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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.
At Tata Capital, we offer consumer durable loans with very nominal interest rates and charges so that you can purchase your favorite electronic gadgets and appliances without any worries. Our consumer durable loan interest rate starts from 0% to ensure that you don’t feel any additional financial burden while shopping for the desired products on EMI.
Furthermore, we levy zero to minimal consumer durable loan charges to make your buying experience smoother and highly affordable. In the concrete, Tata Capital’s consumer durable loan interest rates and charges are negligible when compared to the utility of products that you can purchase using them.
Apart from the consumer durable loan interest rate, you might incur several types of fees and charges upon availing of our loans. The table below depicts some of the consumer durable loan charges levied by us:
| Type of Fee | Applicable Charges |
|---|---|
| Processing Fee | Rs 0 to Rs 10,000 |
| Bounce Charges |
First Presentation - Rs 450 + GST
Second Presentation - NA |
| Mandate Registration Charge | NIL |
| Mandate Rejection Service Charge | Rs 450 + GST for every rejection |
| EMI Pick-up/ Collection Charges | NIL |
| Arbitration Filing | Rs 2,000 |
Apart from the consumer durable loan charges mentioned above, your lender may levy some miscellaneous charges on your loan. Below is a list of the miscellaneous charges levied on our loans:
| Type of Fee | Applicable Charges |
|---|---|
| Statement of Accounts Charges |
Soft Copy – Free
|
| Foreclosure/Prepayment Charges | NIL |
| Foreclosure Charges for Top-Ups | NIL |
| Loan Cancellation & Rebooking Charges | NIL |
| Duplicate Repayment Schedule | NIL |
| Duplicate NOC Issuance Charges | NIL |
| Late Payment Charges | 3% on the overdue amount per month |
| Instrument Swap Charges | Rs 550 + GST |
| Document Retrieval Charges (per retrieval) | NIL |
| EBC & Push Card Replacement Fee | NA |
| EBC & Push Card Annual Fee | NA |
| Legal Charges (Sec 138 and Sec 25) | Rs 1200 |
| Receiver Order District Court | NA |
| Receiver Order High Court | NA |
| Demand Notice/Loan Recall Notice | Rs 40 |
| Execution of Award | Rs 2000 |
We offer Consumer Durable Loans for wide-range of products. Here are some of the products that are now within your reach -
Digital Products: Mobile phones, laptops, tablets, smart watches etc.
Health Products: Laser treatment, financing knee replacement, cosmetic surgery and more.
Lifestyle Products: Travel loan, Merchandise loan.
There are no penalty charges for foreclosure of the Consumer Durable loan account.
We offer consumer durable loans up to ₹ 5,00,000.
Salaried and self-employed individuals in the age group of 21 to 60 & 21 to 65 years respectively can apply for the consumer durable loan.
With Tata Capital Consumer Durable Loans, the life you always wanted is just a few clicks away. Upgrade your lifestyle with the giant television set or, you can also buy yourself a fancy furniture for your living room. Here are some more reasons why we are the right match for you -
We give you instant online approval
We don't ask for any security for the Consumer Durable Loan
We are completely digital with minimum paperwork
We let you decide how and when you want to repay the loan
We offer you competitive interest rates
We offer loans up to ₹ 5 lakhs.
We need your primary and KYC documentation -
Identity and Residential Proof
Cancelled cheque
Latest passport size photograph
ECS mandate duly signed
One security cheque (favouring TCFSL, mention the full loan amount, do not enter any date).
Your EMI depends on the loan amount and the defined tenure.
You can take up to 24 months to repay your Consumer Durable Loan.
Auto Debit /ECS Facility-
You can repay your loan through ECS or Auto Debit from your bank account. All you have to do is fill up a form and allow us to activate the bank mandate.
PDC Facility-
You can also provide us with post-dated cheques **** towards the repayment. However, you may be charged a small fee for the same.
**** Cheque should be MICR or local clearing.
In case you wish to swap the cheques or bank mandate from which the repayment will be done, then you or your representative (with an authority letter) would have to visit the branch. Swapping charges would be applicable.
We offer flexible EMI plans to make your repayment easy and convenient.
Consumer durable loans are essentially unsecured borrowings. As a result, the lender does not have the security of a collateral to rely on. This is why your credit history plays a key role in determining your eligibility for a consumer durable loan. Lenders tend to look into your borrowing history and your credit profile to verify if you’re a trustworthy borrower. The higher your CIBIL score, the better is your eligibility for consumer durable loan
Consumer durable loans are unsecured loans. As a result, you do not need to provide any collateral as a security. This also means that there’s no mortgaging involved in the process of applying for a consumer durable loan.
The documents required for availing a Consumer Durable Loan from Tata Capital are –
PAN card
An address proof such as your driving license, voter ID, passport, or NREGA card
A duly signed NACH mandate
A cancelled cheque, if applicable
EMI cheques as applicable
If you do not repay your EMIs within the due date, a penalty charge shall be levied on the unpaid amount outstanding at the end of each month. This charge is levied at the rate of 3% of the outstanding amount.
Often times, if there’s an unexpected inflow of cash like a bonus, you may choose to repay your outstanding dues and foreclose the consumer durable loan you’ve availed from Tata Capital. We do not levy any foreclosure charges, so you can go ahead and settle your dues without worrying about any additional charges.
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