Tata Capital Limited is one of the premier Non-Banking Financial Companies (NBFC) in India. The company offers personal loans for many purposes such as weddings, education, travel, and even medical emergencies or unexpected expenses. These loans can be availed by providing the necessary documents. However, before that, the eligibility of the candidate is checked. There are certain basic criteria that are used to ascertain the eligibility of a candidate.
- Tata Capital is backed by Tata, one of the most reputed business houses in the country.
- The loans are offered at competitive interest rates of 11.99% to 19%.
- The loan tenure ranges from 1 year to 6 years.
- The borrowing amount starts from Rs. 75,000 and can go up to Rs. 25 lakh.
- The processing fee can be as low as Rs. 999, plus service tax.
- The company offers faster processing and approval.
To avail these loans, some basic criteria need to be adhered to. These are:
For Salaried Individuals
- The loans are given to employees working in an MNC, a PSU, a public limited company, a large private limited company, or the State or Central Government.
- The person should be between the age of 21 and 58 years and should have been employed for at least 2 years in the same company.
- Tata Capital personal loan eligibility mandates a minimum income of Rs. 20,000 per month.
- The loan amount for which they are eligible is between Rs. 75,000 and Rs. 15 lakh.
- The loan tenure is from 1 year (12 months) to 6 years (72 months)
- The person should be between the age of 25 and 65 years and should have been in the same business or city for at least 3 years. Graduate doctors (i.e. MBBS) need to show a minimum experience of 10 years and post-graduate doctors (i.e. MD, MS, etc.) a minimum experience of 5 years.
- They should have a minimum income of Rs. 2 lakh per year.
- The loan amount for which they are eligible is between Rs. 3 lakh and Rs. 20 lakhs.
- The loan tenure is from 1 year (12 months) to 4 years (48 months)
- The person should be between the age of 25 and 65 years and should have been in business for at least 3 years.
- Tata Capital personal loan eligibility mandates a minimum income of Rs. 2 lakh per year.
- The loan amount for which they are eligible is same as that of salaried individuals, i.e. between Rs. 75,000 and Rs. 15 lakh.
- The loan tenure is from 1 year (12 months) to 4 years (48 months), same as that for self-employed professionals.
Income: The income of the applicant plays a crucial role in the loan approval process. The higher your salary, the more chances you have of paying back the loan timely. The income reflects the repayment capacity of the applicant. As such, Tata Capital would be more willing to approve the loan if you have a higher salary.
Employment: It is important that the applicant should have been employed in the same company for the past 3 years. In case of businessmen, it is important that they should have sustained their business for at least a period of 3 years. If an individual does a lot of job-hopping, then this negatively affects their chances of getting an affirmation for their loan approval application.
Payment History: An applicant who has a track record of paying off his or her debts (in the form of loans, credit card bills, mortgages, car loans, etc.) has better chances of approval. This is an indicator that the applicant in question has credible history while dealing with his or her loan repayments.
Credit Score: The credit score reflects the financial behaviour of the applicant. It shows the company whether the applicant has defaulted on their earlier loan payments. If so, then these applicants are considered to be risky investments. Therefore, it is imperative that the applicant ensures that their credit score is strong.
- Age: If you are a young salaried employee, then chances are that you may change jobs frequently in order to move forward in your career. This increases the risk of unemployment and chances of default in repayments. In turn, this affects your loan eligibility.
|Particulars||Salaried||Self-Employed Professionals||Self-Employed Businessmen|
|ID Proof||Voter Id, Passport and Driving Licence||Voter Id, Passport or Driving Licence||Voter Id, Passport or Driving Licence|
|Residence Proof||Electricity Bill, Rent Agreement, Passport or Ration Card||Electricity Bill, Rent Agreement, Passport, Sales Tax Certificate or Ration Card||Electricity Bill, Rent Agreement, Passport, Sales Tax Certificate or Ration Card|
|Bank Statement||Last 3 months’ bank statement||Last 6 months’ bank statement||Last 6 months’ bank statement|
|Income Tax||Form 16 (latest)||Latest ITR returns with last 2 years CA-audited financials (P&L and Balance Sheet)||Latest ITR returns with last 2 years CA-audited financials (P&L and Balance Sheet)|
|Proof of Job / Business||Last three months’ salary slip||Proof of Highest Professional Degree||Trade License, Sales Tax or Establishment Certificate|
|Other Documents||Employment continuity document showing 2 years of work experience in the same company||-||Copy of Partnership Deed, Memorandum of Understanding (MoA), Article of Association (AoA) and Board Resolution|
Here are some answers to FAQs people have about Tata Capital Personal Loan and Eligibility.
Q. Are there any additional charges such as processing fee?
A. Yes, a processing fee of a minimum of Rs. 999 + service tax is charged on the loan amount. This amount will be deducted from the loan amount on disbursal.
Q. Can I prepay my Tata Capital Personal Loan amount?
A. Yes, you can prepay the loan anytime you want. There are no charges if the loan is repaid after a period of 180 days. However, if the prepayment is made before 180 days, then firstly you can only repay up to 25% of your outstanding principal amount. Secondly, there will be a charge of 2% on the amount repaid if it is paid before 180 days.
Q. What are the factors on which my loan eligibility will be assessed?
A. There are certain criteria such as income, employment, years of work experience, etc. on which the loan eligibility of a candidate is assessed.