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Education Loan Interest Rates And Charges

Interest Rates

Our interest rates that start at 10.99% are competitive amongst the other players in the industry. However, it depends on education loan eligibility, income and other criteria that determine the interest rates for the loan offered.

When you apply for an Education Loan with Tata Capital, you do not have to worry about any hidden charges. Whether it is related to processing fees, foreclosure charges, or delayed EMI Payments, all information is transparently-provided for smooth processing of your Education loan.

The following general charges are involved under personal loans –

Processing Fee

Processing fee is a one-time fee charged by lenders at the time of processing the personal loan application. It is non-refundable even if the loan does not get sanctioned.  

Penal Interest/Additional Interest

Penal interest is the rate of interest that will be charged on delayed monthly instalments. The borrower will now be required to pay the delayed instalment inclusive of the additional interest. 

The following table shows the general charges levied by Tata Capital on our personal loans -

General Charges

Processing Fee

Upto 2.75% of the loan amount + GST

Penal Interest/Additional Interest

3% on Overdue amount per month + GST

The following miscellaneous charges are also involved under personal loans -

Bounce Charges

These are those charges that are levied in case of an EMI bounce. In other words, these charges are levied when you miss a personal loanEMI payment due to inadequate funds in your bank account.

Mandate Rejection Service Charge

Mandate rejection service charge is the charge levied on the rejection of any of the services rendered by the lender. 

CCOD Annual Maintenance Charges

CCOD Annual maintenance charges are the charges levied on those who have chosen a flexible funding option such as Cash Credit or Overdraft. It is charged for the maintenance of the Overdraft

Outstation Collection Charges

If the cheque you have issued for payment has been made to a non-local branch, lenders will levy an outstation collection charge for the collection of such cheques. 

Statement of Accounts

Lenders will charge a certain amount to issue your Statement of Accounts - a bank statement having a list of all transactions made from your bank account during a given period. But this amount will be charged only for a hard copy, the soft copy being free of cost.

Loan Cancellation Charges

If you wish to cancel your personal loan following the process of loan disbursement, the lender will charge a loan cancellation charge. 

Instrument Swap Charges

If you wish to exchange or swap your personal loan liability or the cash flow with a different financial instrument, you can do so after paying instrument swap charges.

Duplicate Repayment Schedule

Your lender will share a repayment or amortisation schedule – a table that displays how your loan evolves over time. If for some reason, you need a duplicate of this schedule, you can apply for a new one, available in both hard and soft copies. While the soft copy is free of charge, a certain fee will be charged for the hard copy.

Duplicate NOC

If you need to apply for a duplicate No Objection Certificate due to any reason, your lender will issue a new one in your name after you pay a specific fee. 

Post-Dated Cheque Charges

If you make an EMI payment using a post-dated cheque – one in which the date mentioned is subsequent to the date in which the cheque was drawn, you will be charged a fee known as post-date cheque charge. 

Refer the table below to know about the different miscellaneous charges levied by Tata Capital on our personal loans.