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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.
When you avail of a business loan, you’re required to pay interest on the loan amount as per the business loan interest rate. This rate is usually expressed as an annual percentage and is charged on your outstanding business loan amount. Business loan interest rates in India vary from one lending institution to another.
At Tata Capital, we provide business loans at the most competitive interest rates. Our business loan interest rate for professionals starts from 13% per annum and for non-professionals it starts from 15% per annum. Moreover, depending on your loan eligibility, income, business turnover, credit score, and other parameters, we can determine the best business loan 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 business loan processing fees, foreclosure charges, or EMI bounce charges, we transparently convey all our charges and rates for a business loan at the time of loan processing.
The interest that you need to pay on your business loan depends upon several factors, including your business loan amount, loan tenure, and the business loan interest rate charged by your lender. This rate is expressed as an annual percentage and is charged on the outstanding principal amount of your business loan.
To calculate the interest on your business loan, lenders multiply your outstanding principal amount at the end of each day with the applicable business loan 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
‘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.
| Customer Profile | Rate of Interest |
|---|---|
| Self-Employed Non-Professional | 15% - 25% |
| Self-Employed Professionals and Self-Employed Doctors | 13% - 17.50% |
At Tata Capital, we provide business loans for self-employed professionals - such as doctors, lawyers, chartered accountants, etc. - at lower interest rates as compared to self-employed non-professionals. Our business loan charges may also differ based on the customer’s profile.
The table below depicts our business loan interest rates for self-employed individuals:
Lenders primarily offer two types of business loan interest rates in India - fixed business loan interest rate and floating business loan interest rate.
In the case of a fixed business loan interest rate, the rate of interest remains fixed throughout the loan tenure. Hence, the EMIs that you need to pay also remain the same. If you’ve opted for a business loan at a fixed rate of interest, you will know your EMIs in advance.
But in the case of a floating business loan interest rate, the applicable rate of interest keeps on changing according to the Repo-Linked Lending Rate (RLLR) decided by the Reserve Bank of India (RBI). If you’ve opted for a business loan with a floating rate of interest, your EMIs may change during your loan tenure.
Lending institutions determine business loan interest rates after looking at several factors, such as:
When you apply for a business loan with a lender, it incurs several expenses while processing your loan application. To cover these expenses, lenders charge a business loan processing fee. This fee is charged as a fixed percentage of the sanctioned loan amount.
The processing fees for business loans usually comprise the expenses incurred by the lender to review the borrower’s credit score, check their business loan eligibility, verification of documents, and other administrative charges. This fee is charged as a one-time cost and is non-refundable.
At Tata Capital, we charge a very nominal business loan processing fee of up to 2.5% of the loan amount plus GST.
Apart from the interest rate and processing fee, lenders can levy several types of business loan 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, 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
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 month
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 business loan 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.
With Tata Capital, you can avail of business loans at the most competitive interest rates starting at 13% p.a. for professionals and 15% p.a. for non-professionals. Moreover, we can determine the best interest rate for you depending on your loan eligibility, credit score, income, and other criteria.
Besides, when you apply for a business loan with us, the loan will include various charges, including processing fees, foreclosure charges, EMI bounce charges, etc., which will be disclosed at the time of loan processing.
Tata Capital offers you business loans with easy eligibility and minimal documentation. Here's the list of documents required to avail of a business loan-
KYC documents, including a photo ID and address proof
Business proof, including business registration certificate, GST registration certificate, trade licence, or a certified copy of the partnership deed agreement or sole proprietorship declaration
Income proof, such as the last two years' income tax returns (ITRs) and computation of income, the last two years audited finances with the tax audit report, the last two years profit-loss statements, or balance sheet (duly audited by a chartered accountant)
Current account bank statements and GST returns for the last six months
You may also require some additional documents at the time of loan processing. Visit the documents required page for more details.
We strive to make the loan repayment process super convenient for you with flexible payments. You can pay your EMIs via various payment instruments. We also allow EMI payment through a direct debit facility, electronic clearance service, or post-dated cheques.
Yes, at Tata Capital, you can enjoy 100% collateral-free loans to meet all your urgent business requirements.
With us, you can also avail of quick loans for your online business. Whether you run an e-commerce website or an online retail store, apply for a loan to fulfil your working capital requirements. You must fulfil the following eligibility criteria to ensure quick approval for your online business loan:
Your CIBIL score should be above 700
Your business turnover is showing an upward trend
Yes. At Tata Capital, we don’t ask for collateral or security for providing business finance. This means you don’t have to put your personal or business assets on the line to qualify for business funding. Our business loans are 100% collateral-free.
The interest levied on your business loan is eligible for tax deductions because the interest payment on a business loan is a business expense and not revenue. This means you can reduce your taxable income when you apply for a business loan in India. However, note that the principal component of the loan is not tax-deductible.
If you're running a sole proprietorship business, having a business account is not mandatory. However, if you have a partnership business or an LLC, you must have a business account to get a business loan.
Your business loan EMI will depend on several factors, including your loan amount, tenure, and interest rates. To get an idea of the EMI amount you need to pay, use our online business loan EMI calculator.
Tata Capital provides business loans of up to Rs. 75 lakhs. However, the maximum loan amount you can secure depends on your loan eligibility and credit score.
Tata Capital offers you a longer repayment tenure of up to 60 months. With us, you can easily pick a comfortable repayment tenure based on your business's financial needs and affordability. We also offer various EMI plans to repay the loan as per your income cycle.
At Tata Capital, the interest rate on your business loan is fixed. This means the interest rate and the EMI amount do not change during the course of the loan.
Tata Capital offers two types of Flexi EMI plans for business loan repayment-
Step Up Flexi EMI Plan: This repayment plan lets you pay lower EMIs at the beginning of the tenure and gradually increase the EMI as your income grows. This plan helps you manage your loan repayment as per the income flow.
Step Down Flexi EMI Plan: This repayment plan allows you to pay higher EMIs initially and then decrease them gradually. This plan helps you reduce your interest outcome.
At Tata Capital, the qualifying criteria for business loan approval are quite simple. Here are the requirements you need to fulfil-
Turnover of Rs. 50,000+ p.a.
Minimum two years of business stability
Business should be profitable
A minimum banking balance of Rs. 10,000
You can track the status of your business loan application here. You can also contact your sales representative for details.
In case of any issues or queries, you can call us at 1860-267-6060. Additionally, you can also write to us at contactus@tatacapital.com or visit your nearest Tata Capital branch.
Tata Capital offers various Ways to Service:
Say 'Hi' on Tata Capital's WhatsApp number, 7506756060, from your registered mobile number.
Login to Tata Capital's Mobile App. Download the Tata Capital mobile app here
Log into the Tata Capital website
Call our Customer Care Number 1860 267 6060
Email Us at contactus@tatacapital.com for a new loan requirement
Visit Tata Capital's service branches. Find your nearest branch here.
Send us an SMS from your registered mobile number to 97059 66060.
Interact with TIA to learn more about Tata Capital's products and services. TIA is also available on Google Assistant & Alexa.
You can get a business loan with Tata Capital at attractive interest rates starting at 12%-15% for self-employed doctors, at 13%-17.50% for self-employed professionals other than doctors, and at 15%-25% for non-professionals.
Here's how you can do it-
For Retail Loans:
Click here to know if your bank is a participant in digital E-NACH
If your bank is a participant in digital E-Nach registration, then follow these steps-
Raise the request by logging into Tata Capital's website. Login here.
You can also send us a request via email at customercare@tatacapital.com with a scanned image of your cancelled cheque (with your name on it) of your new bank account or the account statement with the bank's details with IFSC (Indian Financial System Code).
After receiving the request with the document, we will send you an SMS with an E-NACH registration link to your registered mobile number.
You are requested to complete the E-NACH registration. Once you've successfully registered, the new bank account details will be updated in our records.
If your bank is NOT a participant in digital E-Nach registration, here's what you need to do-
Since your bank is not a part of digital e-NACH registration, you need to provide some physical documents. You can contact us to place a request for your Bank NACH change. Our service executive will contact you on your registered mobile number to fix an appointment at your convenience and collect the below documents.
1. Photocopy of a cancelled personalised cheque from the new bank account
2. Your consent and signature on the new NACH mandate form (the executive will carry this form along with him)
Please note that it takes about 30 days for the NACH to be registered with the bank.
Note: EMI will be presented to the existing bank till the time your new bank account gets updated in our records.
Once your loan is closed, the NOC will be dispatched to your address within five working days. However, if you want to receive the NOC at a different address or at the nearest Tata Capital branch, you can contact us.
Once you log in to your account, you will be redirected to a page where you can select the Loan Account Number to download your Business Loan's statement and welcome letter.
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