Tata Capital is among some of the reputed and best Personal Loan providers in India. The main advantage of taking a Personal Loan from them is that they ask for minimal documentation and they provide instant e-approval to the eligible customers for Personal Loan requests.
Here are some of the key benefits of Availing Tata Capital Personal Loan:
- Repayment options
You can choose any of the following options to repay your loan:
- Stride up Flexi EMI plan
- Stride down Flexi EMI plan
- Ammunition Flexi EMI plan
You can make equated monthly instalments (EMIs) via Electronic Clearing Service (ECS) or postdated cheques (PDCs) drawn in favor of ‘Tata Capital Financial Services Ltd’.
- Low fees and charges:
Tata Capital levies some fees and charges on their Personal Loans. Here’s the list:
- Processing charges: Varies depending on the loan amount
- Part pre-payment charges: Possible after the completion of 6 months of getting the loan. If you want to prepay before that period, you will be charged 2% (of the amount paid) + applicable GST (above 25% of the outstanding principal).
- Late payment fee: 2% of EMI
- Charges for cheque bounce: Rs. 450 per case
- Loan cancellation charges: 2% of the sanctioned loan amount or Rs. 5,750 (whichever is higher)
- Charges for cheque swapping: Rs. 600
- Foreclosure charges: 4.5% of the outstanding loan amount + applicable GST
- The convenience of applying online
When you apply for Tata Capital Personal Loan, you get the convenience to apply online from anywhere anytime.
- Affordable interest rate
Tata Capital Personal Loan Interest Rates start at 10.99%, one of the lowest in the market. Hence, applying for this loan will ensure loan EMI payment.
- EMI calculation
Tata Capital provides Online EMI Calculator to help you calculate your Personal Loan EMI so that you can manage your budget accordingly and can decide how much EMI you can afford to pay conveniently.
- Access to information
All information regarding the Tata Capital Personal Loan is available on their website. You don’t have to go anywhere else to get access to the much-required information.
- Minimal documentation requirement
Applicants need to submit minimal documents to get Tata Capital Personal Loan, including:
- Photo identity proof: A copy of Aadhaar card/Passport/Voter ID/Driving license
- Proof of residence: A copy of Passport/Electricity bill/ Ration card
- Income proof: A copy of the last 6 months’ bank statements
- Salary slips: A copy of the last 3 months’ salary slips
- Certificate of employment: Certificate to prove 1-year job continuity
Key Features of Tata Capital Personal Loan
- The loan can be used for multiple purposes including wedding, vacation, medical emergency, and so on.
- Tata Capital Personal Loan interest rates start from 10.99% per annum.
- You can avail a loan amount of anywhere between Rs. 75,000 to Rs. 25 Lakhs.
- Tata Capital offers longer loan tenure to repay your Personal Loan, i.e., 12-72 months.
- It also provides overdraft facility.
- No charges levied on part-prepayment.
- No need to pledge any collateral or security.
- Minimal documentation required.
Eligibility for Tata Capital Personal Loan
If you want to apply for Tata Capital Personal Loan online or offline, you will have to meet the following eligibility criteria:
- Age group of applicants: 22-58 years
- Minimum net monthly income: Rs. 15,000
- Continuity in the same job: Minimum 6 months
- Minimum work experience required: 1 year
If you are planning to apply for Tata Capital Personal Loan, the detailed information given above may be very useful for you. Knowing everything about a loan before applying for it can help you get a hassle-free approval.