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Car Loan

Founded in 1868 by Jamshed ji Tata, the Tata group is a global enterprise with operations in more than 100 countries across six continents. The Tata Group conglomerate comprises of over 100 independent operating companies, one out of which is Tata Capital Limited. Established in the year 2007, Tata Capital, has a sole aim of providing transparent and focused financial solutions to help people who want to achieve their dreams. Tata Capital Financial Services Limited is a one-stop financial service that caters to and provides solutions to the diverse needs of corporate, institutional and retail customers across different businesses. The company operates across various areas of business namely the Infrastructure Finance, Commercial Finance, Consumer Loans, Wealth Management and distribution and marketing of Tata Cards.

 

Tata Capital Car Loan

Registered with Reserve Bank of India, Tata Capital is a subsidiary of Tata Sons. Tata Capital offers different financing solutions with multiple repayment plans. The company offers customized loans for both new and pre-owned cars, be it a sedan, hatchback, MUV, SUV, cross over vehicle or a premium car. In addition, it lets you customize your EMI plans as per your ability to repay keeping in mind your current and future needs. Its customized and pre-approved car loans come with different schemes like EMI, Structured schemes, Step up schemes, balloon scheme & Bullet scheme.
 

Tata Capital is a one-stop platform for new and used cars without the usual hassles. At Tata Capital, you can not only pick a customized car loan, but also choose from the widest collection of cars. The company’s associations with over 2000 trusted car dealers across India, helps you get new as well as used car of your choice. Plus, you can also get used car loans, which means, all your car needs are taken care of in one place.


Features of Car Loan by Tata Capital:

  • Tata Capital car loan comes with multiple payment options. The available car loan EMI options are Step Up Flexi EMI plan, Step Down Flexi EMI plan, and Bullet Flexi EMI plan.
  • These flexi car loan EMIs are ideal to match different budget plans as these plans also bring bonus or periodic increments on your regular income.
  • Tata Capital finances passenger cars, multi utility vehicle and all imported vehicles under Flexi plans, giving you exciting pre-owned car loan options.
  • Tata capital funds up to 100% of the ex-showroom price on selected models.
  • Tata capital car loan comes with a minimum of one year and maximum of seven years for both new and pre-used cars.
  • Tata Capital brings the trust and expertise of Tata to the world of financial services.
  • It offers you a whole range of used and new car listings from over 2000 dealers across India.
  • You can apply for a Tata Capital car loan with minimal paperwork, ensuring fast processing and quick turnaround to get your dream car immediately.
  • Tata Capital car loan eligibility encompasses car loan disbursals of higher amounts to match your growing needs.
  • From test drive to document collection and insurance, the applicant gets doorstep service for all their car related requirements for Tata Capital Car Loan.

 

Tata Capital New Car Loan

Other platforms may only provide you loans for fulfilling your vehicle requirement. However, Paisabazaar.com helps you calculate your car loan amount eligibility. Tata Capital Car Loan can help you pick your new or used car from the wide collection of hatchbacks, luxury sedans and SUVs and MUVs  as car options. With their multi-search engine you can search based on your Budget, Make/Model, Body Type or the car loan EMI you wish to pay. They offer up to 100% loan on ex-showroom car price for salaried individuals, while the loan to value ratio for self-employed individuals and companies is as high as 90% if one opts for a Tata Capital car loan.


Tata Capital Used Car Loan

Tata Capital’s cars platform is the simplest way to buy a used car, which comes along with loan and EMI facilities. Just like the new ones, you can search through verified used car listings from dealers across the country on the Tata Capital Car Loan website. For used car loans, Tata offers up to 90% of the valuation of the car or sale price, whichever is lower.


Features of Used Car Loan by Tata Capital:

  • Transparent, Simple & Quick Processing
  • Get a used car loan for almost all car models
  •  3 to 5 years Repayment duration
  • Transfer of Loans to Tata Capital
  • Minimum loan amount of Rs. 1,25,000 for used cars
  • Customized loans for all ranges available

Eligibility Criteria for Tata Capital Car Loans

Salaried individuals, self-employed individuals and companies are eligible for Tata Capital car loans. There are some minimum income requirements for individuals and non-individuals to get a Tata Capital Car Loan. Further, in order to get a car loan, some simple documentation is also necessary. Individuals/companies need to produce documents like address proof, PAN card, bank statements, financial statements, proof of income etc. In addition, companies require constitutional documents and other certificates depending on the type of the company/firm.


The basic parameters of eligibility to avail a Tata Capital Car Loan are mentioned below:

  • Tata Capital Car Loan is available for salaried individuals, self-employed individuals, and partnership firms, public and private ltd. Companies, HUFS and trusts.
  • An applicant has to be at least 21 years and can be maximum 60 years in age to apply for a Tata Capital car loan.

 

Additional Criteria for Tata Capital loan for a new car:

Parameters

Salaried

Self Employed

Non-Individuals

LTV

90% and Up to 100% on select models

Up to 90%

Up to 90%

Minimum Income

Rs 2.5 lacs for all assets

Rs 2 lacs for all assets

Rs  2 lacs for all assets

Tenure

12 - 60 months and 84 month on select models

12 - 60 months and 84 month on select models

12 - 60 months and 84 month on select models


Additional Criteria for a Used Car Loan by Tata Capital:

Parameters

Repurchase

LTV

Up to 90% of the valuation of the car or sale price whichever is lower

Minimum Income

Rs 2 lacs – for Self Employed

Rs 3 lacs – for Salaried

Tenure

Up to 60 months


You can check your eligibility for a Tata Capital Car Loan by using the simple Eligibility Calculator tool by PaisaBazaar.


Tata Capital Loan Refinancing and Switching to Tata Capital:

Tata Capital offers a Cash Loan on your existing car which is free of Loan. This is called refinancing. Criteria for Loan Refinancing by Tata Capital:

Parameters

Repurchase

LTV

Up to 85% of the valuation of the car

Minimum Income

Rs 2 lacs – for Self Employed

Rs 3 lacs – for Salaried

Tenure

Up to 60 months


Under the ‘Switching to Tata Capital’ facility, Tata Capital allows you to transfer the existing car loan from another financier and provide additional cash loan on the said car depending on the eligibility. Simply switch over to Tata Capital Car Loan, and enjoy great benefits such as flexible EMI options, attractive interest rates on Tata Capital car loan, quick processing and many more. Criteria for Switching to Tata Capital:
 

Parameters

Repurchase

LTV

Up to 2 times of the existing car loan serviced or up to 80% of the valuation of the car whichever is lower

Minimum Income

Not required

Tenure

Up to 60 months

Tata Capital Car Loan Interest Rate

Tata Capital offers a minimum car loan amount of Rs. 1 Lac for new as well as used cars. The Tata Capital car loan amount offered can be customized as per your needs and can be fixed within the range of the company’s credit policy. They also offer up to 60 months of repayment tenure for a car loan, both new and used. Tata Capital car loan interest rate starts with a very nominal rate and varies according to customer credentials, cost of funds, asset, geography, tenor and discounts offered in the market. In addition to it, borrower is also charged 0 to 2% processing fee.
 

Tata Capital offers its customers flexible repayment options against the borrowed car loans. They are listed below:

  • Standard EMI Plan
    This plan includes paying a constant standard EMI throughout the tenure of the vehicle loan availed by you. It is best suited for customers with a regular income/ salary, as the amount payable every month will remain fixed for the entire period of the loan.
     
  • Bullet/Balloon EMI Plan
    This plan is suitable for customers who can afford to periodically pay a large amount on their Car Loans. It allows you to prepay fixed amounts at periodic intervals, lowering your monthly EMI.
     
  • Step Up EMI Plan
    This plan offers you the flexibility to increase your fixed monthly repayment every year to match your increase in income. This gradual annual increase helps you repay the loan with ease and quicker.

Documents for Tata Capital Car Loan

Salaried and self-employed individuals are required to furnish the following documents at the time of car loan application:

1. PAN Card

2. Address proof

3. Signature Verification Proof

4. One Photograph

5. ITR/Salary Slips/Form 16

6. Bank Statement of last 3 months


Documents to be submitted by Non-individuals include:

1. Registered Partnership Deed for Partnership Firms

2. Certificate of Incorporation for Private and Public Ltd. Companies

3. Certificate of Commencement of Business for Public Ltd. companies

4. Memorandum and Articles of Association in case of Public and Pvt. Ltd. Companies

5. Address Proof & Pan Card of the Firm

6. One Photograph of Director/Partner

7. ITR

8. Audited Balance Sheet and Profit and Loss Account Bank


Benefits of applying for a Car Loan:

  • The biggest advantage of a car loan is the flexibility of repaying the loan.
  • It gives you the opportunity of driving home your favorite car with a small down payment.
  • You may apply for car loans, online, from the comfort of your home.  Always be on the lookout for the best deals on car loans.
  • With Tata Capital, you can even opt for a flexible EMI plan to suit your needs.

Why apply for a Car Loan on Paisa Bazaar?

Reasons to apply for a Tata Capital Car Loan through us are:

  • We are one stop  solution for a diversity of Products, offering multiple choices of car loans for every requirement specified.
  • Paisa Bazaar keeps you updated with the lowest available car loan interest rates on Tata Capital car loan and other products offered by the best banks in the market.
  • By letting you fill up an online form about the kind of loan you desired, Paisa Bazaar evaluates the loan options with the lowest car loan interest rates for you.
  • In order to decide the best for you, you can compare loans from different Banks against each other for parameters like car loan interest rates offered, EMI options available, processing fee charged, customer feedback, etc.
  • Personal information is treated with high regard and kept very confidential at PaisaBazaar. The information you provide is only shared with your chosen lender, and never shared with a third party for any reason whatsoever.

Things to Consider Before Buying a Car

Finding a car that takes care of your needs and fits your budget too is not easy. There must be a number of questions popping up in your head if you are planning to buy a car for yourself like should you buy a New or a Used Car? And maybe, how can a car loan benefit you? Don’t worry, we have your questions answered right here:


Buying a new or a used car totally depends on some major factors like the purpose of buying a car, your budget, the maintenance cost involved and performance versus looks.


New car or a used car- This is the most common question among car buyers. Reason being, cost of a used sedan from a reputed automobile manufacturer can sometimes be equal to the cost of a new hatchback. In such situations, most people tend to get tempted to possess the bigger car with a better brand. However, understanding the pros and cons of both the car types is important.
 

  • New Cars: The biggest advantage of buying a new car is the warranty that comes along. Also, any good automobile you buy will not give you performance issues at least for a couple of years. Plus, most brands would also provide you free car servicing during the first year, keeping your car in great condition for longer.

The main disadvantage of a new car would be the price. A brand new car comes with a heavy premium. However, with loans available for new cars easily, you may go for this type if it fits your requirement.
 

  • Used Cars: With more and more car manufacturers and trusted dealers getting into the used car business, the conditions are slowly changing and you get cars in excellent condition at almost half the price. Yet, you should be extremely careful before buying a used car and take care to verify the below mentioned factors:
  • Number of kilometers run
  • External condition of the car
  • Service schedule of the car
  • Price tag versus original cost

The main disadvantage of used cars is the trouble one has to take to get the issues fixed as and when they come up during the tenure.

Tata Capital Car Loan FAQs

Q: What are the stages involved for availing Tata Capital Car Loan?
A. The 5 stages of availing a car loan include:

  • Application
  • Paying processing fee for Tata Capital car loan
  • Documentation
  • Sanctioning of the loan
  • Disburse the car loan

 

Q: How much time does it take to get car loan approval?
A. To get Tata Capital car loan details and approval, it takes about 24 to 36 hours after submission of all the requisite documents.


Q: Can a borrower prepay his car loan amount?
A. A borrower can prepay car loan in full upon which nominal prepaying charges are levied.


Q. What loan tenure options are available on Tata Capital Car Loans?
A. The tenure of loan on Tata Capital Car Loan could range from one to maximum seven years for new cars. Whereas, for used cars age of Car at loan maturity should not cross 9 years subject to maximum loan tenure of 5 years.


Q: Can a tenure or interest be changed after the loan amount is disbursed?
A. No. Once selected, the tenure and interest rate stays fixed for the entire duration of the loan.


Q. What are Flexi EMIs?
A. Tata Capital Car Loan comes with multiple repayment Options which are called Flexi EMIs. These options allow you to choose a plan that suits your need as per your cash flow.

  • Step Up Flexi EMI plan offers you the convenience to increase your fixed monthly EMIs every year to match your increase in income. This gradual annual increase helps you repay the loan with ease, suitable for customers who want a bit more cash in their pockets each month as the monthly car loan interest payments tend to be lower or those who see a healthy growth in their annual income.
  • Step Down Flexi EMI plan allows you to start with a higher EMI and then lower it every year. This accelerated repayment helps you to save on finance costs, suitable for customers who are nearing their retirement age and thus want to build an asset quickly or those who have higher disposable monthly income.
  • The Bullet Flexi EMI plan allows you to prepay a fixed amount at periodic intervals. Our repayment schedule will  have a major role in these periodic payments, thus lowering your monthly EMI. These scheduled part payments are without any charges, suitable for customers who get regular incentives in their income or those who can periodically repay a large amount on their Car Loans offered by Tata Capital, eg: with an annual bonus.
  • The Balloon Flexi EMI plan involves a large lump sum repayment at the end of the Loan tenure, thus allowing you the flexibility of lower EMIs during the tenure of the loan, suitable for customers who foresee a large increase in their income, in the future, from their investments.

 

Q. Which cars can be financed by Tata Capital car loan?
A. Plans by Tata Capital finance almost all passenger cars and multi-utility vehicles. Imported vehicles are also funded depending on case to case basis.


Q. Is any other security or collateral needed for application?
A. Apart from the car against which the loan is granted or is being hypothecated to Tata Capital, no additional security or collateral needs to be provided.


Q. Who all are eligible to avail a Car Loan from Tata Capital?

  • Salaried individuals
  • Self-employed individuals
  • HUFs and Trusts
  • Public and Private Ltd. companies
  • Partnership Firms

 

Q. Is a guarantor required for gaining approval of the loan?
A. No, a guarantor is generally not required in the loan approval process when taking a Car Loan from Tata Capital. But if your income does not meet the bank’s credit criteria, then you may require to get a guarantor to stand for surety of your loan repayment.


Q. Who can be the co-applicant for my car loan provided by Tata Capital?
A. Your spouse or anyone in blood relation, staying in the same residence as yours can be a co-applicant.


Q. How can the loan be repaid?
A. The loan can be repaid through ECS, Direct debit and postdated cheques drawn on "Tata Capital Financial Services Limited". The ways of repayment facilitated by Tata Capital Car Loan include the following:
1) Electronic Clearing System (ECS)/ Standing Instructions
This mode is allows customer to give instructions to their respective banks to deduct the EMIs form their accounts and transfer the same to the lender against loan repayment.

2) Post-Dated Cheques
This too is a mode beneficial for individuals .They need to submit a set of Post-dated Cheques from their respective accounts. These cheques will automatically be released by the bank itself as and when they fall due.


Q. Can I prepay my loan?
A. You can prepay the loan, if you are closing it fully. But,  prepayment of loan by the customer is chargeable.


Q. What are the lending rates?
A. The lending rates are dependent on various factors including cost of funds, customer credentials, geography, asset, tenor and discounts offered in the market. Tata Capital ensures that you get a transparent and good deal at the time of availing the loan.


Q. How can I apply for a Tata Capital Car Loan?
A. Applying for the Tata Capital car loan is just a matter of few clicks with Paisa Bazaar. You can simply browse your requirement and apply through Paisa bazaar by following this step by step procedure:

  • Visit www.paisabazaar.com
  • On the homepage, select ‘Car Loan’ from the various loan options spread on the screen. It will land you to a car loan eligibility calculator. Fill in all the fields and at the end of it, Paisa Bazaar will sort out the best Car loans in India available that are matching your requirements, and show you the most prudent car finance plans to choose from.  
  • Once you have made up your mind to avail the car loan provided by Tata Capital, select the car loan option and quote offered by the bank by clicking on it.
  • After you submit the Tata Capital car loan online application, you will receive an instant e-approval from PaisaBazaar.
  • This Tata Capital car loan application form along with the information you provide is then transferred to your chosen bank from wherein a customer support executive from the same will get in touch with you and take the process forward.

OR

  • You can go to the ‘Learn’ dropdown menu from the tool bar on the top of the home page and select ‘Banks and Financial Institutions’.
  • Here you will be presented with a list of all the associated banks, from which you can choose Tata Capital or any bank you wish to buy the loan from.
  • Once you select the bank, every requisite piece of information will be available to you about the bank and its products, as you scroll through.
  • Choosing Tata Capital directly from this menu will allow you to properly check the features and benefits associated with the Bank. The ‘Apply Online’ option takes this step further.

Availing services using PaisaBazaar helps you save time, money and efforts, while assuring you the best loan options that are sorted exclusively for your requirements.


Q. Can I avail a loan on my existing car from Tata Capital?
A. Tata Capital does offer a loan on your existing car of up to 120% of the existing value of your car, which shall be available as cash at your disposal subject to a maximum of Rest. 20 lacs.


Q. Are the car insurance and registration charges included in the loan?
A. The registration charges are included in most of the loan offerings by Tata Capital but insurance of the vehicle does not form a part of it and would need to be paid up front. However, you must always confirm about the inclusions while applying for the Tata Capital car loan.


Q. Can I get a complete financing for my car?
A. Tata Capital does offer funding up to 100% of the ex- showroom price on select models, provided the applicant meets their underwritten criteria.


Q. Is there a provision for reducing or changing the car loan EMI?
A. No, the EMI on a Tata Capital car loan cannot be altered once the tenure has begun. It remains fixed for the life of the loan. However, Tata Capital Car Loan offers flexible repayment solutions to choose from to fit your requirements.

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