A Personal loan is an attractive loan option that is available in the market that can be availed for various purposes like buying a mobile, buying a house, or in the event of a medical emergency. A personal loan can allow you to tackle your urgent financial needs with ease.
Tata Capital is one of the Best Banks for Personal Loan that strives to ease the financial worries of the individual by providing multiple options of loans that are available online. Tata Capital has made the loan process very fast and extremely convenient through their digital application process and easy to meet eligibility criteria.
| Tata Capital Personal Loan – A Snapshot | |
| Interest Rate | 10.99% p.a. onwards |
| Loan Amount | Up to INR 35 lakh |
| 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. |
| Part-payment Fees |
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| Pre-closure Charges |
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| Documentation |
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Documentation Required for Tata Capital Personal Loan
Below mentioned are the documents required to apply for Tata Capital Personal Loan:
- Photo ID Proofs: Copy of voter ID, Aadhaar card, driving license, passport
- Income Proofs: Bank statement copy for the last 6 months
- Salary Slips: Copy of salary slips for the last 3 months
- Address Proof: Passport/electricity bill/ration card copies
- Employment Certificate: Certificate showing continuous employment of 1 year
Additional Documents for Tata Personal Loan for Education
- Admission letter issued by the school/college
- Mark sheet and certificates of 10th std. (attested)
- Documents for studying abroad such as entry permit, admission letter, I-20 Form from the institute, the contract
- ITR of parent/guarantor
- Essential documents issued by school/college/institute including fees breakup, prospectus, etc.
- Details of the employment like resignation letter, resignation acceptance, study leave sanction letter
- Property documents in case of an immovable property offered as security
For Pensioners/Self-employed Women
- Photo Id proofs
- Income proofs
- Address Proofs
Eligibility for Tata Capital Personal Loan
Tata Capital personal loan eligibility depends on the income, age, job stability, credit score, monthly income and work experience of its personal loan applicants. Below-mentioned are the personal loan eligibility criteria set by Tata Capital for its different personal loan schemes:
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For Personal Loan Overdraft Facility
- Age: 22-58 years
- Minimum monthly income: Rs 30,000
- Serving in the same job for at least 6 months
- At least 1 year of work experience
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For Wedding Loan
- The borrower should be salaried
- Age: 21- 58 years
- Serving in the current organization for at least 6 months
- Minimum work experience: 2 years
- Minimum monthly income: Rs 20,000
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For Medical Loan
- Salaried individual
- Minimum 1 year work experience
- Working in the current organization for at least 6 months
- Age: 21- 58 years
- Monthly income: At least Rs 20,000
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Personal Loan For Education
- Age: 16-26 years
- Minimum monthly income of applicants or his/her parents: Rs 15,000
- Good academic past record
- Should have a guarantor/ show security
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For Travel Loan
- Age: 22-58 years
- One year of work experience
- Minimum monthly salary: Rs 15,000
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For Home Renovation Loan
- Age: Minimum- 24 years & Maximum- 65 years (at the time of loan maturity)
- Minimum monthly income: INR 20,000
- Minimum work experience: 2 years
- For entrepreneurs: Minimum 3 years of experience in the current field
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For Government Employees
- Age: 22- 58 years
- Minimum monthly income: INR 15,000
- Work experience: At least 1 year
- Other criteria: CIBIL Score, job stability
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For Salaried Employees
- Age: 22- 58 years
- Loan Minimum work experience: 1 year
- Minimum monthly income: INR 15,000
- Credit score: Minimum 750 or above
- Should have repaid the previous debts on time
Personal Loan- How to Apply Online
Following are the steps on how to get a personal loan:
- Enter Details – Provide personal and professional information that is requested. As part of the Tata Capital loan process, they will verify the personal details through an OTP on the mobile number. In the case of an existing Tata Capital customer, enter the mobile number and that would be enough to proceed.
- Input Loan Requirements – To make a suitable offer and to gauge your loan eligibility you have to enter your personal loan amount and tenure you desire. In case your application is pre-approved you just need to enter your personal loan requirement within the sanctioned limit, and the rest will follow smoothly. Based on your eligibility they offer you a competitive loan amount.
- Personal Details and References – The next step is to enter your personal information in the application form. They will confirm your address based on your uploaded Aadhar Form, for other information one has to enter his full name, DOB, gender, marital status, pin code, city, and office address. They will require details of two references especially your relatives as soon as they verify your essential information and process your application form, it will take a few minutes to begin the next step which is the Loan Approval process.
- Verify your financials – Once your personal details have been locked in the financials of the individual will be verified to get a better personal loan offer. After your consent, they will direct you to upload your bank statements for verification, and if something goes as planned then your personal loan will be approved immediately. The privacy of the customer is considered to be the utmost priority.
- UPLOAD THE REQUIRED DOCUMENTS – The next step is document verification, you have to upload the necessary documents and have to schedule an appointment with the representative to pick up the original documents.
- VERIFICATION PROCESS – Once the documents have been uploaded, the verification process will be carried out and a background check will be done.
- PERSONAL LOAN APPROVAL AND SANCTION – If no discrepancies are seen with your documents and credit history then your application form will reach the final stage
- SET UP YOUR E-MANDATE – At Tata Capital, we always put your convenience first. That’s why we allow you to set up an E-mandate by linking your bank account, so you never miss a scheduled personal loan EMI repayment.
- PERSONAL INTEREST RATES AND CHARGES – Besides the personal loan interest rate, several other rates and charges form a part of personal loans. They can be classified as general charges, miscellaneous charges, and foreclosure charges.