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Tata Capital Personal Loan Eligibility Calculator

Tata Capital Personal Loan Eligibility 2022

Last Updated 19th May 2022

Eligibility CriteriaSalaried Self Employed Professionals
Employment Type Salaried employees working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age21 - 58 years 25 - 65 years
  • Tata Capital calculates the amount of personal loan you are eligible based on your net take-home salary and your existing loans or EMIs.
  • Factors such as age, salary, occupation and organisation also determine your Tata Capital personal loan eligibility.
  • Having a high credit score and better financial stability ensures you can get the maximum personal loan amount.
  • Use Tata Capital Personal Loan Eligibility Calculator to calculate the maximum loan that you are eligible for.
Personal Loan Eligibility Calculator
Tata Capital Personal Loan Eligibility

Tata Capital offers multiple personal loan schemes at affordable rates to customers who fulfil the eligibility criteria for Tata Capital personal loans. Tata Capital Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Tata Capital if you are salaried or self-employed. The eligibility criteria, however, may vary for both salaried and self-employed. Detailed information about these factors is mentioned in the further sections.

Tata Capital Personal Loan Eligibility based on Age
  • Age: The minimum and the maximum age requirement for availing an Tata Capital personal loan is 21 years 58 years respectively.
Tata Capital Personal Loan Eligibility based on Salary
  • Net Income Your eligibility is also determined by your net monthly income. To avail Tata Capital personal loan you need to have a minimum net income of ₹ 20,000 per month.
  • FOIR FOIR (Fixed Obligation to Income Ratio) is an important parameter to determine your Tata Capital personal loan eligibility. Tata Capital takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. The minimum FOIR required to get a personal loan from Tata Capital is 0.65.

Illustration- Mr A who is 25 years old has a net income of ₹ 20,000. He wants to take a personal loan of ₹ 1 Lakh for 72 months. Tata Capital allows a maximum FOIR of 0.65.

Based on the information provided by the applicant the maximum amount he is eligible for is ₹ 6.92 Lakh.

Tata Capital Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: When checking eligibility for a personal loan, Tata Capital will check your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances for loan approval. Your loan application from Tata Capital requires a minimum credit score of 650 to be eligible for a personal loan.

Tata Capital Personal Loan Eligibility based on Occupation

There are other factors related to occupation responsible for the approval of the loan by Tata Capital, as listed below:

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Tata Capital. Your total and current work experience are assessed to evaluate your job stability and profession. Tata Capital looks for a minimum total experience of 24 months and also looks for applicants who have been employed in the current job for a minimum of 3 months.
  • Residence place and stability – Tata Capital has a pre-decided list of areas where the bank will lend the loan. Tata Capital also gauges your residential stability by checking on the number of years you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Tata Capital. The minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Tata Capital has a negative list of professions and types of industry, defined as a customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depend on the profession and industry you are employed in.
  • Salary Mode – Tata Capital considers salary transferred to the bank account as a secure and stable income with adequate income proofs. It is because the bank needs concrete evidence of your salary to support your loan amount.

How to Check Personal Loan Eligibility in Tata Capital?

To check Tata Capital personal loan eligibility you need to follow these steps:

  • Login to Tata Capital website
  • Go to Tata Capital personal loan
  • Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

You can also check Tata Capital personal loan eligibility offline by sending a SMS to Tata Capital. Send PAPL to 567676 to check your eligibility

In addition to this, you can also contact the bank at their customer care number, 1860-267-6060.

Tata Capital Personal Loan Eligibility for Self Employed

If you are a self-employed professional, you need to fulfil the following Tata Capital personal loan eligibility criteria

  • Must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be a minimum of 21 years at the time of loan application.
  • You must have filed ITR for atleast 24 months to get a personal loan from Tata Capital.
  • You must have a gross annual of more than ₹ 10,00,000.
  • Your credit score must be above 650 to get an Tata Capital personal loan.

Check Personal Loan Eligibility of Different Banks

FAQs

Am I eligible for Tata Capital personal loan if my CIBIL score is less than 300?

It is unlikely that you will be able to avail Tata Capital personal loan if your CIBIL score is less than 300. A credit score of less than 300 then it is considered a bad score and to avail of a personal loan from Tata Capital, you must have a credit score above 650.

How much work experience is required for a personal loan from Tata Capital?

To get a personal loan from Tata Capital, you must be an earning individual working in a central/state government, private company or MNC.You must have a minimum work experience of 3 months for an Tata Capital personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount you can get as a personal loan from Tata Capital is up to ₹ 25 Lakh.However, the eligibility criteria for every borrower is different and is based on various factors like age, employment etc.

Will CIBIL Score affect my personal loan from Tata Capital?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for a personal loan is 650 and above.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for an Tata Capital personal loan as it increases your repayment capacity. While availing loan from Tata Capital ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Do I need to have a guarantor to apply for a personal Loan from Tata Capital?

A personal loan is an unsecured loan, so Tata Capital assures that the amount gets repaid on time. However, if your credit score is good and there is no default in your past repayment history, you do not need a guarantor to get a loan from Tata Capital.

Where can I get the company list which is eligible for Tata Capital personal loan?

Tata Capital does not prefer lending personal loans to companies identified under customer or industry segments. For details you can contact Tata Capital or can use the personal loan eligibility calculator.

What is Pre-approved personal loans (PAPL) in Tata Capital?

I pre-approved personal loan is an instant personal loan that Tata Capital offers to the existing customers of Tata Capital with a good repayment history and CIBIL score.

How much personal loan can I get if my salary is 35000?

Tata Capital personal loan amount eligibility depends on FOIR and multiplier. The lower amongst these two factors are considered as the eligible loan amount. Tata Capital FOIR is 0.65, and the multiplier is 22 assuming you do not have any EMI going on. Thus, the maximum amount you can pay as EMI is ₹ 35,000* Multiplier = ₹ 15,750. If you take a personal loan for a maximum of 5 years, your loan amount will be ₹ 15,750*12*5 = ₹ 9,45,000. However, the multiplier is 22 the loan amount will be ₹ 35,000* 22 = ₹ 5,25,000. Therefore, the amount you will get on a ₹ 35,000 salary is ₹ 5,25,000.

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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