In the present-day scenario, anyone can be confronted with emergencies that require a certain amount of cash instantly. A considerable number of individuals turn to their friends or relatives for assistance, but in the event that such persons are incapable of lending aid, the situation turns into a serious issue. It is possible that you are going through this situation. If so, TATA Capital Personal Loan should work wonders for you.
One of the advantages of availing personal loans from TATA Capital is their cheap interest rates. Here, the loan amount ranges between ₹40,000 and ₹35 lakhs, and online applications can be made for a faster response. In this article, we will walk you through the steps of the application along with the interest rates offered and the eligibility criteria.
Highlights of a TATA Capital Personal Loan
TATA Capital personal loan is an uncomplicated and swift answer to those who are looking for instant cash. Here are its key features:
- Loan Amount: The loan amount can be availed from ₹40,000 to ₹35 lakh.
- Application Process: The application can be made entirely online without any stress.
- Processing Time: Express approval and funds disbursed promptly.
- Interest Rate:Between 11.99% to 29.95% as per the borrower credit rating and loan duration.
- Loan Tenure: Repayment period can be extended from 12 months to 72 months.
Eligibility Criteria
In order to qualify for the personal loan, you should fulfill the requirements listed below:
- Citizenship: An applicant must be a citizen of India.
- Age: The applicant must fall in the age group of 21 years to 58 years.
- Income: Application is possible for both employed and self-employed individuals. The least monthly earnings must be ₹15,000.
- Credit Score: Again, the best strategy is to ensure that an individual’s credit score is 700 and above to ensure high chances of loan approval.
- Documents: The Aadhaar card of the applicant should be linked with an active mobile number..
To apply for this personal loan, you need to meet the following criteria:
Interest Rates
TATA Capital presents personal loans with an interest rates varying from 11.99% to 29.95%. The interest rate is subject to changes based on various factors such as credit score, the monthly net salary, and the tenure of the loan. The higher the credit score, the more favorable rates are provided.
Key Factors Determining the Interest Rate:
- Credit Score: A score above 700 will get you better interest rates.
- Income: Higher monthly income can lower your interest rate.
- Loan Tenure: Longer tenures may come with slightly higher interest rates.
How to Apply for TATA Capital Personal Loan Online
There is no doubt that applying for this loan is possible and very comfortable too. You can be able to finish everything in a few minutes while seated in your house. Here’s the step-by-step process:
- Step 1: The first step, is to go to the official TATA Capital’s website.
- Step 2: Then, on the section of the website search for Loan section and click on Personal Loan.
- Step 3:On the following page, please provide your full name and mobile number. Expect an OTP that you will be required to verify.
- Step 4: After providing any necessary information you will be issued a loan offer depending on your credit rating.
- Step 5: If the loan offer is favorable and meets your requirements, kindly tap on the Apply Now icon
- Step 6: Then fill in all your personal information and attach the required documents.
- Step 7: Complete the E-Mandate process to ensure that the EMI payments are made automatically.
- Step 8:After the verification of your application, the loan shall be sanctioned and the amount will be credited to your account
Advantages For Nepalese TATA Capital Personal Loan
- Quick Processing: The loan approval is quite rapidly done in case it is applied for online.
- Less Interest Rates: In terms of interest rates, TATA capital is less costly than other financial institutions.
- Easy Traceable Repayment: Conveniently, You can select the EMI period that works best according to your needs.
- No Concealed Costs: With TATA Capital, you don’t have to fret about any concealed costs as they are open to the business.
- Basic Paperwork: The loan process takes a short time as only few documents are required in this loan application.
Essential Papers
Personal loans are easy to apply for as TATA Capital asks for minimum documentation. Therefore, both the lenders and the borrowers have a short cycle. The details required are:
- Aadhaar Card or PAN Card (as an ID)
- Salary Slip or Income Tax Return (as an income proof)
- Last 6 months Bank Statement
- passport size photograph
TATA Capital Personal Loan EMI Calculator
You can make effective use of the loan by employing the EMI calculator that is provided on the official website of TATA Capital. This tool assists you in how much monthly repayment of the loan would be necessary to pay up the given amount within the given tenure and interest rate.
For using the calculator all you have to do is put the loam deep round figure, interest rate or cost of money and payment span. It will give you an exact or precise EMI amount enabling you to draw your finances in a prudent manner.
Final Thoughts
TATA Capital Personal Loan is more suited to such borrowers who require the funds very urgently. With better interest rates, simple application criteria, and swift validation, it is a financial measure that is quite admirable.
If you are taking another personal loan then TATA Capital would be the ideal financial partner for you.
Note: Make sure to check your credit report and scores, gather all the relevant papers and documents before you apply for the loan, so that the loan application process is seamless.