Employed Professionals

    Businessmen
    Address Proof: Ration Card/Electricity Bill/ Passport, etcIdentity Proof: Voters ID /Passport/Driving License, etcIdentity Proof: Voters ID /Passport/Driving License, etc
    Bank Statement for the last 3 monthsAddress Proof: Ration Card/Electricity Bill/RentalAgreement/Trade License/Sales Tax Certificate, etcAddress Proof: Ration Card/Electricity Bill/Trade License/Sales Tax Certificate, etc
    2 year Employment continuity documentBanks Statement for the last 6 months
    Banks Statement for the last 6 months
    Last 3 months Salary SlipProof 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 CALatest 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 installment 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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 2,00,00015%1₹ 18,052₹ 16,620₹ 2,16,620
    ₹ 2,00,00015%2₹ 9697₹ 32,736₹ 2,32,736
    ₹ 2,00,00015%3₹ 6933₹ 49,590₹ 2,49,590
    ₹ 2,00,00015%4₹ 5566₹ 67,175₹ 2,67,175
    ₹ 2,00,00015%5₹ 4758₹ 85,479₹ 2,85,479

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

    YearPrincipalInterestBalance Amount
    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 13.50% 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.

    Advantages:

    • 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.

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