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Tata Capital offers personal loans up to Rs. 20 lakh at an interest rate starting from 11.99% p.a. You can avail the loan to meet a variety of expenses, such as those arising from a major life event like wedding or medical emergencies or even to settle your outstanding debt. Additionally, Tata Capital allows personal loan balance transfer, where you can transfer your ongoing loan with any other lender to Tata Capital at better terms and rate of interest. Read this article to know all about Tata Capital personal loan balance transfer.
Tata Capital Personal Loan Balance Transfer Interest Rates
While the interest rate for a fresh personal loan from Tata Capital starts from 11.99%, the interest rate for personal loan balance transfer is not fixed. It completely depends on the applicant’s profile and the NBFC’s discretion. However, Tata Capital ensures to provide a competitive rate to help you save on the interest component.
Also Check: List of Banks Offering Personal Loan Balance Transfer
Eligibility for Balance Transfer
Following are the eligibility criteria to avail a fresh personal loan from Tata Capital, which may also apply for a personal loan balance transfer:
- Age: Your age must fall in the range of 22 to 58 years.
- Monthly Income: You should have a monthly income of at least Rs. 15,000.
- Work Experience: You should have at least one year of work experience.
Documents Required for Balance Transfer
As Tata Capital does not specify what documents are required for a personal loan balance transfer, any/all of the following documents required for a fresh personal loan application may be needed as per the discretion of the lender:
- Proof of Identity: Any Government issued photo ID such as PAN, Voter Card, Aadhaar Card, etc.
- Proof of Address: Any any among Aadhaar Card, recent Electricity/Water Bill, etc.
- Proof of Income: Copy of your bank statements for the last 6 months or salary slip for the last 3 months.
- Employment Certificate: A certificate from your employer stating 1 year of continuous employment.
Process for Tata Capital Personal Loan Balance Transfer
To transfer your ongoing personal loan from some other lender to Tata Capital, you may follow one of the following two procedures:
- Contact Tata Capital Customer Care: You can call and talk to one of the customer care executives on the toll free number – 1860 267 6060. Please note that the number is operational from 9 AM to 8 PM (Monday to Saturday) except on Sundays and public holidays.
- Visit the Nearest Branch: Alternatively, you can visit your nearest Tata Capital branch and talk to one of the representatives to get the loan transfer done. Branch address/contact details are available on the Tata Capital website.
Calculation of Balance Transfer
Personal loan balance transfer calculations are based on the following factors:
- Existing loan amount,
- Previous rate of interest,
- New rate of interest,
- EMIs paid, and
- Loan tenure.
You can use Paisabazaar personal loan EMI calculator to know the EMI amount after the balance transfer. Just input the outstanding loan amount, new rate of interest and tenure proposed by Tata Capital to know the monthly payout.
Charges & Fees for Tata Capital Personal Loan Balance Transfer
Usually the personal loan balance transfer comes with the following charges:
- Foreclosure charges with respect to the original lender. This can be up to 4.5% of the original loan principal sanctioned.
- Processing Fees with respect to the new lender. It varies up to 2.75% of the loan amount plus the applicable taxes for Tata Capital personal loan.
Important Aspects for Personal Loan Balance Transfer
While it is beneficial to opt for a personal loan balance transfer, you should keep the following points in mind:
- Carefully assess the new offer. It is always advisable to calculate how much you are going save after the balance transfer. Evaluate the difference between your old and new EMI amounts and choose tenure as per your financial status.
- Check how much you have to pay. This is the sum total of all the charges and fees you have to pay in order to avail the personal loan balance transfer. Generally, an applicant has to bear the prepayment charges of the previous lender and the processing fees of the new lender for a personal loan balance transfer.
- Read the loan agreement. You should always read the fine print carefully to be aware of the terms and conditions before signing the loan transfer agreement.
Thus, you should consider both the benefit and long term implication of the personal loan balance transfer.
Frequently Asked Questions (FAQs)
Q1. What is personal loan balance transfer?
When you transfer an existing personal loan with Bank A to Bank B to get the benefit of lower rate of interest, it is called personal loan balance transfer.
Q2. When should I consider personal loan balance transfer?
Suppose you took a personal loan from Bank A one year back, and have been paying EMIs for the same. But now you have realized that Bank A is charging a higher rate of interest than the market rate. In this situation, you can consider a personal loan balance transfer from Bank A to Bank B. This will help you save significantly on the total interest payable.
Q3. Does Tata Capital allow personal loan balance transfer?
Yes, Tata Capital offers the facility of personal loan balance transfer at competitive rate of interest and other favorable terms.
Q4. Do I need a collateral or guarantor to avail personal loan from Tata Capital?
No, you do not need any security/ collateral/ guarantor to avail a personal loan from Tata Capital.
Q5. Can self-employed individuals get a personal loan from Tata Capital?
Yes, both salaried and self-employed individuals can take a personal loan from Tata Capital.
Q6. What are the minimum and maximum personal loan amounts offered by Tata Capital?
The maximum and minimum personal loan amounts with respect to Tata Capital are Rs. 75,000 and Rs. 20 lakh, respectively.
Q6. What is the interest rate for Tata Capital personal loan?
The interest rate for Tata Capital personal loan starts from 11.99% onwards. Actual rate applicable to a personal loan however tends to vary based on factors such as credit score, loan amount, loan tenure, etc.