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. 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.
TATA Capital Personal Loan Interest Rate
Tata Capital’s loan comes at a competitive interest rate. You can avail of a personal loan from the Tata Capital whether you are a salaried, working professional or self-employed individual. Tata Capital personal loan interest rate starts at 10.75%. The offered rate of interest to you depends on your CIBIL score and eligibility.
Factors affect the Personal Loan Interest Rate
The rate of interest in Tata Capital’s loan is competitive. However, the interest rate varies based on case to case basis. Many factors play a significant role in the offered personal loan interest rate. Some of them are given below:
- Income: Generally, when the income increases the chances of timely repayment of the loan also increases. Hence, lenders offer low-interest rates to individuals with higher incomes.
- Credit Score: This is 3 digits numeric that reflects the summary of one financial behavior. It varies from 300 to 850. A credit score of 750 and above falls under the good brackets of a score. If your credit score is more than 750, you may get a personal loan on a low rate of interest.
- Organization: When one works for a reputed employer, the lenders get the impression that he/she has a stable job and will have a constant income. This increases the chances of repaying the loan on time. Hence, get offers of personal loan on the low-interest rate.
Ways to get Personal Loan at a low-interest rate
Improve the credit
Credit score and credit history are among the major factors that determine the interest rate a lender offers you. Maintaining a high credit score (above 750 scores) and positive credit history is the key to get a low rate of interest. If your credit score is keeping you away from securing the best personal loan rate of interest, it’s time for you to start working on it. Here are a few things you can do to improve the credit score:
- Timely payment of bills
- Pay off all the debts
- Manage the balances
- Dispute any inaccuracies in the credit report
- Make timely credit card bill payments
When a lender evaluates the profile for a loan, they calculate the debt-to-income ratio and analyze too. This ratio is calculated by adding the monthly debt obligations and dividing it by the monthly income. You are considered a risky candidate for a personal loan if this ratio goes high.
Don’t forget that the higher the credit score is, the lower the personal loan interest rate will be.
Choose a short loan repayment tenure
The faster you make the repayment of the personal loan, the lower the risk you pose to a lender. You can find most lenders offering better interest rates on loans with shorter repayment terms. If possible, go for a short loan term to get a competitive rate of interest.
Add a co-applicant
If you have a low credit score, don’t worry, you can still get a personal loan at a low rate of interest by adding a co-applicant of a high credit score. When lenders process loans, they consider both the applicant’s credit scores for the evaluation. Naturally, having a co-applicant with a good credit score on board will increase the chances of securing a competitive interest rate.
At Tata Capital, you get personal loans from interest rates starting at just 10.75%! All you need to do is to fill out a loan application online and you receive a personalized principal eligibility and interest quote.
Benefits of Tata Capital Personal Loan
Tata Capital personal loan schemes have various benefits to borrowers like competitive interest rates, low processing prices, and many others. Some of the Tata Capital personal loans benefit are mentioned below:
- Flexible loan repayment tenure
- Low rate of interest
- Dedicated customer support service
- Various personal loan schemes depending on borrower’s requirement
- Minimal processing fees
- SBI offers high personal loan amount
- Customized personal loan offers
- The transparent loan approval procedure
- Zero hidden charges
- Online personal loan sanctioning
- Fast loan processing
- Quick disbursement of the loan amount
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.
The required list documents may vary based on many things. 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