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.

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:- 

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.