Tata Capital Personal Loan is a digital personal loan. You can use the amount disbursed from this loan for multiple purposes, from education to planning a vacation. Since the entire application process is online, you can complete it anywhere and anytime.
With minimal documentation and a straightforward application process, borrowers can access funds swiftly to address their immediate financial requirements. Tata Capital personal loans are tailored to fit various income groups, offering flexibility in loan amounts and repayment tenures to suit individual needs.
Moreover, the institution leverages advanced technology to ensure a seamless borrowing experience, with online applications, loan calculators, and customer support services, making it a preferred choice for those seeking financial assistance without the burden of collateral.
Prime Features & Benefits of Tata Capital Personal Loan
The Tata Capital Personal Loan is a distinctive solution for addressing financial requirements. Beyond the ease of access, this loan presents numerous noteworthy features. From unconventional repayment options to better interest structures, this loan navigates the unique contours of your monetary landscape.
1] Multipurpose Financial Companion
Tata Capital personal loan is a multipurpose loan. When you apply for this loan, you can use the amount disbursed from the loan for multiple purposes. Right from the basic use to meet the educational needs to planning a vacation for the family, there are various applications of this loan.
2] No Collateral or Security Needed
This digital personal loan offers a hassle-free experience without ties to your assets. The online process streamlines and provides financial freedom without unnecessary complications or extra fuss. So, you don’t need to worry about getting collateral to get the funds in your account.
3] Overdraft Facility
The added feature of this loan is that it offers you an overdraft facility as well. This feature allows you to withdraw funds up to an agreed limit, with interest only charged on the amount you use. It’s a simple and flexible way to manage your financial resources, ensuring you have the necessary flexibility.
4] No Hidden Extra Costs
One of the biggest factors that is linked with loans is the charges. With this online personal loan, you can enjoy all the facilities at no extra cost. All the charges that you would need to bear will be disclosed upfront.
5] Prepayment Facility
This personal loan offers a prepayment facility. You can prepay for up to 25% of the principal outstanding after 12 months without incurring additional fees. If you plan to pay more, you can prepay up to 50% in a single year, with charges applicable to amounts exceeding 25%.
6] Digital Process
This is a loan that can be applied for online. You complete the process in the comfort of your home by following some simple basic steps. Once approved, the amount will be disbursed within no time.
7] Quick Approval
If you are looking for a loan that gets approved quickly, then this is the one. Since the entire application process is online, it will just take a few hours to a day’s time to get your loan approved and confirmed.
This digital personal loan goes beyond mere transactions. The above features are the best reasons to get a Tata Capital personal loan.
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Online Application Process for Tata Capital Personal Loan
Tata Capital’s unique online loan process is a game-changer. It takes only six steps for its approval. So, here is what you need to do:
Step 1: Open the Tata Capital Website
Enter your details, including your mobile number and name; you can start your process on tatacapital.com.
Step 2: Enter Your Loan Requirements
If pre-approved, input your personal loan requirements within the sanctioned limit for a swift and easy process.
Step 3: Fill In Your Personal Data
Provide your personal and banking details in the next stage to facilitate the seamless progression of your loan application.
Step 4: Get Authorisation
Set up your e-mandate by completing a one-time authorisation. It is a smooth and automated EMI payment process for your convenience.
Step 5: Check Other Facilities
Explore additional facilities by opting for insurance to safeguard your online personal loan liabilities against unforeseen emergencies, adding an extra layer of security.
Step 6: Verify Details And Get The Agreement
Seal the deal by accepting the e-agreement and verifying your personal loan details. Once the process is completed, the amount will be disbursed within a few hours.
While applying for a loan can be a long process, Tata Capital simplifies it for its applicants, making loan applications simpler and quicker.
Eligibility of Tata Capital Personal Loan
Getting a fast personal loan can be tricky with various rules and paperwork, but not with Tata Capital. It’s easy – just a few key points to meet. Here’s a quick look at what you need to qualify for a Tata Capital Personal Loan.
Age Requirement: The individual applying must be a minimum of 22 Years old and a maximum of 58 Years
Income Criteria: A monthly income of a minimum of INR 15,000 is required to clear the eligibility criteria.
Credit Score: A credit score of 700 or above is needed.
Mandatory Identification: Submission of documents like Aadhaar cards and Voter ID is required.
Financial documents: Salary slips and bank statements for the last 2 months must be there.
Tata Capital Personal Loan Fees & Charges
While many financial institutions burden borrowers with hefty fees, Tata Capital keeps charges reasonable. Here’s a glimpse into the common charges associated with fast personal loans. These are made to be lighter on your pocket while maintaining affordability.
1] Processing Fees
Up to 5.5% of the loan processing fees are the initial approval and disbursement costs. This fee, plus GST, ensures the seamless processing of your loan application, covering administrative expenses and validating your commitment to the borrowing process.
2] Penal Interest
Penal interest, set at 3% per month on overdue amounts, is a measure to encourage timely repayments. It acts as a deterrent against delays and emphasises the importance of adhering to the agreed-upon repayment schedule for the smooth functioning of the loan.
3] Loan Cancellation Charges
Loan cancellation charges by Tata Capital are 2% of the loan amount or INR 5750 (whichever is higher). It covers operational expenses associated with processing a loan application. These charges are applied in case of cancellation after the loan approval stage.
4] Statement Charges
Obtaining a hard copy of your Statement of Accounts comes at a nominal charge of INR 250 + GST. Also, at INR 550 + GST per instance, you can get a duplicate repayment schedule that covers the administrative effort involved in reissuing this document.
Important Insurance to Take with a Loan
Understanding the importance of loan insurance highlights its significance in challenging times. So, here is the best insurance you must apply for while taking digital personal loans.
EMI Protection Insurance
EMI Protection Insurance is often overlooked by many. In unforeseen events like job loss or disability, this insurance covers your EMIs. Many need to realise that it not only shields your loan but also safeguards your credit score, ensuring a temporary setback doesn’t have lasting consequences.
Life Insurance
Life insurance linked to your loan serves a purpose beyond settling outstanding amounts. Surprisingly, it can provide additional funds for your family’s needs. Understanding this multifaceted aspect transforms it from a mere requirement to a strategic asset.
Critical Illness Insurance
Critical Illness Insurance serves a dual purpose. Beyond covering EMIs during health crises, it also provides a lump sum that can be utilised for medical expenses or lifestyle adjustments. This feature helps you manage the impact of a critical illness, addressing immediate and long-term needs.
Disability Insurance
Disability Insurance offers rehabilitation benefits, supporting individuals in resuming a normal life after a disability. This unique feature emphasises the importance of sustaining financial stability while adapting to life changes post-disability.
Save Money With a Personal Loan Balance Transfer
Shifting your current personal loan to Tata Capital helps you save enough money. This tactical financial shift capitalises on interest rate advantages, resulting in a tangible reduction in monthly payments and the overall interest expenditure throughout the loan’s lifespan. It’s a strategic move that goes beyond the norm by introducing a fresh perspective on managing your debt.
