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Current Interest Rates for Personal Loans

Your personal loan interest rate determines your regular EMI payments towards the loan repayment. At Tata Capital, we offer personal loans at low interest rates, along with a flexible repayment tenure.

Moreover, interest rates can vary for different borrowers depending on key eligibility factors like your monthly income, CIBIL score, loan amount, loan tenure, repayment capacity, employment nature, debt-to-income ratio, financial history, and more. So, the lower the interest rate on your personal loan, lower is the EMI that you need to pay, and more convenient your loan repayment becomes.

With Tata Capital, enjoy an affordable personal loan at lowest interest rates in the industry, starting at just 11.99%!

The interest rates on a personal loan can typically vary anywhere between 11.99% and 29.99% p.a. based on the eligibility calculation and how you fulfil the personal loan eligibility requirements of the financial institution.

Charges Minimum Maximum
Rate of Interest (ROI) 11.99% 29.99%
Annual Percentage Rate (APR) 11.99% 35.99%

*Final ROI may vary based on credit checks and other parameters

Getting a low personal interest rates is preferable for reducing your interest outgo and overall costs. Availability of loans can depend on numerous factors; make sure to consider them before applying. You can also use a personal loan EMI calculator to understand to calculate your principal EMIs and interest payable and plan your repayment.
 

Customer Profile Loan Slab Interest Rate%*
Salaried Any amount 11.99%* onwards

Personal Loan charges

When applying for a personal loan, a critical factor in choosing the right loan is the interest rate and accompanying charges applicable to the loan. Your personal loan interest rate determines your regular EMI payments and other charges can affect the loan affordability.
 

At Tata Capital, we offer competitive interest rates for personal loans and levy nominal loan charges, including processing fees. You can use a personal loan EMI calculator to determine your EMI payments and plan your repayment accordingly.
 

Below are the different charges applicable to the personal loan
 

    Penal Charges On Personal Loan Interest Rates

  • For default in payment of interest and/ or principal amounts

    3% per month on defaulted amount (Annualized Penal Charge of 36%)

  • Dishonour of any cheque/
    payment instruments

    These are those charges that are levied in case of an EMI bounce per instance. In other words, these charges are levied when you miss a personal loan EMI payment due to inadequate funds in your bank account. At Tata Capital, you’ll be required to pay Rs. 600 for every Cheque/Payment Instrument Dishonour.

  • Mandate Rejection Service Charge

    Charges will be levied if EMI is due but valid instrument is not available for banking due to Mandate rejected by Borrower’s bank or EMI Post-dated cheques(wherever applicable) are not available. Tata Capital charges a nominal amount of Rs. 450 + GST

Other Charges On Personal Loan Interest Rates

  • Processing Fees

    Up to 4% of the loan and GST

  • Personal Loan Hybrid Term Loan Annual Maintenance Charges

    Personal Loan Hybrid Term Loan Annual maintenance charges are the charges levied on those who have chosen a flexible funding option such as Personal Loan Hybrid Term Loan. It is charged for the maintenance of the Personal Loan Hybrid Term Loan amount. At Tata Capital, 0.25% of reduced assigned amount OR Rs.1000/- (whichever is higher) shall be payable at the end of the 13th month.

  • Statement of Accounts

    Lenders charge a certain amount to issue your Statement of Account - a statement having a list of all transactions made in your loan account during a given period. At Tata Capital, you will be charged only if you ask for a hard copy in case of branch walk-in at Rs. 250 + GST. Downloading a statement of account on the portal is free of cost.

  • Loan Cancellation Charges

    If you wish to cancel your personal loan immediately following the process of loan disbursement, then you are charged a loan cancellation charge. Tata Capital levies 2% of the Loan Amount/ Facility amount OR Rs. 5750/- (whichever is higher)

  • Payment Instrument Swapping Charges

    If you wish to exchange or swap your eMandate or post-dated cheques from another account for EMI repayment purpose you will be charged Rs. 550 + GST per instance.

  • Duplicate Repayment Schedule

    Tata Capital will share a welcome letter with Repayment Schedule post availing of Personal Loan. In case you need a duplicate statement of the Repayment Schedule you will be charged Rs. 550 + GST per instance.

  • Duplicate NOC

    If you need to apply for a duplicate No Objection Certificate (NOC) due to any reason, Tata Capital will issue a new one in your name for a charge of Rs. 550 along with the GST charge.

  • Stamp Duty Charges

    At actuals (As per applicable laws of the state)

  • Broken Period Interest (BPI)

    Broken Period Interest amount and 1st EMI date depend on the Disbursement Date and the final figures would be mentioned in the Welcome Letter and Repayment Schedule


    • Note: GST, other government taxes and levies as applicable, will be payable on all fees and charges.

Pre-Payment Charges On Interest Rates For Personal Loan

  • Part Payment Charges

    • Lock-in Period is 12 months from the date of disbursement

    • A part prepayment charge of 4.5% shall be applicable on the part prepayment amount. 

    • A part prepayment charge of 6.5% shall be applicable on the part prepayment amount during the lock-in period

    • No part prepayment charges shall be applicable on payment of upto 25% of disbursed Loan Amount during the entire loan tenure.

    • Third party / other financiers cheque / payment instruments are not allowed for part-payment

  • Foreclosure charges on Term Loan Facility

    • Lock-in Period: 12 months from the date of first disbursement
    • 4.5% on the principal outstanding at the time of foreclosure.
    • In case the Borrower forecloses the Facility within 12 months after doing partprepayment, foreclosure charges of 4.5% will be levied on the principal outstanding plus part prepayment amount.
    • Any prepayment/foreclosure made during the Lock-in period will attract additional 2% over and above the prepayment/ foreclosure charges mentioned in (a) above on the principal outstanding at the time of foreclosure.

  • Foreclosure Charges in Personal Loan Hybrid Term Loan Cases

    • Lock-in Period: 12 months from the date of first disbursement.
    • 4.5% on the Dropped down amount.
    • Any prepayment/ foreclosure made during the Lock-in Period will attract additional 2% over and above the prepayment/foreclosure charges mentioned above on the Dropped down amount.

  • Foreclosure Report

    • Soft Copy – Nil
    • Branch Walk-In – Rs. 199 + GST

    • Note: GST, other government taxes and levies as applicable, will be payable on all fees and charges.

How is the Interest on Personal Loan Calculated?

The personal interest rates are calculated using - flat rate and reducing balance method.

In the flat rate method, the interest paid remains fixed. The total interest payable is calculated on the loan amount borrowed throughout the loan tenure. Hence, the personal loan rates stay constant and don’t lessen even when the principal amount reduces as you pay your monthly instalments.

Contrarily, in the reducing balance method, the interest rate is calculated on the outstanding balance amount, which decreases every time you pay an EMI.

The mathematical formulae for interest on personal interest rates calculation are as follows:

Factors Affecting Personal Loan Interest Rates

The following factors can impact your latest personal loan interest rates.

    Disclaimer

    • The fees/charges indicated above are subject to revision at Tata Capital’s discretion from time to time.
    • Customers who have taken a loan before 15th April 2019 need to refer to the loan agreement and schedule of charges for applicable rates.
    • For the definitions of the above charges, please refer to the Master Terms & Conditions sheet.
    • Soft copies of documents mentioned in the table above will be provided free of cost. For hard copies, please refer to the above table for the applicable fees & charges.*

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