What is a Personal Loan?
A personal loan is a type of loan that helps you to tide over a difficult situation when you need funds pronto. A wedding in the family, an unexpected repair on your four-wheeler, a gift to a loved one for achieving success or reaching a milestone, a medical condition that needs immediate attention, higher education for your children, or a trip abroad to attend a reunion of your classmates are all instances that are difficult to plan for. But they crop up repeatedly in your journey of life. They need to be tackled and you are ready to tackle them but you are short of funds. This is where personal loans come in handy as they can be availed of in quick time without too many formalities and what is more without providing any security or collateral.
We offer you a personal loan based only on your ability to repay the loan.
What does a Personal Loan cover?
You can take a personal loan for a variety of reasons. We provide you personal loans to cover the following purposes:
- Personal Loan for Wedding and Marriages
- Personal Loan for Education and Higher Studies
- Personal Loan for Travel and Holidays
- Personal Loan for General Purposes
Under wedding loans, you can plan your loved one's wedding to meet unexpected expenses that may crop up as they do in most cases because of exigencies.
Our education loan is right for your children's higher education. You need not fret about looking for funds when our educational loan will set your mind at rest. We fund the education program up to Rs 15,00,000. The repayment and interest calculations are very benign. Repayment starts only when your children start earning after finishing their studies.
Under travel loans, we have tied up with reputed travel agencies to offer your EMI based travel tours that will be easy on your pockets.
Under personal loans, you can also take three types of loans that are dependent on your repaying capacity such as
- Step Up Flexi EMI Personal Loan - this loan has the feature of increasing the EMI every year in line with an increase in your annual income
- Step Down Flexi EMI Personal Loan - this loan has the feature of starting with high EMI initially and reducing every year thereafter
- Bullet Flexi EMI Personal Loan - this loan has the feature of making prepayments at periodic intervals
Are you eligible for a Personal Loan?
We have personal loan eligibility criteria based on your profession and source of income. You are eligible for a personal loan if you are
- A salaried person, aged 21-58 years employed in a reputed organisation in the private or public sector with a two-year track record in the organisation earning a minimum salary of Rs 20,000 per month.
- Self-employed professional or businessman aged 25-65 years with a 3-year business record in the same city earning an income of Rs 2,00,000 per year
You can go through the detailed personal loan eligibility criteria.
What are the interest rates and the maximum amount of personal loan one can avail?
You will understand that any loan granted comes at a cost to you. The cost to you is in the form of interest rate charged on the principal loan amount.
- We provide personal loans from a minimum of Rs 75,000 to a maximum of Rs 25,00,000/-
- We charge interest at the rate varying from 11.49% to 19%. To know more, you can go to personal loan interest rates.
The quantum of the loan and the interest rate depend on factors such as your credit score, standing in the business or profession, the length of service in the organization, income and other loans if any.
How much EMI do you have to pay?
The EMI that you pay depends on the principal loan amount, the interest rate charged and the period for which the loan is taken. We provide a personal loan with loan tenure between 1 year and 7 years.
For instance, the EMI for a loan amount of Rs 5,00,000 at 12% interest and 3-year tenure would be lesser than the EMI for the same loan amount and interest but with a 6-year tenure.
You can choose the parameters of your loan by clicking the Personal Loan EMI calculator.
How can you get a Personal Loan?
You can avail a personal loan from us if you are
- Salaried individual
- Self-employed professional
- Self-employed businessman
You need to follow some minimal formalities pertaining to the purpose of personal loan such as submitting proof of
- Personal Identity, Address, Employment, Trade or business, Income, Ownership of business, Educational qualifications and Admission to institutes of higher education
You need to submit supporting documents such as
- Bank statements, ITR and Relevant financial statements
What are the documents you need?
- You need to submit the standard documents required to establish your credentials.
- You need to submit proof of identity and proof of residence.
- You need to submit income documents, ITR, trade license and ownership of business documents relevant to your salary, profession or business.
- You need to submit proof of admission to an institute of higher education and educational qualifications for education loan.
You can check the detailed requirement of documents needed for a personal loan.
How can you repay the personal loan?
You can decide how you want to repay the loan. For a fixed amount of loan and interest, you can choose the tenure so that you can optimise the EMI you want to pay. The longer the tenure, lower will be the EMI. You can also prepay subject to certain conditions.
Payment of EMI is through auto debit or ECS facility. In exceptional cases, you can opt for post dated cheque payment facility.
Why Tata Capital?
We at Tata Capital take immense pride in offering you personal loans to cater to your fund requirements without bothering you with too many formalities other than the statutory requirements as prescribed by law.
We grant you personal loans based on your ability to repay. You yourself can assess your ability to pay and decide the quantum of the loan and the period for which you need the loan as well as the EMI you are comfortable with. We have attractive interest rates that are affordable. You need not furnish any collateral or security to cover the loan.
You can get a personal loan by going through the following minimal formalities:
- Source of income - we seek your income credentials based on your source of income. If you are a salaried person or a self-employed person or you have a regular source of income, you need to furnish the proof of such income to us
- Purpose of loan - you need to tell us the purpose for which you want the personal loan so as to help you to furnish the required documents
- Security - we don't ask you for any security or collateral
- Terms and conditions - so simple that you can meet them without too much effort
- Paperwork - hardly any paperwork. We do everything in digital mode except for the application
- Repayment - you can decide how you want to repay; choose your own EMI, tenure and mode of payment - ECS, post-dated cheques, online or other modes
- Interest rates - our interest rates are the best among all lenders; we offer rates and calculations that benefit you
- Amount of loan - as high as Rs.25,00,000/-
- Minimum documents - you need to submit documents that are available with you in the normal course. We don't demand any special documents
- Instant online approval - we approve your loan based on the information submitted during the application process
We at Tata Capital understand you well and therefore we offer you a host of personal loans that cater to any type of requirement you may have. While most financial institutions offer traditional personal loans and we do too but we also bring you three unique personal loans. These loans have a feature which will allow you to close the loan earlier without any prepayment charges. These loans allow you to increase your EMI to match with a raise in your salary or receipt of a bonus or a windfall profit in your business or profession. They also allow you to decrease your EMI by starting with a higher EMI so that as you grow older you can have more disposable income in your hands. The salient features of these loans are
- Step up flexi EMI personal loan - this loan has the feature of increasing the EMI every year in line with an increase in your annual income
- Step down flexi EMI personal loan - this loan has the feature of starting with high EMI initially and reducing every year thereafter
- Bullet flexi EMI personal loan - this loan has the feature of making prepayments at periodic intervals
To apply for a personal loan online,