Personal loans from Tata Capital are among the most attractive and affordable loans available in the market. Tata Capital is a renowned and trusted brand in India and focuses on providing a wide range of financial services, as you all know. We’re going to talk about Tata Capital Personal Loan in-depth in this post, so keep reading. Due to its amazing features given below, Tata Capital Personal Loan benefits you in several ways:
- Apply Online/offline: The online loan application process has made the processing of loans quicker than ever. You can apply online and offline for an unsecured personal loan, and there are no hassles.
- Fast Documentation: The loan from Tata Capital is known for its easy and minimal documentation. Particularly in the online process, the loan approval process takes very little time. The Tata team is so successful that it takes a short time for the loan to be sanctioned.
- High Loan Amount: Up to Rs. 25 lakhs of Tata Capital personal loans can be used.
- Flexible Repayment Tenure: In the loan repayment era, you will enjoy stability. Tata Capital gives you a flexible period of repayment of up to 72 months.
- Quick Approval: The quick approval of the loan and the disbursement of the sum made Tata Capital one of the most favored borrowers’ options. If you meet all the conditions for eligibility and have correct records, you will get the loan approved within one business day.
Tata Capital Personal Loan Interest Rate
If you are a salaried individual, a working professional, or a self-employed person, you can use a personal loan from Tata Capital. The Tata Capital Personal Loan Interest Rate starts at 10.75 percent. However, the interest rate offered varies on a case to case basis. Some of the variables that play a crucial role in the interest rate offered are given below:
- Income: Usually, the probability of timely repayment of the loan often increases as the income increases, so you get low-interest rates.
- Credit Score: This is a number of three digits that represents a description of one’s economic conduct. It fluctuates from 300 to 850.
Tips that can help you to get a personal loan at a low-interest rate
Enhance your Credit Score- It is time for you to start working on it if you have a poor credit score. To boost your credit score, here are a few things you can do:
- Collection of bills on time
- Pay off all the liabilities
- Managing balances
- Dispute any imprecisions in the credit report
- Allow timely payments on credit card bills
When your debt-income ratio is high, you are considered a risky candidate for a personal loan. Don’t forget that the greater the credit score, the lower the interest rate of the personal loan would be.
Select a limited term for repayment of loans
The sooner you make a personal loan repayment, the lower the risk you pose to a lender. You will discover that most lenders offer better interest rates on loans.
Adding a co-applicant
Do not worry if you have a poor credit score. By adding a co-applicant with a high credit score, you can still get a personal loan at a low rate of interest. When lenders process credits, they consider the credit ratings of both applicants for the assessment.
Tata Capital Personal Loan Requirements for Eligibility
Based on several factors, Tata Capital’s loan has flexible eligibility requirements. The following are the general criteria for eligibility that an applicant must comply with to ensure that the application is complete:
- Age: The applicant’s age at the time of the personal loan application should be a minimum of 22 years and a maximum of 58 years.
- Employment: A borrower should be either a self-employed person or a salaried person associated with federal, national, or local bodies in a private or public sector enterprise.
- Working experience: A borrower should have at least 1 year of working experience and must have a minimum of 6 months working in the current organization.
- Income: The applicant must have Rs. 15,000 minimum net income.
List of Required Documents
Below is the general list of documents required to receive a personal loan from Tata Capital:
- Duly filled loan application form
- Recent passport-sized photograph
Identity proof (any of the following)
- PAN Card
- Aadhaar Card
- Passport Copy
- Driving License
- Voter ID Card
Address Proof (any of the following)
- Passport Copy
- Rental Agreement
- Driving License
- Bank Statement or Passbook
- Electricity Bill
- Ration Card
- Telephone Bill
Age Proof (any of the following)
- Passport Copy
- PAN Card
Conclusion:
To conclude, Tata Capital provides a personal loan at the low-interest rate with flexible repayment tenure that makes it is one of the best lenders for personal loans, so if you intend to use a personal loan, then give Tata Capital a thought.
