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Personal Loan Balance transfer to Tata Capital

Refinance Tata Capital Personal Loan

Last Updated 28th May 2021

Interest Rate 11.25%
Processing Fee Upto 2.50% of Loan Amount
Lowest EMI per lakh ₹ 2,187
Loan Tenure 6 years
  • Tata Capital Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Tata Capital.
  • Avail top up from Tata Capital at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for Tata Capital personal loan balance transfer at 11.25%.
  • Tata Capital offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Tata Capital Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Tata Capital Personal Loan Balance Transfer

Tata Capital Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to Tata Capital to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on Tata Capital balance transfer ranges from 11.25% to 17.99%, while the repayment tenure ranges between 12 Months to 72 Months.

Tata Capital Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to Tata Capital must be taken keeping in mind the interest rate of the current Bank and Tata Capital.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the Tata Capital balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Tata Capital Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to Tata Capital

The benefits of transferring the Personal loan to Tata Capital are as follow:

  • Tata Capital offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • Tata Capital Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the Tata Capital and avail better facilities.
  • Tata Capital offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

Tata Capital Eligibility Criteria and Documents required

Eligibility criterion of the Tata Capital is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Tata Capital Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for Tata Capital Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Tata Capital Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare Tata Capital Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Tata Capital?

Steps for the personal loan balance transfer to Tata Capital are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the Tata Capital personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the Tata Capital start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the Tata Capital in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Tata Capital charges lowest interest rate on personal loan balance transfer.

How do I check my Tata Capital personal loan balance?

You can check your personal loan balance of Tata Capital by below mentioned ways:

  • By visiting the Tata Capital branch.
  • By calling the customer care of the Tata Capital.
  • By logging on into the Tata Capital mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Tata Capital loan application?

You can get update about Tata Capital loan application via the ways mentioned below:

  • Net banking : You are required to login into Tata Capital net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the Tata Capital : You can also visit the Tata Capital branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Tata Capital Personal Loan News - Jun 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, 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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