TATA Capital Car Loan

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TATA Capital Car Loan

TATA Capital Car Loan Key Features – Jan 2021

Interest Rate

7.35% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 2,311
Minimum Net Monthly Income ₹ 15,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee Up to 0.40% Only
Foreclosure Charges  5% of the principal outstanding
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About TATA Capital Car Loan

Tata Capital Limited is a financial and investment service provider in India. The company is based in Mumbai and has more than 100 branches across the country. The firm offers consumer loans, wealth management, commercial finance, and infrastructure finance, among others.

TATA Capital provides Car Loans at attractive rates of interest to the consumer for buying their dream car whether new or second hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.

Advantages of TATA Capital Car Loan

TATA Capital Car Loan

TATA Capital Car Loan Eligibility

 

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

TATA Capital Car Loan Interest Rate, Fees, and Charges

Details on car loan interest rate and other charges are given below:

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

14.80% p.a. to 16.80% p.a.
Processing fee Up to 0.40% Only 1% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 5% of the principal outstanding 5% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

How to Increase Your Eligibility for Tata Capital Car Loan

  • Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in TATA Capital. This will be an indication of your higher repayment capacity for the TATA Capital Car Loan, which will build a sense of confidence in you.
  • Keep your credit score in check: If you wish to increase your Eligibility for Car Loan for a TATA Capital car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for TATA Capital Car Loan.
  • Maintain a low debt-to-income ratio: A low debt-to-income ratio in TATA Capital means you have a good balance between your earnings and your spending. This is because before TATA Capital decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for TATA Capital Car Loan.
  • Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for a TATA Capital car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a TATA Capital loan are higher.

Factors Affecting Tata Capital Car Loan Eligibility

Eligibility criteria for a car loan are discussed in the below contents.

The eligibility for availing of a Tata Capital car loan will depend on the below-given factors:

  • Income: If your income is on the higher side, there is a good chance that your eligibility for a TATA Capital car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a TATA Capital car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount: Your Eligibility Criteria for Car Loan from TATA Capital will be higher if you apply for a lower loan amount as if the loan amount is lower, TATA Capital knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for TATA Capital Car Loan.
  • Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in TATA Capital. It might give an impression to the bank that you do not possess the ability to pay Your TATA Capital loan.
  • Credit score: This is an important factor that every bank, including TATA Capital, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by TATA Capital and most lenders.
  • Relationship with the bank: As stated earlier, TATA Capital offers instant car loans to their existing customers, which allow TATA Capital’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.

TATA Capital Car Loan Documents Required

Documents required for car loan and other eligibility are discussed below.

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

TATA Capital Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

TATA Capital Car Loan Types

TATA Capital offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  Those who wish to buy a new car, this is the scheme for you. You can take TATA Capital Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can opt for this scheme if you require urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

TATA Capital Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for TATA Capital Car Loan?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager who will guide you throughout the process.
  3. You can compare different offers from banks and NBFCs to choose the one which suits your needs.
  4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching TATA Capital for a loan, you inform them about the amount of loan you need to borrow. Limit your TATA Capital loan amount after accounting for your own available funds.
  • Review your current obligations: Before taking a TATA Capital loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the TATA Capital Loan after taking into account other obligations.
  • Calculate your TATA Capital car loan eligibility: Your TATA Capital eligibility is an assessment of your repayment capacity based on your monthly income. TATA Capital provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility: TATA Capital also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your TATA Capital loan eligibility.
  • FOIR based loan amount eligibility: TATA Capital will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. TATA Capital applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in TATA Capital or other banks to calculate your fixed obligations.

The car loan EMI – EMI changes in case of prepayment

In case you prepay your vehicle loan, the bank will issue a small penalty. Prepayment in Tata Capital is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Tata Capital gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate EMI on Tata Capital Car Loan

Before you avail of a car loan from Tata Capital, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

TATA Capital Car Loan for Top Selling Cars

Other Available Products from TATA Capital

TATA Capital Personal Loan TATA Capital Gold Loan TATA Capital Home Loan
TATA Capital Credit Card TATA Capital Two Wheeler Loan TATA Capital Education Loan

Compare Tata Capital Car Loan With Other Banks In India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
Tata Capital Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

FAQs for TATA Capital Car Loan

What is the TATA Capital Car Loan?

TATA Capital car loan is the loan sum provided to its customers by the company for a new or used car.

How can I get a Car Loan from TATA Capital?

  1. Visit Dialabank and fill a form.
  2. Wait for a call from our Relationship Manager who will guide you throughout the method.
  3. You can compare various suggestions from banks and other companies and choose the one which satisfies your needs.
  4. Thus, easily apply for a Car Loan through Dialabank and enjoy the fittest offers.

✅ How does Tata Capital Car Loan work?

When you will apply for a car loan, then you will get a call from our agent and then, there will a document verification process. Then, the loan amount will be credited to your record.

✅ What is the Car Loan Interest Rate in TATA Capital?

The interest rate on a car loan in the TATA Capital is

7.35% per annum

only.

✅ How to Check Car Loan status in TATA Capital?

You can track your car loan status online on the Car loan status website.

✅ How to Calculate Car Loan Interest in TATA Capital?

Use Dialabank’s EMI calculator to find out the interest as well as the EMI on your loan.

What is the maximum loan amount I can avail of on a Car Loan from TATA Capital?

The maximum loan value you can avail of on a car loan is up to 90% of the On Road Price.

What is the loan tenure of the TATA Capital Car Loan?

The loan tenure of the TATA Capital Car Loan is a maximum of 7 years.

✅ Can I get a 100% Car Loan from TATA Capital?

Yes, you can get a 100% Ex-showroom Price car loan from TATA Capital.

How much Processing Fee applies to the TATA Capital Car Loan?

TATA Capital charges a processing fee of 2% Only.

✅ What are the EMI options available on the TATA Capital Car Loan?

TATA Capital Provides two EMI options Step-up EMI and Balloon EMI.

What are the charges for Prepayment in TATA Capital Car Loan?

You can prepay/foreclose your TATA Capital Car Loan with 5% as foreclosure prices.

Can I get a top-up loan on my existing TATA Capital car loan?

You can get a top-up loan on your current car loan from TATA Capital for up to 150% of its value.

Do I need to provide a guarantor to avail myself of a car loan from TATA Capital?

Generally, you don’t need a guarantor for a car loan. However, you may need a guarantor if you don’t meet the eligibility criteria.

How to get the TATA Car Loan Statement?

Get the statement in person by visiting your branch and requesting a detailed statement.

                                                       or

You can get the statement online. To do this, you should have TATA Capital internet funding activated.

How to make a TATA Capital Car Loan Online payment?

Simply log on to online TATA Capital payment to ‘see and pay your bills. You also get an automatic acknowledgement for every bill paid by you using e-PAY. You can also pay through Paytm.

What if I can’t pay the interest on TATA Capital Car Loan for 3 months?

TATA Capital imposes 24% of the exceptional amount or a Fee ranging from Rs.500 to Rs.5000 for not returning the EMI for 3 months.

How can I apply for EMI Moratorium on TATA Capital Car Loan?

You can apply for EMI Moratorium on TATA Capital Car Loans directly from the TATA Capital website’s Loan corner.

✅ What is the number for the TATA Capital Car Loan agent?

Call Dialabank at 9878981166 as it is one of the most trusted TATA Capital Car Loan agents. Dialabank even ensures the best offers on your Car Loan.

✅ Can I close the TATA capital car loan online?

TATA Capital car loans can be closed by visiting the most proximal branch and clearing off the outstanding amount.

✅ What is the TATA Capital Car Loan Customer Care Number?

Call 9878981166 and clear any of your queries with us anytime.

✅ How can I get NOC from the TATA Capital for a Car loan?

You can get NOC directly from the branch for TATA Capital Car Loans.

✅ What is the TATA Capital Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the TATA Capital Car Loan account.
  • Pay the pre-closure charges as per TATA Capital Car Loan.

✅ What are the TATA Capital Car Loan preclosure charges?

TATA Capital Car Loan preclosure charges are 5% of the principal outstanding.

✅ What is the TATA Capital Car Loan maximum tenure?

The TATA Capital Car Loan’s maximum tenure is 7 years.

✅ What is the TATA Capital Car Loan minimum tenure?

The TATA Capital Car Loan minimum tenure is 1 year.

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