TATA Capital Personal Loan – (Complete guide)

Your Funding for Unexpected Financial Needs — Tata Capital Personal Loan.
Will you agree, when I say, our day to day lifestyle has taken a 180degree turn, in the past years, than what it was two-decade ago? 
Are you one of them, exploring options, willing to lead that fulfilling life. Get head over heels in, indulging in those necessities, which otherwise seems impossible with the regular paychecks? 

In this article, we are going to provide the most feasible option to fund your finances, without putting a dent in your pocket.
Distressingly expenses have enveloped us in a way, and we cannot escape from it. To fulfill those unplanned expenditures, Personal Loan has emerged as the well thought of option for funding your finances. Whatever your desired requirement is, we are there to hold your hand and let you through the journey. 
We promise to deliver the aptest solution, customized according to your need. Look none other than us, in entrusting your faith to take the next move.

Why Tata Capital for Personal Loan?

Tata Capital offers a seamless and hassle-free loan application process with minimum documents, competitive interest rates, shorter tenure, and pocket-friendly EMI options to choose. With zero collateral to be put up as security, Personal loan offers the double benefits of quick access to funds.

Why is the CIBIL score important?

A personal loan is the most unsecured loan. With no collateral to be put up as security, it requires a higher degree of trust and previous credit history of the borrower. For banks to approve the loan amount, his records, help them establish credit scores based on reliable facts and sources of information
Take for a case, and you are aware of a person who has a bad credit history. Will you offer money to him/her you? Unquestionably, his repayment history will raise eyebrows. Similarly, Banks and other financial institutions, check the credit health of the person, by viewing the CIBIL score. It provides a deep understanding of one’s credit health and his willingness and ability to repay debts on time.

What should be the CIBIL score?

Credit score ranges from 300 to 900. The closer one applicant is towards 900. The higher are the chances of loan approval — the lenders of credit the confidence in an individual’s ability to repay the loan on time. Before advancing on any loan, all Banks and NBFCs look for a Credit score, as one of the many checks. Scores higher than 750 is considered a good to go number.

Eligibility of Personal Loan for Salaried

  • You should be in the age group of 22- 58 years.
  • You should be in the same job for six months.
  • It would be best if you had a minimum monthly income of ₹15,000* 
  • You should have a minimum of one-year work experience.

*Subject to Cibil Score. TnC Applied

Documents Required for Salaried

  • Photo Identity Proof
  • Address proof
  • Salary Slips
  • Income proof
  • Employment Certificate

Eligibility of Personal Loan for Self Employed

  • You should be in the age group of 25-65 years.
  • Minimum work experience should be 36 months.
  • The maximum loan amount you are eligible for is 35 lacs.

Documents Required for Self Employed

  • One year financial (ITR, Balance sheet, and Profit and loss sheet)
  • 1year banking 
  • Identity Proof
  • Address proof
  • If business then business certificate like GST

Affecting Personal Loan Eligibility

The factors that affect Personal loan eligibility are:

  • Monthly Income
  • Age
  • Monthly Expenses
  • Any Other Loan
  • Credit History
  • Job Stability
  • Relationship with the Bank
  • Category of Your Employer

For a clear understanding, below is a table showing the calculations of ₹4 Lakh loan amount, taken for a tenure of 5 years at an interest rate of 12% per annum.

₹ 3,00,000 12.05% 1 ₹26662
₹ 3,00,000 12.05% 2 ₹14,129
₹ 3,00,000 12.05% 3 ₹ 9971
₹ 3,00,000 12.05% 4 ₹ 7908
₹ 3,00,000 12.05% 5 ₹ 6681

Below shared are the details of how it is different from HDFC and Aditya Birla Finance

Interest Rate for HDFC bank

₹ 4,00,000 12% 1 ₹ 35,540
₹ 4,00,000 12% 2 ₹18,829
₹ 4,00,000 12% 3 ₹ 13,286
₹ 4,00,000 12% 4 ₹ 10,534
₹ 4,00,000 12% 5 ₹ 8,898

Interest Rates for Aditya Birla Finance

₹ 3,00,000 14% 1 ₹ 26,936
₹ 3,00,000 14% 2 ₹ 14,404
₹ 3,00,000 14% 3 ₹ 10,253
₹ 3,00,000 14% 4 ₹ 8198
₹ 3,00,000 14% 5 ₹ 6980

Your needs are our prime concern. Who says you can’t have it easy?
With us, you can fund your expenses, in just a click.
Let nothing hold you back. While you plan your expenditures, we take care of your finances.