know all about personal loans

Download Know All About Personal Loans

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  1. 1. All You Need to Know About Personal Loans in India Presented By Tata Capital
  2. 2. Reasons to get a Personal Loan Education Home Renovation Marriage Travel Abroad Gift for loved ones Existing Loan Repayment
  3. 3. Things to Consider for a Personal Loan Penalty Charges: A very heavy penalty that is charged on your loan amount if you cant repay on time Credit History: Check your credit score before applying for a Personal Loan to know if you can get one Hunt for the Best Deal: Try and consider multiple lenders to get the best possible interest rate Need or Greed?: Apply for a personal loan only if you genuinely need one Interest Rates: Personal Loans attract a very high interest rate because you need not keep any asset as collateral A personal loan is an unsecured loan which is processed quickly and helps you to meet your financial requirements
  4. 4. Why Tata Capitals Personal Loan? Attractive Interest Rates Quick- Disbursements No-Charges-on-Pre-payment How to pre-pay Online Tracking of Application Minimum-Paperwork Flexi-EMI-Options Repayment-Options No-Collateral-Required Easy-Payment-Options Can-be-used-for- any-purpose
  5. 5. Flexi EMI Options You can start repaying your loan with a lower EMI and increase it gradually, year after year. Who is it ideal for? Opt for this option if your EMI is eating into your monthly income. You can start repaying your loan with a higher EMI and lower it, year after year. Who is it ideal for? Opt for this option if you have a high disposable monthly income and wish to build and asset quickly You can start repaying your loan with periodic lumpsum payments and lower your EMI considerably. Who is it ideal for? Opt for this option if you are expecting a bonus or periodic increments on your regular income. Step Up Step Down Bullet
  6. 6. Eligibility & Documentation For Self Employed Parameters Self Employed Professionals Self Employed Individuals Age 25-65 Years 25-65 Years Business Continuity Should be in the same Business & City for Minimum 3 Years Should be in the Business for Minimum 3 years &should also have a total work experience of 3 years Minimum Income Rs 2,00,000 per year Rs 2,00,000 per year Minimum Loan Amount Rs 75,000 Rs 75,000 Maximum Loan Amount Rs 15,00,000 Rs 15,00,000 Tenure 12-48 Months 12-48 Months Documents Required Identity Proof: Voters ID /Passport/Driving License Identity Proof: Voters ID /Passport/Driving License Address Proof: Ration Card/Electricity Bill/Rental Agreement/Trade License/Sales Tax Certificate Address Proof: Ration Card/Electricity Bill/Rental Agreement/Trade License/Sales Tax Certificate Banks Statement for the last 6 months Banks Statement for the last 6 months Latest Income Tax Return(ITR) along with the computation of income Proof of Highest Professional Degree Balance sheet(B/S) and Profit& Loss(P&L) for the last 2 years certified by a CA Latest Income Tax Return(ITR) along with the computation of income Proof of Continuation: Trade License/Sales Tax Certificate/Establishment. Balance sheet(B/S) and Profit& Loss(P&L) for the last 2 years certified by a CA. Certified copy of Partnership Deed, Memorandum of Association(MOA), Article of Association(AOA) and Board Resolution
  7. 7. Eligibility & Documentation Parameters Salaried Segment MNC Public Ltd. Co/Large Pvt. Ltd. State Govt. /Central Govt. PSU Age Between 21-58 Years Job Continuity Should have a job and worked with the current employer for at least 1 year Minimum Income Rs 20,000 per month Minimum Loan Amount Rs 75,000 Maximum Loan Amount Rs 15,00,000 Tenure 12-60 Months Documents Required 1) Identity Proof: Voters ID /Passport/Driving License 2) Address Proof: Ration Card/Electricity Bill/Rental Agreement/ Passport. 3) Bank Statement for the last 3 Months 4) Latest Form 16 5) Most Recent Salary Slip or current dated Salary Certificate
  8. 8. Services Charges on Personal Loan your loan. Take a look at them: Different Charges Amount* PDC Charges Rs 850 Bouncing Charges Rs 450 Cancellation Charges 2% of loan amount of Rs 5,750 whichever is higher Duplicate NOC Rs 550 Swapping Charges Rs 600 Foreclosure Charges 4.5% of the principle outstanding at the time of foreclosure + ST Foreclosure Charges for Top Ups 2% on the future principle outstanding on the existing loan + ST Duplicate Repayment Schedule Rs 550 Sec 138 and 25 Rs 3,400 Arbitration Filling Rs 4,000 Receiver Order District Court Rs 4,000 Receiver Order High Court Rs 13,500 Notice Rs 125 Legal Notice Rs 300 Execution of Award Rs 5,600
  9. 9. How to Repay? Repayment Options: ECS (Electronic Clearance System) by instructing your banker to deduct the EMI (Equated Monthly Instalment) from the nominated Bank Account Post-dated Cheques favouring Tata Capital Financial Services Limited How to Pre Pay: Prepay the entire loan outstanding anytime after 180 days of availing the same. Part pre-payment facility without any additional charges. Part payment is only permissible after 6 months of loan disbursal without any fee Maximum of 25% part payment is permissible within a year of taking the loan at zero charges However for greater than 25% part payment, a 2% closure charge would be applicable on the extra amount
  10. 10. Mumbai Tower A, 1101 Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400013 Bhattad Tower, Opposite Kora Kendra Ground, Near McDonalds, Borivali (W), Mumbai 400092 | Landmark: Near McDonalds Bangalore 2nd Floor, Prestige Corniche, No.62, Richmond Road, Bangalore 560025 No.581, 80 Feet Road, 8th block, Koramangala, Bangalore - 560095 Landmark: Near Koramangala Police Station New Delhi Ground Floor, 19-20, Central Market, West Punjabi Bagh, New Delhi - 110026 Landmark: Near HDFC Bank Ground Floor, Shop No. 22, PP Towers, Netaji Subhash Place, Pitampura, New Delhi - 110034 Landmark: Below Pind Baluchi Restarurant at PP Towers Kolkata 2/5/1, Hindustan Road, Kolkata - 700029 Landmark: Near ICICI Bank, (Gariahat branch) 7/1A, Loudon Street, Kolkata - 700017 Landmark: Near Shakespeare Sarani Police Station Tata Capital Branch Near You:
  11. 11. Tata Capital Contact Details Write to us at customercare@tatacapital.com Toll-free number 1800 209 6060 Website : http://tatacapital.com/ Registered Office : One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai 400 001, India. Telephone: +91 22 6745 9000 Fax: +91 22 6610 6722 Corporate Identity Number: U65990MH1991PLC060670 Email: contactus@tatacapital.com
  12. 12. Thank You