Tata Capital Personal Loan Eligibility Calculator
Foir Calculator
Personal loans available at Tata Capital include convenience loans for use in financing special events or any other emergency and event loans to help plan memorable events. The company is established for clear operational procedures and relaxed approval criteria therefore facilitating your quest to obtain the funding you need at reasonable cost with quick turnaround.
Tata Capital Personal Loan Eligibility
| Eligibility Criteria | Requirement |
|---|---|
| Age | 21 to 58 years |
| Minimum Work Experience | 1 year of continuous work experience in the same organization |
| Credit Score | 750+ |
| Loan Amount | ₹40,000 to ₹35 Lakhs |
Documents Required for Tata Capital Personal Loan Eligibility
To validate eligibility, Tata Capital requires the following documents:
Proof of Identity: PAN card, Aadhaar card, Passport, or Driving License.
Proof of Address: Utility bills, Aadhaar card, Passport, or rental agreement.
Income Proof:
- Salaried: Recent salary slips and bank statements for the last 3-6 months.
- Self-Employed: Income tax returns for the past 2-3 years and bank statements.
Employment Proof: Offer letter or employment certificate (for salaried individuals) or business proof (for self-employed applicants).
Factors Affecting Tata Capital Personal Loan Eligibility
- Credit Score & History: A strong credit score demonstrates reliable repayment habits, enhancing loan eligibility and potentially getting you reduced interest rates
- Monthly Income Level: Higher income levels signal greater repayment ability, improving eligibility and increasing the likelihood of approval
- Employment Type & Stability: Full-time employment in a reputable company or a stable self-employed track record positively impacts loan approval.
- Debt-to-Income Ratio: Lower existing debt obligations to your income enhances your loan credibility
- Loan Amount & Tenure Chosen: Larger loan amounts or extended tenure may require stricter eligibility criteria, as they represent higher lender risk.
Tata Capital Personal Loan Charges
| Transaction | Charges (₹) |
|---|---|
| Interest Rates | From 11.99% |
| Loan Processing Fee | Up to 5.5% of the loan amount |
| Late Payment Charges | 3% per month on the defaulted amount |
| Cheque Dishonour | ₹600 |
| Mandate Rejection | ₹450 |
| Loan Cancellation | 2% of the disbursed loan amount or ₹5,750 (whichever is higher) |
| Foreclosure Charges | 4.5% of the principal outstanding amount + GST |
| Part Payment Charges | 4.5% |
FAQs for Aditya Birla Capital Personal Loan Eligibility
1. Can I apply with a credit score below 700?
Yes, although a score above 700 is preferred, Tata Capital may still consider applicants with a slightly lower score based on other factors. Please note that approval personal loan for lower credit score is entirely at the discretion of the lender
2. Are there specific benefits for salaried applicants with stable incomes?
Yes, salaried applicants with stable incomes enjoy faster processing, and they may qualify for larger loan amounts and better interest rates.
3. What documents are needed to verify income and employment?
Salaried applicants need recent pay slips and bank statements, while self-employed individuals provide ITR and financial statements for verification.
4. Is there any option for prepayment or foreclosure?
Yes, Tata Capital allows prepayment or foreclosure, though minimal charges may apply; this is ideal for those looking to repay their loan early.
5. How long does it take to get the loan approved and disbursed?
Tata Capital typically processes applications within 3–5 working days, ensuring a quick and seamless experience from approval to fund disbursal.
