Several Banks and Non-banking Financial Institutions (NBFCs) provide personal loans to customers at affordable interest rates. But due to the abundance of options, customers often get confused which lender to choose. Among all the options, Tata Capital Personal Loan is one of the popular options among customers. The reasons are many: Affordable interest rates, Lenient Eligibility Criteria, Minimal documentation, Quick Disbursal, and many others. But since a personal loan is an unsecured loan which means customers don’t need to submit any collateral against the loan amount, the role of monthly income becomes crucial.
This is one of the often asked questions among customers that what is the minimum monthly income to be eligible for a Tata Capital Personal Loan? Well, any individual who earns a minimum monthly income of INR 15,000 can apply for a personal loan from Tata Capital, which is one of the leading NBFCs of the country. We will talk about all the eligibility conditions required for this personal loan facility in this article. Apart from this, we will also talk about the prominent features and other things related to this loan facility. So, keep reading.
What is Tata Capital Personal Loan Eligibility Criteria?
Well, Eligibility criteria is a set of conditions that an individual needs to fulfill before applying for a personal loan. Lenders keep a close eye on an individual’s eligibility as the loan is unsecured. We are showing all the conditions below. Please check!
- The age of applicant must be between 22 years to 58 years at the time of loan completion.
- The lender will make sure that an applicant has a proper work experience of minimum of 1 year.
- The most important thing is a candidate should have a minimum monthly income of INR 15,000. Anything below this will not be eligible for Tata Capital Personal Loan.
You should also keep in mind that personal loan eligibility depends on several factors such as Age, Job History, Monthly Income, Existing Obligations, Residing City, and most importantly, Credit Score. An applicant with a good credit score (750 or above) can get a higher loan amount and lower interest rates as compared to a person who has a poor credit score. To improve your personal loan eligibility, you can apply a few tips such as Getting Rid of your existing debts, choosing a longer tenure, adding your earning family member as a co-applicant, etc. All these methods can certainly help enhance your Tata Capital Personal Loan eligibility.
Prominent Features of Tata Capital Personal Loan
After understanding the eligibility part, it is important to know the prominent features of Tata Capital Personal Loan. We are showing some of them below. Do check!
- Starting with the loan amount, customers can get a loan amount as low as INR 75,000 that can go as high as INR 25,00,000. The final amount will be decided by the bank.
- Tata Capital Personal Loan interest rates start from 10.99% per annum and it may vary from one individual to another.
- Customers can also choose the tenure according to their repayment capacity and monthly income as it ranges from 12 to 72 months.
- If you want to make a part prepayment of your loans after the completion of 6 months of your overall tenure, you don’t need to pay any penalty or additional charges for this.