Tata Capital Personal Loan Review

Tata Capital offers personal loans with minimal documentation such that you can apply for this loan only with an Aadhar card or a PAN card for an amount of up to 1.5 lakh via the company’s mobile app. The minimum monthly income requirement for this loan for the salaried and self-employed is quite low. It can hence help those in the lower income group to get a personal loan with ease.

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Tata Capital

4.0

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Rate of Interest

10.99% p.a. onwards

Repayment Tenor

UP to 6 years

Processing Fee

UP to 2.75% of the loan amount + GST

Rate of Interest

10.99% p.a. onwards

Repayment Tenor

UP to 6 years

Processing Fee

UP to 2.75% of the loan amount + GST

Pros & Cons

• Minimal documentation.
• Low to medium income groups can easily apply.

• Lock-in period of six months before you are eligible for prepayment.
• Part prepayment can be made just once in a year and the gap between the two part prepayments is mandatorily six months.

Loan Amount: From INR 75,000 Up to INR 25 lakh

Rate of Interest (APR): It starts with 10.99% (interest rate will depend on a lot of factors like your credit rating among others)

Repayment Tenor: Up to 6 years

Prepayment:

• A lock-in period of 6 months and prepayment of any kind is not allowed within this period.
• Part prepayment can be made just once in a year and the gap between the two part prepayments should be six months.
• The maximum amount of the part prepayment can be 50% of the principal outstanding.
• On a prepayment of more than 25% of the principal outstanding, a charge of 2.5% is levied.

Foreclosure:

• You will have to pay 4.5% + GST of the principal outstanding.
• 6.5% + GST will be the charges to close the loan within six months of taking it.
• Foreclosing a loan within six months of completing part prepayment will be 4.5% of principal outstanding at that time + GST + part prepayment amount.

Approval Process: You can apply via Tata Capital’s mobile app or online or can visit any of their branches for offline application.

• Loan Processing Charges: Up to 2.75% of the loan amount + GST.
• Penal Interest: Interest charge on a delayed EMI payment is 3% on the overdue amount monthly + GST.
• Bounce Charges: INR 600 for every cheque/payment mode.
• Mandate Rejection Service Charge: INR 450 + GST is applicable on EMI due date if the account does not have an active mandate after the exhaustion of the given post-dated cheques. This charge would be applied every month till there is an active mandate.
• CCOD Annual Maintenance Charges: This is a maintenance charge for overdrafts. This charge is only for people who want a flexible funding option such as cash credit or overdraft. This will be 0.25% on dropline amount + GST or INR 1000, whichever is higher per year (dropline is the amortization schedule, it reduces the loan amount with each repayment and ultimately the loan amount is brought down to zero by the end of the loan tenure).
• Outstation Collection Charges: For cheque issued for payments made to a non-local branch, lenders will levy an outstation collection charge for the collection of such cheques, which will be INR 100 + GST per repayment tenure.
• Statement of Accounts: INR 250 will be charged only for a hard copy, the soft copy being free of cost.
  Loan Cancellation Charges: On cancelling a loan disbursement, a charge of 2% of the loan amount or INR 5,750 + GST is applicable.
• Instrument Swap Charges: A charge of INR 550 + GST to swap the cash flow with a different financial instrument.
• Duplicate Repayment Schedule: INR 550 for the hard copy of a duplicate repayment schedule. Soft copy is free of charge.
• Duplicate NOC: There will be a charge of INR 550 for a duplicate no objection certificate.
• Post Dated Cheque Charges: INR 850 + GST for paying an EMI via a post-dated cheque.

Eligibility

• This loan is available for both salaried and self employed people and rate of interest is the same.
• The age of the applicant should be between 22 to 58 years.
• Must have a monthly income of INR 15,000.
• Should have a work experience of up to a year.

Repayment

• EMIs can be played via internet banking, debit card and Unified Payments Interface (UPI) facility offered by any bank.

Things Required to Qualify

Documents for Salaried:

• Identity Proof: Any one of these may work; namely passport, driving licence, voter ID, PAN card.
• Residence Proof: Any one of these documents; leave and license agreement, utility bill, ration card.
• Income Proof: Last six months bank statements.
• Salary slip: For the last three months.
• Employment Certificate: To prove that the person was continuously employed in the last one year.

How To Apply For Tata Capital Personal Loan

One can apply online or with the help of its Android app or by visiting various offices across the country.

You can transfer your loan to Tata Capital at a lower rate of interest and better facilities. It is the bank’s discretion to evaluate your eligibility. Those with a healthy credit score are given priority, followed by factors such as:

• The outstanding loan must not be less than INR 50,000.
• Previous 12 EMIs’ payments are reviewed and those with a good track record are given preference.

Documents Required For Personal Loan Balance Transfer to Tata Capital Personal Loan

Documents needed for both self-employed as well as salaried applicants include:

• Passport-size photograph
• Balance transfer application form (duly attested)
• Identity Proof: PAN card, voter ID card, Aadhaar card, passport, driving license, etc.
• Age Proof: Driving license, PAN card, Aadhar card, voter ID, passport, etc.
• Address Proof: Aadhar card, landline bill, passport, rent agreement, latest electricity bill.

Specific Documents for self-employed applicants

• GST number or TAN card (card that has the tax deduction and collection account number).
• Statement of personal financing and transferring details of the ongoing loan.
• Last three balance sheets of the business the person is involved in.
• Bank statements of the last six months.

Specific documents for salaried applicants

• Bank statements from the last six months.
• Salary slips from the last three months.
• Loan statement of transfer of the ongoing loan.

We considered top factors that help consumers decide whether they want to opt for a specific loan offering. We ranked the Tata Capital personal loan on the basis of these factors that include:

• Ease of Access: 20%
• Rate of Interest: 15%
• Other Cost and Charges: 20%
• Borrowing Limit: 15%
• Extra Benefits: 20%
• Loan Transfer Facility: 10%