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Loan Restructuring for COVID-19 related stress
Loan restructuring can be availed by borrowers to manage financial stress caused by the COVID-19 pandemic. Customers eligible under RBI circular, having any of the retail loans can apply for restructuring of the loan via the Tata Capital website.
An instant way to fund yout larger expenses
At Tata Capital, we provide overdraft facility for self-employed professionals - such as doctors, lawyers, chartered accountants, etc. - at lower interest rates as compared to self-employed non-professionals. Our loan charges may also differ based on the customer’s profile.
When you avail of an OD facility, Customers need to pay Interest only on the amount utilized. It is calculated on daily basis and is billed to the customer at month-end.
This rate is usually expressed as an annual percentage and is charged on your outstanding loan amount. Interest rates in India vary from one lending institution to another.
At Tata Capital, we provide overdraft facility at the most competitive interest rates. Our interest rate for professionals starts from 13% per annum and for non-professionals it starts from 16% per annum. Moreover, depending on your loan eligibility, income, business turnover, credit score, and other parameters, we can determine the best interest rate for you.
Additionally, when you apply for a Tata Capital business loan, you do not have to worry about any hidden charges. Be it our processing fees, foreclosure charges, or EMI bounce charges, we transparently convey all our charges and rates at the time of loan processing.
The interest that you need to pay on your overdraft facility depends upon several factors, including your loan amount, loan tenure, and the interest rate charged by your lender. This rate is expressed as an annual percentage and is charged on the outstanding principal amount of your OD facility.
To calculate the interest on your business loan, lenders multiply your outstanding amount at the end of each day with the applicable interest rate. If this calculation seems complex to you, you can simply use a business loan EMI calculator to determine the interest amount and the EMI that you need to pay for your business loan.
You can also use the following formula to evaluate your business loan EMI:
EMI = [ P x r x ( 1 + r ) ^ n ] / [( 1 + r ) ^ n - 1 ]
Here, ‘P’ is the Principal Loan Amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
The business loan interest rates in India for self-employed individuals may vary from one lending institution to another. The interest rates for business loans may also depend on the nature of the business and the qualifications of the borrower.
The table below depicts our loan interest rates for self-employed individuals:
| Customer Profile | Rate of Interest |
|---|---|
| Self-Employed Non-Professional | 16% - 25% |
| Self-Employed Professionals and Self-Employed Doctors | 13% - 17.50% |
Apart from the interest rate and processing fee, lenders can levy several types of charges to cover unforeseen expenses during the loan tenure. These charges may include cheque bounce charges, mandate rejection fees, CCOD annual maintenance fees, document processing fees, outstation collection fees, and foreclosure charges, among others.
The table below depicts the miscellaneous business loan charges of Tata Capital:
Rs 2000 for every Cheque/ Payment Instrument Dishonor + GST
Rs 450 + GST
Charges will be levied if the new mandate form is not registered within 30 days from the date of rejection of the previous mandate form by the borrower’s bank for any reasons whatsoever.
First Year: 0.75% or 1000, whichever is higher per year, will be deducted from the limit and shall be payable at the end of the 13th month
Subsequent Years: 0.50% or 1000, whichever is higher per year, will be deducted from the limit and shall be payable at the end of the 13th month
Rs 1,999 + GST
Rs 100 + GST per repayment instrument
Soft Copy - Nil
Branch walk-in - Rs 250 +GST
4.5% on the future principal outstanding on the existing loan+ Applicable taxes
No Foreclosure is allowed in first 9 months. 6.5% charges if foreclosed within 9 months
2.25% on the future principal outstanding on the existing loan + GST
Foreclosure charges shall be levied only if the new rate is lower than the existing rate
4.5% on the Dropped down limit amount + Applicable taxes
No Foreclosure is allowed in first 9 months. 6.5% charges if foreclosed within 9 months
2% of the loan amount or Rs 5750, whichever is higher + GST
Rs 550 + GST
Soft copy - Nil
Branch walk-in - Rs 550 +GST
Rs 550 + GST
Soft copy – Nil
Branch walk-in - ₹ 199 +GST
Rs 850 + GST
As applicable
With a Tata Capital business loan, you can get adequate business finance at competitive interest rates. You can use our business loan to meet your working capital requirements, expand your business, upgrade business equipment, and tap into new opportunities. Our business loans are flexible to complement your various business-related financial requirements.
Besides attractive interest rates starting from 12% per annum, we offer fixed and structured EMI plans to make your repayment experience convenient. You can avail of financing as per your precise business requirements and enjoy extended loan tenures of up to 60 months.
Moreover, we won’t ask you to put your business assets on the line to secure funds for your business. With us, you can forget about standing in long queues and lengthy paperwork. We allow you to apply for an online business loan from the convenience of your home or office and get faster approval.
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