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Tata Capital Personal Loan Vs. Bajaj Finserv Personal Loan

Tata Capital Personal Loan Vs. Bajaj Finserv Personal Loan

 

Nowadays, accessing a personal loan has become very common to get rid of short-term financial problems. Presence of multiple lenders, including banks and NBFCs, offering personal loans at competitive interest rates adds to ease of getting a personal loan. However, each lender has its own offers and policies regarding personal loans. You must understand and compare offers and terms of each lender to get the best personal loan. 

Tata Capital personal loan

Tata Capital is registered with the Reserve Bank of India (RBI) as a Deposit Accepting Non-Banking Financial Company (NBFC). It offers a host of financial services, including retail loans, investment banking and advisory, and wealth products distribution. A personal loan is one of its most accessed products in the market. 

Features and benefits of Tata Capital personal loan

 

Multipurpose personal loan: Tata Capital personal loan can be used for a number of reasons, including a medical emergency, higher education, wedding, home repair, and a lot more. 

Minimal paperwork: You can get a personal loan online from Tata Capital. The application procedure involves minimal paperwork, and, as per your eligibility and requirement, you will get instant approval. Tata Capital makes sure that its customers have a hassle-free experience.

Collateral-free personal loan: Tata Capital offers a collateral-free personal loan. Based on your income flow, credit score, job or work stability and documents you have, your eligibility is determined. 

Instant disbursal: Once you apply personal loan and submit the required documents, the lender verifies your documents. After verification, you can immediately get a personal loan through Tata Capital’s secure platform. 

No part pre-payment charges: After paying 6 EMIs on your personal loan, you can make part pre-payment on a personal loan. If you pre-pay your loan up to 25% of the loan amount, no pre-payment charges will be applicable. 

Overdraft facility: Tata Capital personal loan borrowers can get extra money on top of the existing loan amount up to an agreed limit. Interest is charged only on the amount you use. 

Attractive interest rates: Tata Capital personal loan interest rates are one of the lowest in the market, starting from as low as 10.75% per annum. Applicant with a good credit score and cash flow can get the best interest rate on his loan amount. 

Flexible and user-friendly repayment: You can choose the EMI options as per your budget and time that suits you.

  • Standard EMI plan: In line with Standard EMI Plan, your EMI will remain same throughout the loan period.

  • Step Up Flexi EMI Plan: Under this plan, you can pay lower EMI at the beginning and increase the EMI as your salary increases. 

Bajaj Finserv personal loan 

Bajaj Finserv offers a personal loan up to Rs. 25 lakh to help borrowers fulfil a number of financial obligations such as home renovation, dream wedding, foreign vacation, and credit card bill payment. Bajaj Finserve personal loan comes with a wide range of features and benefits, including: 

Minimum paperwork: You need to go through minimal documentation to apply for a Bajaj Finserv personal loan and you can access and manage the loan from anywhere, at any time.

Instant approval: Enjoy instant approval in minutes after document verification. 

Pre-approved offers: Get pre-approved offers while you apply personal loan.

Multipurpose personal loan: Personal loan can be used for any purpose. 

Collateral free personal loan: Unsecured personal loan offered without asset or security. 

Higher loan amount: Bajaj Finserv offers high-value personal loan amount up to Rs. 25 lakh.

Flexible repayment: You can get a Bajaj Finserv personal loan for a flexible repayment tenure ranging from 12 months to 60 months.

 

Tata Capital personal loan Vs. Bajaj Finserv personal loan 

 

Feature

Tata Capital

Bajaj Finserv

Age limit

22 years to 58 years

23 years and 55 years

Income criteria

Minimum monthly income Rs. 15,000

Net monthly salary would be based on your city of residence:

Rs. 25,000 per Month: Goa, Lucknow, Baroda, Indore, Bhubaneswar, Vizag, Nasik, Aurangabad, Madurai, Mysore, Bhopal, Jamnagar, Kolhapur, Raipur, Trichy, Trivandrum, Vapi, Vijayawada, Jodhpur, Calicut, Rajkot

Rs. 28,000 per month: Jaipur, Chandigarh, Nagpur, Surat, Cochin

Rs. 30,000 per month: Ahmedabad, Kolkata

Rs. 35,000 per month: Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida, Thane

Loan tenure

From 12 month to 72 months

From 12 months to 60 months

Rate of interest

Starting from 10.75%

12.99% onwards

Processing fee

Up to 2.5% of the loan amount + GST

Up to 4.13% of the loan amount

Loan amount

Rs. 75,000 up to Rs. 25,00,000

Up to Rs. 25 lakhs

Penal interest

3% on overdue amount + GST

2% default interest plus taxes per month

Post-dated cheques

Rs. 850 + GST

 

Cancellation charge

2% of loan amount + GST

 

Foreclosure charges

No prepayment allowed till first 6 months of loan disbursal

4.5% of the principal outstanding at the time of prepayment + GST

4% + applicable taxes on outstanding principal

Outstation collection charge

Rs. 100 + GST

 

Part prepayment charges

No part-repayment is allowed in first 6 months

After 6 months, no part-prepayment charges for loan up to 25% of the loan amount

Part prepayment charges 2.5% + GST (on amount over and above 25% of Principal outstanding)

2% + GST on principal outstanding

Duplicate NOC

Rs. 550 + GST

 

 

This is the detailed comparison between Tata Capital personal loan and Bajaj Finserv personal loan. Tata Capital personal loan interest rate and Bajaj Finserv personal loan interest rate will vary from applicant to applicant based on their eligibility. Borrowers can use the personal loan EMI calculator online to find out the EMI.

 

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