Tata Capital provides loans at 10.99% p.a. onwards for a loan amount of up to INR 35 lakhs and a loan period of up to 6 years. Customized personal loans help in funding medical emergencies, and home improvement projects, apply for an educational course, everything is possible with its tailored personal loan.
It has an attractive rate of interest and has easy to meet eligibility criteria. The personal loan application process is entirely online and has minimal paperwork which means there is no need to visit the branch physically. Also, it provides the facility to track the personal loan application status. With the help of an online facility, one can check the Tata Capital Personal Loan Status at any time within seconds.
| Tata Capital Personal Loan Highlights | |
| Interest Rate | 10.99% p.a. onwards |
| Loan Amount | For Others- Up to INR 35 lakh For Doctors- INR 5 lakh to INR 75 lakh For Women- INR 2 lakh onwards |
| Tenure | Up to 6 years |
| Minimum Monthly Salary | INR 20,000 (INR 15,000 for Government Employees, Salaried Employees, Doctors, Women, Education, Travel Loan) |
| Processing Fees | Up to 2.75% of the loan amount + GST |
| Pre-approved Instant Personal Loan | Offered to select consumers based on their repayment history, monthly income, credit score, age, etc. |
| Documentation | Proof of Identity Proof of Address Bank statements (last 6 months) Salary slips (latest) |
Documents Required
Below mentioned is the list of documents required to apply for a Tata Capital Personal Loan:
| Salaried | Self-Employed professionals | Businessman |
| Address Proof: Ration Card/Electricity Bill/ Passport, etc. | Identity Proof: Voters ID / Passport/ Driving License, etc. | Identity Proof: Voters ID /Passport/Driving License, etc. |
| Bank Statement for the last 3 months | Address Proof: Ration Card/Electricity Bill/Rental Agreement/ Trade License/Sales Tax Certificate, etc. | Address Proof: Ration Card/Electricity Bill/Trade License/Sales Tax Certificate, etc. |
| 2-year Employment continuity document | Banks Statement for the last 6 months | Banks Statement for the last 6 months |
| Last 3 months’ Salary Slip | Proof of Highest Professional Degree | Proof of Continuation: Trade License/Sales Tax Certificate/Establishment. Certified copy of Partnership Deed, Memorandum of Association(MOA), Article of Association(AOA), and Board Resolution |
| Latest Income Tax Return(ITR) along with the computation of income, Balance sheet(B/S) and Profit& Loss(P&L) for the last 2 years certified by a CA | Latest Income Tax Return(ITR) along with the computation of income, Balance sheet(B/S) and Profit& Loss(P&L) for the last 2 years certified by a CA |
How to Track Tata Capital Personal Loan Application Status?
Below mentioned are the steps to check the status of the Tata Capital Personal Loan:
- Via Online Methods:
Step 1: Visit the official website of Tata Capital.
Step 2: Click on the tab “Personal Loan”.
Step 3: Now click on “Track my application” available at the right corner.
Step 4: Enter the registered mobile number or PAN Number.
Step 5: Enter the OTP received to get the status of the personal loan application.
- Via Offline Methods:
Step 1: Dial the number 1800 209 606.
Step 2: Follow through the instructions given by IVR on the call.
Step 3: Provide the information like application reference number, mobile number, or email ID that was used at the time of loan application.
Step 4: The Customer Care Executive will now provide the real-time status of the personal loan application.
Tata Capital Personal Loan Interest Rates
Below mentioned are the Tata Capital Personal Loan Interest Rates:
| Customer Profile | Rate of Interest (p.a.) |
| Salaried | 10.99% onwards |
| Self-employed | 10.99% onwards |
| Personal Loan Overdraft | 13.55% |
| Personal Loan for Doctors | 12% p.a. onwards |
| Personal Loan for Women | 10.10% p.a. |
How are Interest Rates on Personal Loans calculated?
There are two methods available to calculate the interest amount in the case of Personal Loans, namely the Flat Rate and the Reducing Balance method. Let us discuss them in detail.
- Flat Rate Method:
In this method, the interest paid remains fixed which is calculated on the loan amount borrowed throughout the tenure of the loan. The rate of interest remains constant and doesn’t get reduced even when the principal amount reduces as and when EMI is paid.
The mathematical formulae for calculating the rate of interest on a personal loan are mentioned below:
EMI = (Principal + Total Interest Payable) / Loan tenure in months
Here, Total Interest Payable = Principal x Personal Loan Rate x Loan Tenure/100
- Reducing Balance Method:
Here, the rate of interest is calculated on the outstanding balance amount, which gets decreased every time an EMI is paid.
The mathematical formulae for calculating the rate of interest on a personal loan are mentioned below:
EMI= [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
Where P = Principal Amount
N = Loan Tenure in months
R = Personal loan ROI or rate of Interest
How to Apply for Tata Capital Personal Loan Online?
Below mentioned are the steps to apply for Tata Capital Personal Loan:
Step 1: Enter the Details
Step 2: Input Loan Requirements
Step 3: Personal Details and References
Step 4: Verify Financials
Step 5: Upload the Documents Required
Step 6: Verification
Step 7: Personal Loan Approval & Sanction
Step 8: Set up E-Mandate
Step 9: Additional Facility (Optional)
Step 10: Personal Loan Interest & Charges
Processing Fees & Charges
Below mentioned are the processing charges to apply for Tata Capital Personal Loan:
| Processing Fees | Up to 2.75% of loan amount + GST |
| Penal/Additional Interest | 3% on the overdue amount monthly + GST |
| Bounce Charges | Rs 600 + GST |
| Mandate Rejection Service Charge | Rs 450 + GST |
| CCOD Annual Maintenance Charge | Rs 0.25% on dropline amount + GST of Rs 1,000 |
| Outstation Collection Charges | Rs 100 + GST |
| Accounts Statement | Rs 250 + GST |
| Loan Cancellation Charges | 2% of the loan amount or Rs 5,750 (whichever is higher) + GST |
| Instrument swap charges | Rs 550 + GST |
| Duplicate Repayment Schedule | Rs 550 + GST |
| Duplicate NOC | Rs 550 + GST |
| Post- Dated Cheque Charges | Rs 850 + GST |
| Part-payment Charges | No part-payment for the first 12 months 2.5% + GST on amount over and above 25% of outstanding principal |
| Foreclosure Charges | 4.5% of the outstanding principal at the time of foreclosure + GST For closing loan within 12 months- 6.5% + GST If foreclosed within 6 months after completing part pre-payment: 4.5% of the outstanding principal at the time of foreclosure + GST + part pre-payment amount |
