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ABOUT LOAN RESTRUCTURING

The Reserve Bank of India (RBI) has vide its Circular Resolution Framework for COVID-19-related Stress” vide DOR.No.BP.BC/3/21.04.048/2020-21 dated 6th August, 2020 allowed a one-time restructuring of loan(s) to help companies and individuals to manage the financial stress caused by the Covid 19 pandemic. Complying with the RBI announcement, Tata Capital has also designed a policy around the same that gives an option to its customers to apply for loan restructuring. Any customers eligible under RBI circular, having any of the retail loans can apply for restructuring of the loan via the Tata Capital Website and App before 18th December, 2020.

Customers will have to login to our website and app and undergo the application process. Subsequently, the request will be evaluated as per the policies framed as approved by our Board. Restructuring will be at the sole discretion of Tata Capital depending on the customers meeting the eligibility criteria set by Tata Capital in its policy.

APPLICATION PROCESS

Before applying, please make sure you have your Email ID / Mobile number registered with us to be able to log in to your account and for us to process your loan restructuring request.
  • For Retail Loans (Other than Overdraft Loan facility) - Customers will need to login to apply. Please click on the “Apply Now” button given below.
  • For Over Draft Loan Facility - Customers having overdraft facility will have to send an email on customercare@tatacapital.com or call the customer care number 1860 267 6060 requesting for a loan restructure and a service request will be raised.

 

Before applying, please read and go through the FAQ’s given below.

 

Tata Capital Financial Services - FAQs

The Reserve Bank of India (RBI) has allowed a one-time restructuring of loan(s) to help entities and individuals to manage the financial stress caused by the Covid 19 pandemic in accordance with its Aug 6, 2020 Circular.

Under Loan restructuring, customers who are under financial stress may be offered options like rescheduling of payments, extension of residual tenure of loan by a period not exceeding 2 years, additional funding or EMI/Interest Moratorium depending on the customer’s financial well-being and as per the credit evaluations done as per the policy framed by us on the loan restructuring.

Individuals and non-individual borrowers entities except entities registered as MSMEs whose aggregate exposure to lending institutions does not exceed ~Rs.25 crore as on 1st March, 2020

that are classified as Standard, but not in default for more than 30 days with us as on March 1, 2020 and continue to remain as standard across all its loans/facilities till date are eligible for restructuring.

·         For restructuring norms applicable to borrowers categorised as MSMEs –The borrower should be covered in the MSME definition as per the gazette notification: https://msme.gov.in/sites/default/files/MSME_gazette_of_india_0.pdf

·         The aggregate exposure, including non-fund based facilities, of banks and NBFCs to the borrower does not exceed ₹25 crore as on March 1, 2020.

·         The borrower’s account should be “Standard”, and below 30 Dpd as of 1st March, 2020 with any lending institutions including TCFSL

·         The borrowing entity is GST-registered on the date of implementation of the restructuring. However, this condition will not apply to MSMEs that are exempt from GST-registration. This shall be determined on the basis of exemption limit obtaining as on January 1, 2020.

The reduction of income and its financial impact on the customer due to COVID-19 will be reviewed by us  basis the documents / information provided before granting the restructuring. The final restructuring decision on a loan facility is solely at the discretion of TCFSL. Restructuring request acceptance or rejection would be communicated to the customers on their registered email id / mobile no. and subsequently via email / SMS.

·         loans booked by us after 01.03.2020 are not eligible for restructuring under this framework.

·         Loans to Primary Agricultural Credit Societies (PACS), Farmers' Service Societies (FSS) and Large-sized Adivasi Multi- Purpose Societies (LAMPS) for on-lending to agriculture;

·         Exposures of lending institutions to financial service providers. However financial service providers shall constitute same as defined in sub-section (17) of Section 3 of the IBC Act, 2016.

·         Exposures of lending institutions to Central and State Governments; Local Government bodies (eg. Municipal Corporations); and, body corporates established by an Act of Parliament or State Legislature.

This option is also not available to personnel/staff of TCFSL.

A.      For Retail Loans – Other than Overdraft facility - (Personal Loan, Business Loan, Home Loan, Two-Wheeler Loan, Car Loan, Consumer Durable Loan, Loan against Property, Tractor Loan.)

Customers will need to login to our website and click on the Loan restructuring custom made link. Steps to be followed are:

·         Visit www.tatacapital.com and click on “Login” (on top right)

·         Click on “Retail Login” tab and enter the registered email ID/Mobile number/User ID along with the OTP to log in.

·         Click on the tab Customer Service > Raise new SR

·         Once the Loan restructuring page opens, customers will need to follow the directions therein.

·         Customers may have to give a fresh NACH mandate for EMI repayment on their existing bank account in our records

We will not accept any restructuring request through mail or call from retail customers.

Please note that the application process will not be available from 28th of the month till 5th of the next month.

B.      For Over Draft Loan Facility

Customers having overdraft facility will have to send an email or call the customer care requesting for a loan restructure and a service request will be raised. Subsequently, our representatives will reach out to the customers for relevant documents and other details required to process the request. Customers may have to give a fresh NACH mandate for  repayment through their existing bank account as in our records.

(Working Capital Loans, Channel Finance, Commercial Term Loans, , Equipment Financing and Leasing, Construction Equipment and Commercial Vehicle Loans):

 

Customers are requested to get in touch with their Relationship Manager.

We  are not accepting any restructuring request through mail or call for retail loan customers. In case you are having trouble logging in to your loan account using your registered email ID or Mobile number, please call our customer care on 1860 267 6060 Monday to Saturday between 10 am to 7pm to authenticate and request for email ID/mobile number updation. Post the updation of the same, you will need to login to our website and apply for loan restructuring.

If you have already written to us / called us regarding this in the near past, we would communicate to you when to log into your account to apply online.

Only customers having overdraft Loan facility can apply by calling the customercare or by emailing at customercare@tatacapital.com

Following restructuring  options may be offered based on the compliance of our internal credit norms:

·         Moratorium of upto a maximum of 24 months.

·         Rescheduling of instalments and extension of tenure by a period equivalent to the moratorium granted subject to a maximum of 2 years. 

·         Any other offer in line with the RBI guidelines and as decided by us.

No. The Resolution Plan will be implemented basis the offer applicable to your loan.

No. The interest rate would remain the same.

A onetime Restructure Processing Fee would be applicable The amount will be informed during the offer acceptance stage.

Principal outstanding (due but not paid and future principal) and/or Interest due and/or overdue can be restructured. Loan restructuring will be done on the total outstanding amount consisting of both the Principal as well as interest.

However, we will not restructure any overdue charges. Overdue and other charges will have to be paid immediately. To pay now, please visit our site www.tatacapital.com and click on the “Quick Pay” option.

Yes, you will be required to submit documents giving details about the current status of your employment or business. For salaried borrowers - salary slips and bank statement are required. For self-employed borrowers/ entities - Bank statement, GST returns, Income tax returns, will be required. You will have to log in to your loan account on our website / Mobile App and apply via our logged in journey.

We may request you to submit additional documents depending on requirement or for clarity etc at a later stage also. 

The loan restructuring, if granted by us, will get implemented within 15 working days from the date of application subject to terms and conditions met including customer accepting the offer.

However, the effect of the loan restructuring will depend on the calendar date of the month when the loan restructuring offer is accepted by the customer. Please refer to the grid as per the below table:

Date Range when the Loan restructuring offer is accepted by the customer

Effect of loan restructuring Month

1st to 20th of the month

Effect from the next month

21st to 31st of the month

Effect from next to next month

You will receive the revised repayment schedule within 10 working days of your loan being restructured.

 

Example: If you accept our resolution offer by 2Oth of Nov’2020, the new EMI payable will be from the EMI due date of Dec 2020. However, if we receive the acceptance after 20th Nov’2020, the same will be payable from January 2020 onwards. 

Customers can apply for loan restructuring up to 18th December 2020. 

The same will be adjusted.

No. Once you have opted for Restructuring Plan implementation for your loans basis the offers opted, you may not be able to opt-out of the same.

Credit bureau will be updated with the details of resolution plan availed by you on your loan/credit facility.  


Please note that the update would be at borrower level to the credit bureaus and hence all the facilities / loans of the borrower with us will be updated as such.

If your financial position is not impacted, you need not do anything. Your EMI payment instrument will be presented as per schedule. 

Customers who had have availed EMI Moratorium between Mar-August 2020, will also have to apply in case they wish to avail this facility. Interested customers will have to login to their loan account on our website and apply for a loan restructuring request. 

Yes, you can opt for restructuring of multiple loans. You shall have to apply individually for each of your loan accounts. The restructuring will be at our sole discretion depending on the eligibility criteria set under our policy.

TCFSL only markets the Tata Credit Card. The dues under the credit card are payable to the bank which has issued the card viz. State Bank of India and restructuring of such dues will be governed by their policies. Customers may approach State Bank of India for restructuring of their credit card dues.

Tata Capital Housing Finance - FAQs

The Reserve Bank of India (RBI) has allowed a one-time restructuring of loan(s) to help entities and individuals to manage the financial stress caused by the Covid 19 pandemic in accordance with its Aug 6, 2020 Circular.

Under Loan restructuring, customers who are under financial stress will be offered options like rescheduling of payments, extension of residual tenure of loan by a period not exceeding 2 years, additional funding or EMI/Interest Moratorium depending on the customer’s financial well-being and as per the credit evaluations done as per the policy framed on the RBI loan restructuring policy.

Individuals and non-individual borrowers entities except entities registered as MSMEs whose aggregate exposure to lending institutions does not exceed ~Rs.25 crore as on 1st March, 2020

that are classified as Standard, but not in default for more than 30 days with us as on March 1, 2020 and continue to remain as standard across all its loans/facilities till date are eligible for restructuring.

·         For restructuring norms applicable to borrowers categorised as MSMEs –The borrower should be covered in the MSME definition as per the gazette notification: https://msme.gov.in/sites/default/files/MSME_gazette_of_india_0.pdf

·         The aggregate exposure, including non-fund based facilities, of banks and NBFCs to the borrower does not exceed ₹25 crore as on March 1, 2020.

·         The borrower’s account should be “Standard”, and below 30 Dpd as of 1st March, 2020 with any lending institutions including TCHFL

·         The borrowing entity is GST-registered on the date of implementation of the restructuring. However, this condition will not apply to MSMEs that are exempt from GST-registration. This shall be determined on the basis of exemption limit obtaining as on January 1, 2020.

The reduction of income and its financial impact on the customer due to COVID-19 will be reviewed by us  basis the documents / information provided before granting the restructuring. The final restructuring decision on a loan facility is solely at the discretion of TCFSL. Restructuring request acceptance or rejection would be communicated to the customers on their registered email id / mobile no. and subsequently via email / SMS.

·         Account which are above 30 DPD as of 1st March 2020 with TCHFL

·         Loan/Account which are 90 DPD on the date of invocation of Resolution Plan (RP)

·         MSME borrowers whose exposure < = Rs 25 Cr as on March 1, 2020

·         Farm credit

·         Loans to Primary Agricultural Credit Societies (PACS), Farmers' Service Societies (FSS) and Large-sized Adivasi Multi- Purpose Societies (LAMPS) for on-lending to agriculture

·         Exposures to financial service providers

·         Exposures to Central and State Governments; Local Government bodies; and body corporates established by an Act of Parliament or State Legislature

·         Exposures to the account which has been rescheduled in terms of para 2(1)(zc)(ii) of the circular for HFC dated March 1, 2020, unless a resolution plan under this framework has been invoked by other lending institutions.

Customers will need to login to our website and click on the Loan restructuring custom made link. Steps to be followed are:

·         Visit www.tatacapital.com and click on “Login” (on top right)

·         Click on “Retail Login” tab and enter the registered email ID/Mobile number/User ID along with the OTP to log in.

·         Click on the tab Customer Service > Raise new SR

·         Once the Loan restructuring page opens, customers will need to follow the directions therein.

·         Customers may have to give a fresh NACH mandate for EMI repayment on their existing bank account in our records

We will not accept any restructuring request through mail or call from retail customers.

Please note that the application process will not be available from 28th of the month till 5th of the next month. 

Please connect with the relationship manager of your respective regions for loan restructuring process.

We are not accepting any restructuring request through mail or call for retail loan customers. In case you are having troubles logging in to your loan account using your registered email ID or Mobile number, please call our customer care on 1860 267 6060 Monday to Saturday between 10 am to 7pm to authenticate and request for email ID/mobile number updation.  Post the updation of the same, you will need to login to our website and apply for loan restructuring.

If you have already written to us / called us regarding this in the near past, we would communicate to you when to log into your account to apply online.

Only customers having Dropline overdraft facility can apply by calling the customer care or emailing at customercare.housing@tatacapital.com

Following restructuring options may be offered based on the compliance of our internal credit norms:

·         Moratorium of up to a maximum of 24 months.

·         Rescheduling of instalments and extension of tenure by a period equivalent to the moratorium granted subject to a maximum of 2 years. 

·         Any other offer in line with the RBI guidelines and as decided by us

No. The Resolution Plan will be implemented basis the offer applicable to your loan.

No. The interest rate would remain the same.

A onetime Restructure Processing Fee would be applicable. The amount will be informed during the offer acceptance stage. 

 Principal outstanding (due but not paid and future principal) and/or Interest due and/or overdue can be restructured. Loan restructuring will be done on the total outstanding amount consisting of both the Principal as well as interest.

However, we will not restructure charges. Overdue charges will have to be paid immediately. To pay now, please visit our site www.tatacapital.com and click on the “Quick Pay” option.

Yes, you will be required to submit documents giving details about the current status of your employment or business. For salaried borrowers - salary slips and bank statement are required. For self-employed borrowers/ entities - Bank statement, GST returns, Income tax returns, will be required. You will have to log in to your account on our website / Mobile App and apply via our logged in journey.

We may request you to submit additional documents depending on requirement or for clarity etc at a later stage also. 

The loan restructuring will get implemented within 15 working days from the date of application subject to terms and conditions met including customer accepting the offer.

However, the effect of the loan restructuring will depend on the calendar date of the month when the loan restructuring offer is accepted by the customer. Please refer to the grid as per the below table:

Date Range when the Loan restructuring offer is accepted by the customer

Effect of loan restructuring Month

1st to 20th of the month

Effect from the next month

21st to 31st of the month

Effect from next to next month

You will receive the revised repayment schedule within 10 working days of your loan being restructured.

 

Example: If you accept our resolution offer by 2Oth of Nov’2020, the new EMI payable will be from the EMI due date of Dec 2020. However, if we receive the acceptance after 20th Nov’2020, the same will be payable from January 2020 onwards. 

Customers can apply for loan restructuring up to 18th December 2020. 

The same will be adjusted.

No. Once you have opted for Restructuring Plan implementation for your loans basis the offers opted, you may not be able to opt-out of the same.

Credit bureau will be updated with the details of resolution plan availed by you on your loan/credit facility.  


Please note that the update would be at borrower level to the credit bureaus and hence all the facilities / loans of the borrower with us will be updated as such.

If your financial position is not impacted, you need not do anything. Your EMI payment instrument will be presented as per schedule. 

Customers who had have availed EMI Moratorium between Mar-August 2020, will also have to apply in case they wish to avail this facility. Interested customers will have to login to their loan account on our website and apply for a loan restructuring request.

Yes, you can opt for restructuring of multiple loans. You shall have to apply individually for each of your loan accounts. The restructuring will be at our sole discretion depending on the eligibility criteria set under our policy.