Tata Capital Business Loan
Starting or expanding a business often requires a substantial amount of capital, and many entrepreneurs and small business owners turn to financial institutions for assistance. You can apply for a Tata Capital Business Loan and get finances for your business up to INR 75 Lakhs. The application process is simple and digital. To know more about the Tata capital business loans, read on.
Interest Rate, Fees & Other Charges
The interest rate, processing fees, and other charges of the Tata Capital Business Loan are given below:
| Interest Rate | For Self-employed Non-professional, the interest rate starts from 16% and goes up to 25%. For Self-employed professionals (other than doctors), the interest rate starts from 13% and goes up to 17.5%. For Self-Employed Doctors, the interest rate ranges from 12% to 15%. |
| Processing Fee | 2% + GST |
| Bounce/Dishonor Charges | Up to INR 2,000 |
| CCOD Annual Maintenance Charges (For CC/OD) | In the first year, 0.75% or INR 1,000, whichever is greater, will be deducted from the limit annually. In subsequent years, 0.50% or INR 1,000, whichever is higher, will be deducted from the limit annually. |
| Document Processing Charges | INR 1,999 + GST |
| Foreclosure Charges | 4.5% on the outstanding amount + Taxes. 6.5% on the outstanding amount + Taxes (if the loan is foreclosed within 9 months). |
| Payment Instrument Swapping | INR 550 + GST |
| Statements of Accounts | INR 250 + GST (Branch walk-in) and nil for soft copies |
| Duplicate Repayment | INR 550 + GST |
| Duplicate NOC | INR 550 + GST |
| Charges for Post-Dated Cheques | INR 199 + GST |
| Post-Dated Cheque Charges | INR 850 + GST |
| Stamp Duty | As applicable by law |
Table of Contents
Features & Benefits of Tata Capital Business Loan
Tata Capital business loans are designed for both business enterprises as well as self-employed individuals. It offers a variety of business products such as MSME/SME Loans, Business Loans for Women, Working Capital Loans, and Machinery Loans.
Tata Capital provides its customers the facility of availing instant business loans without providing any assets as collateral.
Some of the Benefits and features of Tata Capital Business Loan are listed below:
- The NBFC facilitates quick loan disbursement of up to INR 75 Lakhs soon after the approval of the loan.
- Maximum repayment tenure of up to 5 years i.e. 60 months.
- Provides loan with minimal and standard documentation
- Term loan and Overdraft Facility available
- Provides doorstep services to make your borrowings hassle-free.
Tata Capital Business Loan EMI calculator
Eligibility Criteria for Availing Business Loan
The eligibility requirements to avail Tata Capital Business Loans are:
- The age range of the loan applicant must be at least 21 and 65 years at the time of the last EMI payment.
- A business must be stable for at least 2 years.
- The company must be profitable for at least 3 years.
- A minimum credit score of 650.
- The banking balance should at least be INR 5,000.
Also Read: Business Loan eligibility criteria in Detail
Documentation Required For Business Loan
You can apply for a Tata Capital business loan with minimal documentation requirements. You can either submit these necessary documents at your nearest Tata Capital branch or conveniently upload them on their website.
KYC Documents
- Passport-sized photograph
- Identity Proof (PAN Card/Driving License/Passport/Voter’s ID Card/Aadhaar Card)
- Address Proof (Driving License/Passport/Voter’s ID Card/Aadhar Card/Utility bills)
Bank Statements
- Bank and GST statements (last 6 months)
Entity Proof
- Business Registration Certificate
- GST Registration Certificate
- Partnership deed or Sole Proprietorship Declaration
- Trade License
- Shops and Establishment Certificate
Income Proof
- ITR along with Computation of Income (last 2 years)
- Audited financials with Tax Audit Report (last 2 years)
- Profit loss statements (last 2 years)
- Audited balance sheet
How to Apply for a Business Loan
You can apply for a Tata Capital Business loan, by either visiting their nearest branch or going to the website and applying for the loan online.
Online Application Process
You can apply on their website and get instant approval. Utilise their 24×7 virtual assistant for easy application from anywhere, anytime. One can also reach out to their customer care to apply via mobile phone or request a call-back.
Offline Application Process
Visit your nearest Tata Capital branch and connect with one of the representatives. They will assist you in completing the entire application process.
Factors Responsible for Business Loan Interest Rate
Credit Score
Your Credit score, reflecting your creditworthiness, can influence the interest rate on your business loan. Lenders often offer lower rates to borrowers with good scores.
Business Experience
The duration your company has been operating is vital. Longer experience and a strong business track record may lead to a more favourable interest rate on your business loan.
Annual Turnover
Annual turnover, representing your income, plays a role. A higher annual turnover can result in a lower interest rate on your business loan.
Collateral
While business loans are typically unsecured, offering valuable collateral or security can help secure a significantly lower interest rate.
Profits
Lenders also consider your profits for the past years. Healthy financials indicate lower risk, potentially leading to a reduced interest rate on your business loan.
Frequently Asked Questions
What is the Credit score required for a Tata Capital Business Loan?
A Credit Score of 650+ is required for a Tata Capital Business Loan.
What is the interest rate for a Tata capital business loan?
The interest rate for Tata Capital Business Loan currently starts from 15% for Self-employed non-professionals and from 13% for Self-employed professionals.
What is the time period of the Tata Capital business loan?
The tenure of Tata Capital Business loans ranges between 12 to 60 months.
What is Tata Capital’s customer care number?
Tata Capital’s customer care number is 1860-267-6060.
How long does Tata Capital take to approve a loan?
It typically takes 2 to 3 days for the approval of a loan from Tata Capital.
What is the maximum amount of business loan that can be availed from Tata Capital?
A maximum loan amount of INR 75 Lakhs can be availed from Tata Capital.
Business Loan by Banks & NBFCs
