TATA Capital Personal Loan Interest Rate starts at 11.25%. The lowest EMI for Rs. 1 lakh is Rs. 1,916 for longest tenure of 72 months. The minimum tenure is 12 months. You can apply for this loan if you are a salaried or a self-employed professional. You need to be in the age group of 21 years to 58 years for the same. Processing fee is up to 2.50% of the principal loan amount. The financial institution has no charges for part prepayment, but applies up to Rs. 5,000 for foreclosure.
In this post we will discuss about TATA Capital Personal Loan Interest Rate features, other charges, factors influencing the rate of interest, total cost of loan, interest calculation, EMI calculation, and frequently asked questions.
Here are the features:
You get a perfect idea about the loan cost; you must go through other charges along with interest rate. This will help you take an informed decision on taking a personal loan from TATA Capital.
The NBFC will analyse your monthly income, financial liabilities, loan amount, employment, repayment ability, and other details before applying a rate of interest. Here is a discussion on such factors:
Equated monthly instalment is to be paid at a particular date every month. You need to pay this amount till you close the loan. EMI is a fixed amount towards the loan payment. The lowest EMI for Rs. 1 lakh is Rs 1,916 for 72 months. The equated monthly instalment depends upon the loan tenure, amount, monthly income, and the company you are employed with. Here is a brief illustration of the monthly instalment.
Here is an illustration of TATA Capital EMI on personal loan at 11.25% rate for different tenure on borrowing of Rs. 1 lakh.
Here is the formula to calculate monthly instalment amount:
P*r* (1+r) ^n/([(1+r) ^n]-1)
In the above formula,
P = The principal and loan amount. You can borrow between Rs. 50,000 to Rs. 25 lacs
r = The monthly interest rate. Lowest rate is 10.99%
n = It represents tenure in months. The tenure is from 12 months to 60 months
Here is the personal EMI at 11.25% rate at different tenures and loan amounts:
If you want to know about periodic loan payments, then check for the amortization schedule. This schedule has details about the interest and principal component in each EMI. It also tells about the EMI amount till end of tenure. The interest and principal component may change in each EMI, but the monthly instalment amount will remain the same.
Here are the FAQs on TATA Capital interest rate for personal loan:
The loan amount, interest rate, and tenure are the three major things that influence the EMI amount for a loan. The higher the loan amount, greater is the EMI, and vice-versa. The same holds for interest rate. But for tenure, a shorter one means higher EMI but lower interest payout and vice-versa.
To borrow the loan, you need to be a resident Indian with a regular and stable monthly income. You can borrow between Rs. 75,000 and Rs. 25 lakhs. The tenure is between 12 months and 72 months. The rate of interest is up to 17.99%. A good credit score of 750+ and repayment capacity are necessary to get approval for the loan.
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