A personal loan offered by Tata Capital is an unsecured credit that you can avail without pledging any collateral. Unlike other personal loans, a personal or unsecured loan has eligibility criteria, special offers, and unrestricted end-use for the user to finance immediate expenses, medical emergency, or a foreign trip. You can check Tata Capital Personal Loan interest rate, eligibility check, documents before applying for the loan. For more details, you can read the guidelines mentioned under:
Eligibility criteria of Tata Capital Personal Loan
To avail of the corporate loan in Tata Capital, you have to satisfy the below criteria. Minimum Income Norms as provided by company category as per the industry practice. Here have mentioned different Loan Types and Salary Norms for employees working in various categories. The information is also mentioned in alphabetical order for easy reference.
Employees working in the sales category:
Sales personnel need not meet the above criteria but they need to have a fixed minimum salary. In the absence of this requirement, the applicant can apply for a sales loan. After meeting all the eligibility conditions he can apply for the loan. The documents required to be furnished are the salary certificate, payslips, etc. If these documents are being arrange in a proper manner then you can get approval on your application faster.
Employees working in the finance category:
Finance employees need not meet the above criteria but they should have a fixed minimum amount of fixed monthly salary. These employees can apply for a loan from their employer or their bank. In the absence of documentation required for the application of an overdraft facility, the applicant can apply for a payday loan. For this purpose, the employee need not produce any documentary evidence or salary proof.
Employees working in the administrative category:
All the employees who work in the departments dealing with paper works and clerical jobs need not meet the above criteria. They can apply for a personal loan from TATA CAPITAL PLUS. These employees can also use the EMI Calculators to compute their remuneration and the loan amount. However, if they have a fixed monthly salary they need not bother about the installment amount. Even if they have an overdraft facility, they can take a payday loan to repay the balance on an immediate basis.
Employees on fixed salaries:
For all such employees who have a fixed monthly income in which they receive every month, they can opt for the TATA CAPITAL PERSONAL LOAN. They need not provide any documentary proof to the lender. If they have a regular fixed salary they can pay the loan amount in one go. And, if they are having a variable salary they need not calculate their entire monthly income in advance. If they are employed for a few months they should pay the loan amount in its entirety.
Documents required for Tata Capital Personal Loan users
Here are some following personal loan documents require to avail loan from Tata Capital:
- Submit photo Identity Proof – Copy of Voter ID/Passport/Driving License/Aadhaar Card
- Submit Income Proof – Copy of bank statements for the last six months
- Must submit salary Slips – Copy of salary slips for the past three months
- Submit address Proof – Copy of Ration Card/Electricity Bill/Passport
- Must submit employment Certificate – Must be one year of continuous employment
Types of accounts for Tata Capital Personal Loan users
- Open-ended accounts:
When an employee is self-employed and has several assets they can opt for a personal loan with flexible terms and conditions. The rate of interest is low as the total repayment duration is long. It is the best option for those who are opting for the consolidation of their debt. This will help them in paying off the various loans in a quick time. They just need to pay the lump sum amount in one go.
- Open-ended accounts:
There are some people who open several overdraft accounts for their use. Sometimes they transfer their debits to these accounts. This means that the total repayment period for each loan amount does not fit into the repayment cycle. In such cases, the Tata Personal Loan can opt. Since the total repayment period is long on these types of personal loans the interest rates are slightly higher than normal.
Before selecting any of the options that are available by the banks it is essential to check on the Tata Capital Personal Loan FAQs. The FAQS explains what happens when the agreement enters into default. The bank has thirty days to rectify the defaults. The customer is also entitled to a refund if the loan has been signed for the services of another person. For more details visit the official website of Tata capital Personal Loan or Tata Capital Personal Loan Customer Care Number to ask your queries.