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Tata Capital Personal Loan Eligibility Criteria
The Tata Capital Personal Loan eligibility criteria for availing its different loan products are as follows:
Tata Capital Personal Loan Overdraft Facility
- Age: 22 – 58 years
- Minimum monthly income: Rs 35,000
- Serving in the same job for at least 6 months
- Work experience of at least 2 years
Tata Capital Wedding Loan
- For salaried loan applicants
- Age: 21 – 58 years
- Minimum monthly income: Rs 20,000
- Serving for at least 6 months in the present organisation
- Work experience of at least 2 years
Tata Capital Medical Loan
- For salaried loan applicants
- Age: 21- 58 years
- Work experience of at least 1 year
- Working in the current organization for at least 6 months
- Minimum monthly income: Rs 20,000
Tata Capital Personal Loan for Education
- Indian national with a good academic record
- Age: 16 – 26 years
- Either loan applicant or his/her parents should have a stable income source
- Credit history of the co-applicant
- Loan applicant should have a guarantor or he should show some security
Tata Capital Travel Loan
- Age: 22-58 years
- Salaried person
- Work experience of 1 year
- Working in the same job for at least 6 months
- Minimum monthly salary: Rs 20,000
Tata Capital Home Renovation Loan
- Age: 24 years to 65 years (at the time of loan maturity)
- Minimum monthly income: Rs 20,000
- Minimum work experience: 2 years
- For entrepreneurs: Minimum experience of 3 years in the current field
Tata Capital Government Employees
- Age: 22- 58 years
- Minimum monthly income: Rs 15,000
- Work experience: At least 1 year
- Other criteria: CIBIL Score, job stability, etc.
Tata Capital Personal Loan for Salaried Employees
- Age: 22- 58 years
- Loan Minimum work experience: 1 year
- Minimum monthly income: Rs 15,000
- Credit score: Minimum 750 or above
- Should have repaid his previous debts on time
Tata Capital Personal Loan for Doctors
- Age: 22- 58 years
- Minimum monthly income: Rs 15,000
- Minimum work experience: 1 year
Tata Capital Personal Loan for Women
- Minimum work experience: 1 year
- Age: 22- 58 years
- Minimum monthly income: Rs 15,000
Factors that may Influence Tata Capital Personal Loan Eligibility
Credit Scores
The Tata Capital Personal Loan Eligibility criteria for salaried personal loan applicants is based on their CIBIL/credit scores. Most lenders use credit scores as one of the first filters to assess personal loan applications. Lenders consider personal loan applicants with credit scores of 750 and above as creditworthy and hence, such applicants have a higher probability of getting approval for their loan applications. Some lenders also offer personal loans at lower interest rates to loan applicants having higher credit scores. Thus, having higher credit scores can help one in improving their personal loan eligibility and thereby, availing lower personal loan interest rates.
Personal loan applicants with zero or low credit scores can avail Step Up Credit Card co branded with SBM Bank India Ltd., a lifetime free credit card issued by Paisabazaar.com and secured against the fixed deposits of SBM Bank, to increase their credit scores and improve their Tata Capital Personal Loan Eligibility.
EMI Repayment Capacity
The role of repayment capacity of personal loan applicants in ascertaining the Tata Capital Personal Loan Eligibility has not been disclosed by the lender. However, most lenders consider the repayment capacity of such applicants while evaluating their personal loan applications. Lenders usually require personal loan applicants to limit their monthly loan repayment obligations (including their EMIs both from existing loans and from the proposed personal loan) to within 50%-60% of their total monthly income. Lenders usually do not approve personal loan applications of individuals who fail to adhere to this limit.
Personal loan applicants who exceed the 50%-60% limit should opt for longer personal loan tenures, as it will help them reduce their EMIs and improve their loan repayment capacity. Hence, Tata Capital Personal Loan applicants should use the Paisabazaar Personal Loan EMI Calculator to determine the optimum EMI and loan tenure based on their repayment capacity as it helps to increase their Tata Capital Personal Loan Eligibility.
Occupation Profile
Both salaried and self-employed working professionals are eligible to avail Tata Capital Personal Loans. Personal loan applicants should have work experience of at least 2 years and monthly income of Rs 35,000 and above to avail Tata Capital Personal Loans. While the lender has not specified the role of its loan applicants’ occupation profiles in deciding their Tata Capital Personal Loan Eligibility, many lenders determine their personal loan eligibility based on the occupation profile of their personal loan applicants.
Existing Consumer Relationship with Tata Capital
Tata Capital has not specified whether its existing customers get any concession or preference while evaluating their personal loan eligibility. However, many lenders prefer lending personal loans to their existing customers. Some lenders also provide pre-approved instant personal loans with immediate disbursal or zero documentation for select customers based on their credit profile. Some lenders offer preferential personal loan interest rates to their existing customers. Hence, existing Tata Capital customers planning to apply for personal loans should confirm with the lender if they qualify for pre-approved personal loans.