7 Benefits of Personal Loan from Tata Capital

Personal Loans have emerged as one of the most popular sources of finance for people facing a temporary lack of funds. Whether it is a dream vacation, higher education, destination wedding, medical emergency or any other unexpected expenses, Personal Loans help the borrowers meet their liabilities in a timely manner and that too, without drying up their savings.

The rising awareness regarding the various benefits of Personal Loans has played a significant role in increasing its demand amongst borrowers from all categories. With the increasing demand for Personal Loans, many financial institutions have now started offering this facility for their customers. In the crowded market for Personal Loans, lenders need to offer some additional benefits to their customers in order to capture their attention.

Coming from one of the most reputed NBFCs in the country, the range of easy Personal Loans from Tata Capital are enjoying great demand in the market due to the incredible benefits on offer.

About Tata Capital Personal Loan

Tata Capital Ltd. is a leading Non-Banking Financial Corporation in India with more than 100 branches across the country. The company offers a wide range of financial products for its customers, including Business Loans, Consumer Loans, Wealth Management, Commercial Finance, and many more. Out of the various offerings from the company, Tata Capital Personal Loan stands out as the most popular one.

It is an unsecured loan offered to self-employed as well as salaried applicants for their financial requirements. The money borrowed can be used by the borrowers as per their discretion without any need to inform the company regarding the usage of the money. Extended repayment tenor and attractive interest rates add to the appeal of the easy personal loan from Tata Capital.

Eligibility Criteria for Tata Capital Personal Loan

Although Tata Capital follows relaxed eligibility criteria, still there are certain conditions that you must satisfy to avail this facility: –

  • Applicant must be an Indian citizen between 22-58 years of age.
  • The net monthly income of the applicant must be at least Rs. 15,000.
  • The CIBIL score for the applicant must be 700+ (ideally 750+)
  • Applicant should have a minimum work experience of 12 months with 6 months in the current job.
  • Applicant must have valid address and identity proof along with an active bank account.

Benefits of Tata Capital Personal Loan

The major reason behind the popularity of Tata Capital personal loans are the several benefits that the customers get to enjoy. Here are some of the major benefits of Tata Capital Personal Loans that you must know:

  1. High-Value Loans: Tata Capital offers Personal Loans up to Rs. 25 Lakh, which is amongst the highest amounts available in the market. These high-value loans can be used to meet any financial requirement of yours in an efficient manner. Moreover, you can use this loan amount to consolidate your multiple small loans and credit card debts. Having one big loan is much beneficial and easier to manage as compared to multiple small loans.
  1. Attractive Interest Rates: Tata Capital Personal Loan Interest Rates start from as low as 11.25% per annum, which again is amongst the lowest in the market. Such attractive interest rates make these Personal Loans ideal in the situation of financial emergencies. Low-interest rates mean lower interest cost and lower EMI amounts, both of which are extremely useful while making repayments.
  1. Quick Processing and Minimal Documentation: Tata Capital allows you to submit your Personal Loan application online as well as offline. The company follows a minimal documentation-based process, wherein you only need to provide some basic documents to avail of this facility. As a result, the Personal Loan applications are processed in a quick time, and the amount is disbursed within a few working days itself.
  1. Collateral-free loans: Personal loans from Tata Capital are unsecured in nature, and therefore you need not offer any collateral to avail this facility. Absence of collateral reduces the processing time significantly and also relieves you of the worry of losing your collateral in case of any default. As the risk increases for the company in such situations, you might be asked to avail an insurance policy to secure the repayments in case of any untoward happening.
  1. No prepayment charges: If during the repayment of the Tata Capital Personal Loan your financial situation improves, and you have some spare funds, you can make pre-payments towards your loan account without incurring any additional charges. Though, it must be noted that pre-payment is allowed only after six months of the disbursal of the loan; thereafter you can pre-pay up to 25% of the loan amount without incurring any additional charges.
  1. Overdraft facility: You can avail an overdraft facility against your Tata Capital Personal Loan. This facility is offered by Tata Capital for select customers, where you can withdraw as much money as you need, up to a pre-specified limit. It allows you to meet any unexpected expenses without any worries. You can avail this facility through customer care helpline or your online loan account.
  1. Multiple payment options: There is no need to worry about the monthly due dates as Tata Capital allows you to opt from various EMI payment options such as ECS, Online Payment, Bill Desk Payment, Flexi EMI Plans, Post-Dated Cheques and various other modes. You can also deposit cash payment at any of the Tata Capital branches in your city or may also request for pick-up facility.

Offering some noteworthy benefits, Tata Capital Personal Loans can be your go-to option during times of financial emergencies. Though, you must remember that it is borrowed money that comes with an interest cost, so you must borrow only as much amount as you require and use it as per your requirements.