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Personal Loan Interest Rates & Charges

Personal Loan Interest Rates

Personal loans offered by Tata Capital are multi-purpose loans that can be used as per your discretion. The personal loan interest rate determines the amount you need to repay as EMI. The personal loan interest rate offered by Tata Capital is one of the lowest in the industry, starting at just 10.99%. Your loan interest rate greatly depends on your personal loan eligibility, income, CIBIL Score, and other criteria.

Apart from the personal loan interest rate, several other charges are involved that can be classified under three categories – general charges, miscellaneous charges, and foreclosure charges. 

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. 

Miscellaneous Charges

Bounce Charges

Rs. 600 for every cheque/Payment Instrument Dishonour + GST

Mandate Rejection Service Charge

 ₹ 450 + GST

Charges will be applicable on your EMI Due date in case the account does not have an Active mandate after the exhaustion of the given post-dated cheques. This charge would be applied every month until there is an Active Mandate linked to the account

CCOD Annual Maintenance Charges

 0.25% on Dropline Amount + GST or ₹ 1000, whichever is higher per year will be deducted from the limit and shall be payable at the end of the 13th month.

Outstation Collection Charges

Rs. 100 + GST per repayment tenure 

Statement of Accounts

Soft Copy – Nil.

Branch Walk-in – Rs. 250 + GST 

Loan Cancellation Charges

2% of loan amount or Rs. 5,750, whichever is higher + GST

Instrument Swap Charges

Rs. 550 + GST

Duplicate Repayment Schedule

Soft Copy – Nil

Branch Walk-In – Rs. 550 + GST

Duplicate NOC

Rs. 550 + GST

Post-Dated Cheque Charges

Rs. 850 + GST

The following Foreclosure & Pre-payment/Part-payment charges are also involved under Personal loans –

(Lock-in period - 6 months from the date of the first disbursement)

Foreclosure Charges

Foreclosure charges are levied at the time of pre-payment of a personal loan, whether in part or in full. No foreclosure charges are levied on loans with floating interest rates. 

Foreclosure Charges for Top-Up

If you wish to pre-pay, whether in part or in full, the top-up loan that you had taken over and above your existing personal loan, the lender will levy what is known as foreclosure charges for top-up. These charges will only be levied if the new interest rate is lower than the old one. 

Foreclosure Charges on CCOD Cases

If you wish to pre-pay, whether in part or in full, your personal loan taken as Cash Credit or Overdraft, the lending authority will levy a foreclosure charge for the same. 

Foreclosure Letter Charge

If you fall behind on your monthly EMI payments, the lender will issue a foreclosure notice or letter notifying you of the same. The soft copy of this letter is free of cost whereas the lender will charge a certain foreclosure letter charge for a hard copy. 

The table below shows the foreclosure charges levied by Tata Capital on our personal loans -

Foreclosure Charges

Part Payment Charges

Part Prepayment is allowed once per year and the minimum gap between two part prepayments to be six months. 

A maximum of 25% of the principal outstanding is allowed by way of part prepayment during a single year. 

A part prepayment charges of 2.5% + applicable taxes shall be applicable on amount over and above 25% of principal outstanding 

No part payment is allowed during the 6 month Lock-in period

Foreclosure Charges

No foreclosure allowed for the first 6 months (Lock-in period).

If foreclosed within 6 months post completing part pre-payment:

4.5% of the Principal outstanding at the time of foreclosure + GST + Part pre-payment amount

Foreclosure Charges for Top-Up

2.50% on the principal outstanding at the time of foreclosure + GST

Foreclosure charges shall be levied only if new rate is lower than existing rate.

Any prepayment /foreclosure made during the Lock-in Period will attract prepayment/foreclosure charges of 4.5% + applicable taxes on the principal outstanding

Foreclosure Charges in CCOD Cases

4.5% on the Dropped down limit amount + GST 

Any prepayment /foreclosure made during the Lock-in Period will attract additional 2% over and above the prepayment/foreclosure charges mentioned in (a) above + applicable taxes on the Dropped down limit

Foreclosure Charges on Term Loan Facility

4.5% on the principal outstanding at the time of foreclosure  + GST 

In case the Borrower forecloses the Facility within 6 months after doing part prepayment, foreclosure charges of 4.5% + Applicable taxes will be levied on the principal outstanding plus part prepayment amount.

Any prepayment/foreclosure made during the Lock-in period will attract additional 2% over and above the prepayment/foreclosure charges mentioned in (a) above + applicable taxes on the principal outstanding at the time of foreclosure

Foreclosure Letter Charges

Soft Copy – Nil

Branch Walk-In – Rs. 199 + GST

Disclaimer

  • The fees/charges indicated above are subject to revision at Tata Capital’s discretion from time to time.
  • Customers who have taken a loan before 15th April 2019 need to refer to the loan agreement and schedule of charges for applicable rates.
  • For the definitions of the above charges, please refer to the Master Terms & Conditions sheet.
  • Soft copies of documents mentioned in the table above will be provided free of cost. For hard copies, please refer to the above table for the applicable fees & charges.
FAQs

We provide Personal Loans from a minimum of ₹ 75,000 to a maximum of ₹ 25,00,000/- depending on your eligibility.

You have the option to choose what works best for you while repaying the personal loan. You can go for the fixed amount of loan and interest or can pay higher/lower EMIs in the initial months, lower/higher EMIs at the later months depending on your income. Do check our EMI options page for more details.

Here’s why our Personal Loan is perfect for you:

  • Quick loan payment
  • No collateral or security needed
  • Minimal documentation
  • Flexible EMI plans and many repayment options

Processing fee is the one-time fee charged by lenders at the time of processing of personal loan applications. Tata Capital charges a processing fee which is equivalent to 2.5% of the principal loan amount plus GST.

Personal loan processing fee is a one-time fee, non-refundable regardless of whether or not an applicant’s loan is sanctioned. 

Tata Capital allows its customers to pre-pay their personal loan in part subject to the following conditions –

  • No part-prepayment is allowed within the first six months of loan disbursal

  • Part-payment of personal loan is allowed only once a financial year. There must be a gap of at least six months between two part pre-payments

  • A maximum of 50% of the principal outstanding is allowed by way of part prepayment during a single financial year

  • Part prepayment charges - 2.5% + applicable taxes shall be applicable on amount over and above 25% of principal outstanding

Foreclosure charges on a personal loan are charges levied on the partial or complete pre-payment of your personal loan. Such charges are levied on both regular and flexible funding (Cash Credit and Overdraft) options, even on loan top-ups.

Tata Capital levies foreclosure charges in the following ways –

  • Standard Foreclosure charges – 4.5% of the Principal outstanding at the time of foreclosure + GST

  • Foreclosure Charges for Top-Up – 2.5% on the Future Principal outstanding on existing loan + GST. These charges will only be levied if the new rate of interest is lower than the old one

  • Foreclosure charges in CCOD Cases – 4.5% on the Dropped down limit amount + GST

The following charges are involved in case of missed EMI payments for personal loan –

  • Bounce Charges of Rs. 600 per missed payment + GST – are levied in case of an EMI bounce. Meaning, if you miss an EMI payment because of insufficiency of funds in your bank account, bounce charges will be levied

  • Penal or Additional Interest of 3% overdue amount per month +GST – This is the rate of interest charged to your delayed EMI payment over and above your existing interest rate

  • Foreclosure Letter Charge of Rs. 199 + GST – If a foreclosure letter or notice is issued in your name, notifying you of a missed EMI payment, foreclosure letter charges will be levied. This charge will only be levied on a hard copy of the foreclosure notice. The soft copy is free of cost. 

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