Being a subsidiary of popular Tata Sons Limited, Tata Capital Financial Services Limited (TCFSL) is one of the major Non-Banking Financial Companies (NBFCs) in the nation. Tata is a renowned and trusted name in India and focuses on offering varied financial services in the form of retail, corporate and an institutional loan.
Who can apply for a Tata Capital Personal Loan?
Tata Capital’s loan has flexible eligibility criteria based on many factors. Following are the generic eligibility requirements on which an applicant must stand on to make sure that the application is complete:
- Employment: A borrower should be either self-employed or a salaried individual working with a private or a public-sector undertaking like central, state or local bodies.
- Age: An applicant’s age should be a minimum of 22 years and a maximum of 58 years at the time of personal loan application.
- Working Experience: A borrower should have at least 1 year of working experience and must be working in the current organization for a minimum of 6 months.
- Income: Applicant must have a minimum net income of Rs. 15,000.
Tata Capital personal loan benefits you in many ways due to its outstanding features like:
- High Loan Amount: You can avail of personal loans from Tata Capital of the maximum loan amount of Rs. 25 lakhs.
- Fast Documentation: Tata Capital’s loan is known for its fast and minimal documentation. The loan approval process takes very little time, especially in the online process. The Tata team is so efficient that it includes a short period in the loan sanctioned procedure.
- Flexible Repayment Tenure: You can enjoy the flexibility in the loan repayment term of personal loan. Tata Capital facilitates you with the flexible repayment tenure up to 72 months.
- Quick Approval: The quick loan approval and disbursal of the amount have made the Tata Capital one among the preferred choices of the borrowers. If you meet all the eligibility criteria and have accurate documents, then you may get the loan sanctioned within one business day.
- Easy Eligibility Norms: Besides, you can apply for the Tata Capital personal loan with a basic salary of Rs. 15,000 and that too, as early as 22 years of age.
- Apply Online/offline: The online loan application process has made loan processing faster than earlier times. You can apply for an unsecured personal loan online as well as offline, and there are no hassles whatsoever.
It is very important to check the monthly outgo on the EMI as it will be helpful for you in deciding the loan amount and also in planning the monthly budget. Keeping one thing in mind, the Tata Capital personal loan EMI calculator is like every other bank has designed a personal loan EMI calculator that gives the result of EMI payable in less than a minute. Don’t you think it would be convenient to know how much you will be paying monthly for the loan you are going to take?
Tips to manage the Tata Capital Personal Loan EMI
While availing a personal loan, it is equally important to manage the EMIs well. At times, it gets difficult to manage the EMI’s which may adversely affect the credit score. Here are some tips which may help you in managing the Tata Capital personal loan EMI:
- Know the repayment capability: You should always acquire only that much personal loan as much you can afford the paying off every month. An online personal loan EMI calculator helps to calculate the personal loan EMIs better. By doing this you would know in advance about the EMI and you can make a better and informed decision.
- Manage personal expenses: If you have an existing loan, and applying for another personal loan, you should first check the amount you would require to pay as EMIs for all the loans. The sum of the total requires amount should not be more than 50 % of your monthly income. And also look for another source of income. As then only you can manage your expenses for daily necessities and other personal expenses smoothly.
- Never miss on an EMI: The regular payment of the EMI can help you to have a good credit score. As this would lead to getting personal loans at comparatively lower interest rates. Timely payment of the EMIs is important.
- Go for a longer repayment tenure: Your loan repayment tenure has a direct impact on the EMI amount of your loan.
There are a few factors that affect the Tata Capital personal loan EMI. Let’s have a quick look at them:
- Credit score: The credit history is among the most important factor taken into consideration while processing the personal loan application and it is maintained by the credit bureaus. A credit score of 750 or above falls under the category of good credit score. If an applicant has a low credit score, there are chances that his/her personal loan application may get rejected or get a personal loan at a high-interest rate.
- Income: Higher-income attracts a low rate of interest. With the high income, an applicant is considered as a reliable candidate by the lenders as the chances of defaulting on the loan repayments are low.
- Credit Repayment History: If an applicant has a good repayment history, it will work well in terms of rate of interest and loan approval. As the lenders can see that he/she has been disciplined with the repayments and will not hesitate to offer a personal loan at a low rate of interest.
- Defaults: If the lender finds out any defaults in an applicant’s credit profile, he will either charge a very high-interest rate or might reject the loan application. Most lenders prefer applicants with no defaults.
- The Employer’s Reputation: The reputation of the company an applicant is working with also plays an important role in determining the personal loan interest rate. The more renowned and stable organization attracts a lower rate of interest on a personal loan.
Documents Required
Below is the generic list of documents required for acquiring the Tata Capital personal loan:
- Duly filled loan application form
- Recent passport-sized photograph.
- Identity proof (any of the following)
- PAN Card
- Aadhaar Card
- Passport Copy
- Driving License
- Voter ID Card
- Address Proof (any of the following)
- Passport Copy
- Rental Agreement
- Driving License
- Bank Statement or Passbook
- Electricity Bill
- Ration Card
- Telephone Bill
- Age Proof (any of the following)
- Passport Copy
- PAN Card
- Any other certificate obtained from a statutory authority
- Last 3 Salary Slips or Last 6 months Bank Statements/ Passbook
- Form 16
- Last 3 years IT Returns
