When time of need, people always look for extra cash to ease the situation and support their planning. With arrivals of many NBFCs, a personal loan has become the best option for the people in need of urgent financial help. Being a major player in the game, Tata Capital ensures that the personal loan procedure remain convenient as well as transparent for customers. For that, they lend Tata Capital Personal Loan up to Rs. 25 Lacs at attractive rate of interest which starts at 10.99% per year. Due to such values added to its name, it has become one of the finest NBFCs among many loan borrowers. Check out this article to know more about Tata Capital Personal Loan and its interest rate.
Tata Capital Personal Loan – Everything You Must Know
Tata Capital is one of the major NBFCs in India. It caters top-notch financial assistance to more than thousands of people every year and has become the favourite lender of many people. Tata Capital Personal Loan Interest Rate starts at 10.99%, which is one of the main factors behind the popularity of this institution.
Features of Tata Capital Personal Loan
- Multi-purpose loan – With Tata Capital Personal Loan, you can finance any kind of valid need. For purposes like wedding, travelling, medical emergencies, etc., Tata Capital Personal Loan can be availed.
- Super affordable interest rate – Tata Capital Personal Loan Interest Rate starts at 10.99%. Compared to other financial institutions, it is one of the most inexpensive personal loans in India.
- No collateral needed – When you apply for Tata Capital Personal Loan, you won’t be asked to submit any type of collateral or deposit any security.
- Convenient paperwork – As Tata Capital understands the urgency of customer, it has a very minimal paperwork process and takes very little effort and time.
- Quick loan disbursal – The processing of loan application is fast and your desired loan amount is sanctioned within few days.
Tata Capital Personal Loan Interest Rate
As mentioned above, Tata Capital Personal Loan Interest Rate is very inexpensive. It starts at 10.99% and stays fixed throughout the loan tenure. Other than that, Tata Capital also charges some formal fee like processing fee which we can see below in the table.
|Interest Rates||10.99% – 18.00%|
|Loan Amount||₹75,000-₹25 Lakh|
|Processing Fee||₹999-2.50% of the loan amount|
|Pre-Closure Charges||4% of the principal outstanding|
Tata Capital Personal Loan EMI Calculator
Anxious about Personal Loan EMI? If yes, then you need to stay relaxed. With Tata Capital Personal Loan EMI Calculator, you can calculate the EMI that you will have to pay throughout the loan tenure. Tata Capital Personal Loan EMI Calculator is an online tool which helps in calculating the monthly installments, total interest charged and the total repayment amount.
How to check EMI for Tata Capital Personal Loan?
These are the steps to check Tata Capital Personal Loan EMI –
- Visit Tata Capital Personal Loan EMI Calculator.
- Enter the desired loan amount.
- Select the interest rate. The interest rate varies from one loan application to another.
- Select the desired loan tenure.
Once, you’re done with the steps mentioned above, yo
u will be able to check the EMI that you will have to pay throughout the loan tenure.
Working of Tata Capital Personal Loan Calculator
Tata Capital Personal Loan Calculator works on the simplistic mathematical formula. To calculate Personal Loan EMI, all you have to do is to provide a few information regarding the personal loan.
E = P * r * (1+r)^n/((1+r)^n – 1),
Where E = EMI, P = The loan amount, R = Rate of interest, and N = The loan tenure.
For example – Mr Dinesh is taking a personal loan of Rs. 2 Lacs from Tata Capital at the interest rate of 13% for the time period of 3 years. According to Tata Capital Personal Loan Calculator, he will have to pay the monthly installment of Rs. 6,738 throughout the loan tenure.
To easily understand it, we have compared the EMI for the same loan amount for different loan tenures. Read the content given in the table below –
|Loan Amount||Interest Rate||Tenure||Monthly Instalments||Total Interest Payable||Total Amount|
|₹ 2,00,000||13%||1||₹ 17,863||₹ 14,361||₹ 2,14,361|
|₹ 2,00,000||13%||2||₹ 9,508||₹ 28,200||₹ 2,28,200|
|₹ 2,00,000||13%||3||₹ 6,738||₹ 42,596||₹ 2,42,596|
|₹ 2,00,000||13%||4||₹ 5,365||₹ 57,543||₹ 2,57,543|
Tata Capital Personal Loan Eligibility
To be eligible for Tata Capital Personal Loan, all applicants need to meet the eligibility criteria set by Tata Capital. These are –
- Applicant’s age must be in the range of age criteria which is 21-65 years
- Applicant must have a good and constant source of income.
- He/she should have a good credit score.
Additional Eligibility Criteria
|Age||21-58 years||25-65 years||25-65 years|
|Job Continuity||2 years||3 years||3 years|
|Minimum Income||Rs. 20,000 per month||Rs. 2,00,000 per year||Rs. 2,00,000 per year|
|Minimum Loan Amount||Rs.75,000||Rs. 3,00,000||Rs. 75,000|
|Maximum Loan Amount||Rs.15,00,000||Rs. 20,00,000||Rs. 15,00,000|
|Tenure||2-6 years||2-4 years||2-4 years|
Documents Required for Tata Capital Personal Loan
- Filled loan application form
- Passport size photographs
- ITR document
- Residential proof
- Age proof
- Identity proof
- Income proof
Customers should not proceed with the loan application if they don’t have every document mentioned above. Without proper and complete documentation, Tata Capital won’t approve the loan application.