Tata Capital Personal Loan Interest Rate

Features of Tata Capital Personal Loan Scheme

1. You can avail this loan for various reasons such as renovating your house, funding the education of your children, getting yourself or a member of your family married, taking a vacation, etc.
2. You can prepay your loan amount any time after availing the personal loan for 6 months and above.
3. You do not require any collateral, security, or guarantor while applying for Tata Capital personal loan.
4. You can ask for additional loan amount from the company if required.

Factors Affecting Your Tata Capital Personal Loan Interest Rate

1. Loan tenure - The tenure of a personal loan has a bearing on the interest rates. Loans for a short tenure might attract a higher interest rate compared to loans for longer tenures.
2. Repayment capacity - Tata Capital is a financial institution which runs on its ability to get back its investment. The repayment capacity of an individual could change the interest rates charged by the organisation, as they might not charge an exorbitant interest rate to someone who does not have the means to repay such amounts.
3. Relationship with Tata Capital - Individuals having a good relationship with Tata Capital might be in a position to reduce their interest rates, owing to their past behaviour and personal standing. It is possible for banks/lenders to reduce interest rates for those who are valued customers and those who have displayed great commitment to their payments in the past.
4. Employment details - Interest rates vary depending on the profession of a borrower. Tata Capital charges different interest rates to self-employed and salaried individuals. Salaried borrowers might be charged a lower interest rate as they have a stable source of income and there is little risk of defaulting. Self-employed borrowers might not always have a steady income source and might have to pay a higher interest rate as the organisation could view them as risky prospects.

Note: Interest rates charged by Tata Capital are at their sole discretion and subject to change.

Other Charges Related to Tata Capital Personal Loan Interest Rate

1. Penal interest: 3% on the overdue amount
2. Post-dated cheques charges: Rs.850 plus GST
3. Bounce charges: Rs.600 for each bounced cheque
4. Cancellation charges: Rs.5,750 or Rs.2% of the loan amount, whichever is higher + GST.
5. Foreclosure charges: There won't be any foreclosure charges levied in the first 6 months after the approval of personal loan. However, a foreclosure charge of 4.5% on the outstanding loan amount + GST will be charged at the time of foreclosure. A foreclosure charge of 6.5% will be charged if the loan is foreclosed within 6 months of the disbursal of the loan amount.
6. Mandate rejection service charge: Rs.450 + GST
7. CCOD annual maintenance charge: 0.25% on the dropline amount or Rs.1,000 whichever is higher
8. Outstation collection charges: Rs.100 + GST
9. Statement of accounts: Rs.250 + GST for branch walk in.
10. Duplicate NOC: Rs.550 + GST.
11. Foreclosure letter charges: Rs.199 + GST for branch walk in

EMI Illustration for Tata Capital Personal Loan Interest Rate

1. Mr. Peters earns a monthly salary of Rs.25,000 and has a credit score of only 600. He availed a personal loan of Rs.2 lakh from Tata Capital with a repayment tenure of 1 year. Due to his low credit score, he is charged with an interest rate of 35%. The monthly EMIs that he will have to pay are given in the table below:

For Salary of Rs.25,000 Per Month

2. Ms. Tavane earns a monthly salary of Rs.50,000 per month and has a credit score of 750. She avails a personal loan of Rs.2 lakh for a tenure of 1 year from Tata Capital. Due to her impressive credit score she is charged a relatively lower interest rate of 11.99%. The monthly EMIs that she will have to pay are given in the table given below:

For Salary of Rs.50,000 Per Month

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