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Working capital is the lifeblood of any business. In the case of shortage or lack of funds, you can apply for a Tata Capital Working Capital Loan. Also known as a working capital term loan, it can help you secure easy and quick funding to meet your business expenses at competitive interest rates.
Tata Capital’s working capital term loans are designed to help you grow and expand your business without facing any financial hurdles. Our working capital loan interest rates are very affordable, and we provide 100% online funding so that you can get access to finances when you need them the most.
Default in payment of interest and/or principal amounts, Below charges on the defaulted amount
| Overdue Days | Penal Charges |
|---|---|
| 1-30 days | 4% p.a |
| 31-60 days | 8% p.a. |
| 61- 90 days | 12% p.a. |
| Greater than 90 days | 24% p.a |
(ii) Dishonour Charges: Rs. 670/- (Rupees Six Hundred and Seventy Rupees only) for every Cheque/ Payment Instrument/ ECS Dishonour.
(iii) Non-creation/perfection of security: @ 2% on the outstanding principal amount will be charged for the period of delay in respect of delayed/non-submission of security/collateral related documents and non-perfection of security.
*Charges to be paid along with applicable Tax
| Description | Periodicity | Penalty Amount |
|---|---|---|
| Delayed/non submission of stock statement | To be submitted Quarterly by 10th of every Calendar Quarter. | Additional one time charge of Rs 20,000/- per Quarter |
|
Delayed First Insurance cover note and non renewal of Insurance on due date |
First Insurance:- within 30 days from disbursement date. Renewal : as and when due |
Additional one time charge of Rs 20,000/- per financial year |
| Non adherence of financial covenants’ of sanction letter | At the time of Review /Renew of account | Additional one time charge of Rs 20,000/- per financial year |
| Documentation charges | Rs 5,000/- | |
| Stock Audit charges | Rs 5,000/- | |
| ROC and CERSAI filling | Rs 5,000/- | |
| Valuation charges | As per actuals | |
| TSR fees / Title search fees | As per actuals | |
| Security trust fees | As per actuals |
Charges to be paid along with applicable Tax
With Tata Capital's Working Capital Loan, you can not only meet all short-term financial of your business but also get more leverage to plan your long-term business. Here are a few prominent features of our working capital terms loans:
Tata Capital offers working capital loans with easy eligibility criteria. Applicants must ensure they meet the following eligibility criteria for a smooth working capital loan application:
The applicant must be an Indian citizen
The applicant must have a favourable CIBIL score
The applicant must have a business
The applicant must be able to furnish all documents listed in the next section
Be sure to study the above eligibility criteria carefully before applying for a Tata Capital working capital loan.
Tata Capital requires applicants to submit the following documents when applying for a working capital loan.
Duly filled application form
KYC Documents such as a copy of the Aadhaar card, Driver’s licence, Partnership Deed (if applicable), and the like
Proof of business
Other financial documents
At Tata Capital, we provide several types of working capital loans to cater to the precise needs of business owners. You can choose from the following working capital solutions:
Here’s why you should choose Tata Capital to get a working capital term loan for your business:
Here is how a term loan differs from a working capital loan:
| Basis of Differentiation | Term Loan | Working Capital Loan |
|---|---|---|
| Purpose | Term loans are usually taken for business expansion equipment purchases and office renovations. | Working capital loans are usually taken to tide over a cash crunch and meet day to day expenses. |
| Interest Rate | These come with comparatively lower interest rates | These come with high interest rates. |
| Loan Amount | These have comparatively bigger loan amounts. | These have a comparatively smaller loan amount. |
| Loan Tenure | These have a longer repayment tenure. | These have a shorter repayment tenure. |
| Collateral | These typically require collateral. | These don’t require collateral. |
| Repayment Flexibility | These require regular EMIs. | These offer flexible repayment options. |
To calculate working capital requirements, use the following formula:
Current Assets- Current Liabilities = Working Capital
Here, current assets refer to inventory, advanced payments, cash, etc. Current liabilities refer to unpaid expenses, short-term debt, outstanding payments, etc.
The interest rate for working capital loan refers to the percentage of the principal amount that the lender charges to extend the loan. Tata Capital offers working capital loans at competitive interest rates.
A business owner who is an Indian citizen has a favourable CIBIL score and can furnish the necessary documents can apply for a working capital loan.
The loan amount limit for working capital loans differs with financial institutions. Tata Capital offers working capital loans at attractive interest rates, flexible repayment options and minimal documentation.
A CIBIL score of 600 and above is generally required for a working capital loan. Be sure to check your chosen lender’s website for their unique eligibility criteria.
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