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Tata Capital Personal Loan Eligibility

Tata Capital Personal Loan Eligibility Calculator India

Last Updated 23rd Feb 2021

Eligibility CriteriaSalaried Self Employed Professionals
ProfessionSalaried persons working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age21 - 58 years25 - 65 years
Minimum Eligible Income ₹ 20,000 per month ₹ 10 Lakh gross annual receipts
Maximum Eligible Loan22x of monthly income  -
Maximum Loan Amount Eligibility ₹ 25 Lakh ₹ 35 Lakh
Minimum Work Experience24 months 36 months
Interest Rate 11.25% - 17.99% 19.00% - 0.00%
Personal Loan Eligibility Calculator
*Insurance Details
Tata Capital Personal Loan Eligibility based on Age
  • Age: There is an age criteria for the approval of personal loan. The minimum age requirement for availing a personal loan is 21 years and maximum age is 58 years. Tata Capital offers personal loans for a maximum period of 72 months.
Tata Capital Personal Loan Eligibility based on Income and FOIR
  • Net Income : Your net income required to avail a personal loan is ₹ 20,000 per month. Your eligibility is determined by your income (Net take home salary). Your capability of paying EMI’s is judged on the basis of income earned as your loan EMI’s are not affecting your living standards.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that Tata Capital uses to find out your Tata Capital personal loan eligibility. Tata Capital takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from Tata Capital is 0.65. Calculate and compare your eligibility with Tata Capital personal loan calculator and apply online for the eligible loan amount hassle free.
  • Co-applicant : Adding a co-applicant increases your eligibility for a personal loan as it increases your repayment capacity. Ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

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, bank will calculate his eligibility using eligibility calculator. With a salary of ₹ 20,000, the maximum amount for which he is eligible is ₹ 6.78 Lakh. The interest he has to pay for this amount for 72 months is 11.25%.

Tata Capital Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers get captured in your CIBIL score. CIBIL score is the most important factor to define your eligibility to get a personal loan. When checking eligibility for a personal loan, Tata Capital will check the complete Credit report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from Tata Capital will get approved. However, low CIBIL score decreases your eligibility to get a personal loan. Tata Capital requires a minimum credit score of 650 to be eligible for a personal loan.

There are a few factors which affect your credit score -

  • Late payments on past loans – Any delay in payments on your existing or past loans can negatively affect your CIBIL score and it may also reduce your chances of getting a personal loan from Tata Capital.
  • High number of unsecured loans – Always maintain a balance between secured and unsecured loans. Higher proportion of unsecured loans in your total borrowings can negatively impact your credit score.
  • Usage of credit limit – Your credit card bills and usage of credit limit determine your credit behaviour. Frequent withdrawals and spending more than your credit card limit can be seen as a sign of potential financial stress, credit indiscipline and hence, may pull down your credit score.
  • Multiple loan applications – If you apply for a personal loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Tata Capital, improve your credit worthiness to get a good score and your loan application to get approved.

Tata Capital Personal Loan Eligibility based on other factors

There are other factors also which are responsible for the approval of the loan by Tata Capital. Check to understand the importance of the following factors -

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Tata Capital. Your total work experience 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 – Banks are very particular about the residence of the borrower. There are few areas which are considered negative by the bank. Tata Capital has a pre decided list of area where the bank will lend the loan. The bank also has a negative list area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Tata Capital also gauges your residential stability by checking on the number of years since when 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. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Tata Capital has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Most of the banks consider salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque then bank will not give you the loan because bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by Tata Capital if you apply for a personal loan.

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FAQs

What are the eligibility criteria to avail Tata Capitalloan?

The minimum age of the applicant required to get a personal loan from Tata Capital is 21 years. The maximum age for salaried employees can go up to 58 years.

What should be my income to secure a personal loan from Tata Capital?

The minimum income for a salaried employee should be at least ₹ 20,000 per month to secure a personal loan from Tata Capital.

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

The applicant must have at least work experience of 3 months in avail the benefit of Tata Capital personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from Tata Capital is up to ₹ 25 Lakh.

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 personal loan is 650 and above.

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

Personal loan is an unsecured loan, so a bank may ask for a guarantor. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from Tata Capital .

What is the minimum loan amount from Tata Capital for pensioners?

Pensioners can apply for a minimum loan amount of ₹ 25,000 from Tata Capital.


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Tata Capital Personal Loan News - Mar 2021
  • 2021-02-23 : Tata Capital launched a campaign to introduce Shubharambh loan
    Tata Capital joined hands with Zee Cinema to launch a campaign to introduce the Shubharambh loan. Shubharambh Loans are available across Business, Personal Two-wheeler, Used Car, Loan Against Property and Home Loans. Each product has special features that aims to benefit customers across categories.
  • 2019-08-14 : Tata Capital Fin Services eyes 20% growth in loan book this fiscal
    A subsidiary of Tata Capital, Tata Capital Financial Services is eyeing for more than 20% growth in its overall loan book this fiscal. The company is also aiming to raise debts through NCD to fund its growth.
  • 2019-05-24 : Thomas Cook launches Holiday Basket package in association with Bajaj Finance and Tata Capital
    One of the leading travel services company, Thomas Cook has partnered with Bajaj Finance and Tata Capital to offer travel loans to Indian travellers and millennials with a facility of no cost EMI. With this plan, the company aims to help travellers to travel without worrying about their current finance.
  • 2019-02-25 : Thomas cook ties up with Bajaj Finserv and Tata Capital for Travel loans EMI Scheme
    In a bid to provide offer convenience and benefits to their customers while travelling, Thomas cook has announced its association with Bajaj Finserv and Tata Capital for Travel loans EMI scheme for avid travellers. As per the sources, it has been witnessed that how travel enthusiasts are smartly making use of travel loans along with an EMI option to explore new destinations. In addition to this, the company also has plans to offer a travel savings product which allows the customer to fix the price ahead of the travel and save some specific amount.
  • 2019-02-14 : Tata Capital to disburse Personal Loans using Voice-bot TIA
    Tata Capital has announced the launch of its voice bot, TIA that will assist loan borrowers to avail personal loans without human intervention. The voice-enabled bot assists a person seeking a loan right from the initial stage of the loan process until the final disbursement of the loan. Additionally, it also checks your loan eligibility to assess whether the person can get loans from Tata Capital or not.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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