Tata Capital, the financial services firm of the Tata group, offers personal loans to individuals in need of credit at competitive rates.
If you are looking for a personal loan and want to know if a Tata Capital loan is the right option for you, read on. This article lists three reasons why getting a personal loan from Tata Capital could be beneficial.
We all have those moments when we need some extra cash to make ends meet or fund a specific activity. If you need money fast and don’t have any other options available, getting a personal loan may be your best option.
If you meet eligibility criteria and can convincingly demonstrate that this is your last resort after exploring other financing options, then you might find getting a personal loan from Tata Capital as an excellent option.
Things to know before taking a personal loan from Tata Capital
Loan amount and tenure: Tata Capital offers personal loans of up to ₹50 lakh, with a tenure of up to 5 years. The loan amount depends on a few factors, including loan-to-income ratio, credit score, and profession.
Interest rate: The interest rate for a personal loan from Tata Capital depends on factors such as loan amount, loan tenure, and your credit score.
Documentation: While documentation requirements change from time to time and vary from person to person, a few documents are standard across all loans – proof of identity, a proof of current address, and a proof of income.
Credit ratings and impact of credit history: Tata Capital does not check your credit score before approving your personal loan. However, the loan amount and interest rate may differ based on your credit history, which is evaluated by Tata Capital when you apply for a loan.
Security: Tata Capital considers your personal assets like residential property, gold, and stocks as security against the loan.
Build your credit history and score
A Tata Capital personal loan helps you establish credit history, which could benefit you in the long run. If you have a credit score, you may be able to get better rates on your car, home, or health insurance, among other things.
A credit score is the result of your credit history and can have a significant impact on your financial future. – Your credit score determines what interest rate you will pay on a loan, and if you can get approved for it at all.
Getting a personal loan from Tata Capital when you don’t have a credit score can be challenging, as lenders will have to take greater risk and may charge you a higher interest rate. – With a Tata Capital personal loan, you can begin building your credit history and getting a credit score, which could make your financial future a lot easier.
Finance an annual expense
When you take out a personal loan, you have to pay back the principal amount in a fixed timeframe, which means you can use the money whenever you want to. And unlike a credit card, a personal loan is a fixed amount, so you can pay it off at a specific time.
If you have a one-time expense that will happen during the year, such as a home or car repair, or a medical expense, then a personal loan could be a great way to fund that expense. If you have an annual expense that is due but is not part of your regular monthly budget, then a personal loan could be the best option for you.
If you get a personal loan for an annual expense, you will have to pay it off in a shorter amount of time. That means you will have to pay more in interest over the long run. But having access to that money right away could be worth it if it helps you avoid taking on additional debt or making other sacrifices.
A personal loan from Tata Capital comes with a fixed repayment schedule, wherein you have to make a certain amount of payments every month. If you have savings and the means to pay off the loan faster, it could be a better option to put down a larger amount upfront.
However, if you don’t have the money to pay off the loan or can’t save enough to make a lump sum payment, you could consider making a monthly minimum payment. A personal loan from Tata Capital has flexible repayment terms that let you pay off the loan in installments.
If you need a quick infusion of capital and have good credit, you can get a personal loan from Tata Capital at competitive rates. You should expect to make monthly payments over a period of up to 24 months. But unlike other types of loans, personal loans from Tata Capital offer borrowers some flexibility with repayment schedules.
Tata Capital gives borrowers 90 days to begin repaying the loan. But, you can repay the loan at any time without incurring any penalties. This repayment flexibility means that you don’t have to worry about taking out a personal loan and then being unable to meet the monthly payment because you don’t have the money. Even if you can’t make a payment right away, you have time to find the money to repay the loan.
Final Words: Is a personal loan from Tata Capital right for you?
A personal loan from Tata Capital is a quick and easy way to access a loan without having to worry about a credit check. If you don’t have a credit score, you might have a hard time getting a loan from other lenders. With a loan from Tata Capital, you will get access to funds quickly, and you don’t have to worry about a credit history affecting your ability to get approved. With competitive interest rates and flexible repayment terms, getting a loan from Tata Capital could be the best option for you.