Tata Capital Overdraft
Tata Capital offers a Personal Loan Hybrid Term Loan up to Rs. 35 Lakhs, which allows you to withdraw additional funds when you need. Under, this Tata Capital Overdraft scheme, you only have to pay interest on the amount used by you. The interest starts from 14.75% p.a. onwards, and a processing fee of up to 4% of the loan amount + GST is charged. The scheme offers multiple withdrawals and part-payment facilities at zero additional charges.
Tata Capital Overdraft Loan Details
The key details of Tata Capital overdraft loan are as follows:
| Eligible profiles | Available only for salaried employees |
| Loan amount | Up to Rs. 35 Lakhs |
| Tenure | 36 to 84 months |
| Interest rate | 14.75% p.a. onwards |
| Processing fee | Up to 4% of the loan amount + GST |
| Age | 21 to 58 years |
| Credit score | At least 725 or above |
Tata Capital OD Interest Rate
Tata Capital OD interest rate starts from 14.75% for any loan amount. The final rate of interest may vary based on credit checks and other parameters. Applicants with excellent credit scores and existing relationships with the lender may get favourable interest rates on easy terms.
Key Features of the Tata Capital Overdraft
Below are the key features of the Tata Capital Hybrid Term Loan or overdraft scheme:
- Loan amount: You can avail of a maximum Tata Capital OD limit of up to Rs. 35 Lakhs.
- Tenure: The borrowed loan amount can be repaid within a flexible tenure of up to 84 months.
- Interest rates: Tata Capital OD rate of interest starts from as low as 14.75% per annum.
- Credit amounts: Tata Capital’s Personal Hybrid Term Loan facility accounts enable you to avail of predetermined credit amounts depending on various factors. For example, the loan amount for salaried employees under this scheme can be based on the borrower’s age, financial health, creditworthiness, etc.
- Easy repayment options: With a Personal Loan Hybrid Term Loan, you only need to pay interest on the utilized amount. The lender even offers a part-payment facility without any extra charge.
- Flexible tenures: Tata Capital offers tenures from 36 to 84 months. The period for which your loan amount remains fixed and the Hybrid Term Loan facility period is predetermined.
- Multipurpose usage: The borrowed loan can be used for many reasons, such as expanding your business or financing any urgent personal needs.
- Multiple withdrawals through online transactions: Unlike regular personal loans with just a one-time withdrawal option, this overdraft scheme lets you withdraw funds multiple times. You can also pay back the borrowed amount multiple times.
- Simple documentation: Tata Capital simplifies the paperwork for its Personal Loan Hybrid Term Loan, making the application process incredibly hassle-free.
Types of Tata Capital Overdraft Facility
Tata Capital offers 2 types of Personal Loan: Hybrid Term Loan or Tata overdraft schemes, namely Step Up facility & Dropline facility.
In Step Up facility, the amount remains fixed for a certain tenure and then converts to dropline for the rest of the term basis fixed percentage.
For tenures of 60 and 72 months, the amount will remain fixed for the first year. The Dropdown will start after the completion of one year.
For a tenure of 84 months, the amount will remain unchanged for the first 2 years, and dropdown will start after the completion of two years.
For tenures less than 60 months, the dropline will start immediately with no fixed period.
Fees & Charges of Tata Capital Overdraft
The following are the charges involved in getting a Tata Capital Overdraft facility:
| Processing fee | Up to 4% of the loan amount + GST |
| Part prepayment charges | 4.5% on the part prepayment amount after 12 months & 6.5% on the part prepayment amount before 12 months |
| Foreclosure charges | 4.5% on the dropped down amount; 6.5% for foreclosure during the lock-in period of 12 months |
| Foreclosure report charges | Rs. 199 + GST for a branch walk-in |
| Default in payment due | 3% per month on overdue amount + applicable taxes |
| Dishonour of any cheque/ payment instrument dishonour | Rs. 600 for every dishonour |
| Mandate rejection service charge | Rs. 450 + GST |
| Annual maintenance charges | 0.25% of the reduced assigned amount or Rs. 1,000 (whichever is higher) |
| Statement of accounts | Rs. 250 + GST for a hard copy in case of a branch walk-in |
| Loan cancellation charges | 2% of the loan amount or Rs. 5,750 (whichever is higher) |
| Payment instrument swapping charges | Rs. 550 + GST per instance |
| Duplicate repayment schedule | Rs. 550 + GST per instance |
| Duplicate NOC | Rs. 550 + GST |
Tata Capital Overdraft Eligibility
The eligibility criteria for Tata Capital Hybrid Term Loan are as follows:
- Only salaried individuals can apply
- The applicant must be aged between 21 and 58 years.
- The applicant must have a credit score of at least 725 or above.
The documents required for the Tata Capital Hybrid Term Loan are as follows:
- Photo identity proof: A copy of your Passport/ Aadhaar Card/ Voter ID/ Driving License
- Address proof: A copy of your Passport/ Driving License/ Voter ID/ Aadhaar Card
- Salary slips: A copy of your last 2 months' salary slips
- Income proof: A copy of your salary credit/ primary bank statements for the recent 3 months
- Employment certificate: A certificate mentioning at least 1 year of continuous employment
How to Apply for a Tata Capital Overdraft Loan
You can apply for a Tata Capital Overdraft Loan offline or online.
Steps to follow if you want to apply offline:
- Visit the nearest Tata Capital branch.
- Complete the loan application form and attach all required documents as directed by the executive.
- The loan amount will be disbursed as soon as your application is approved.
Steps to follow if you want to apply online:
- Navigate to Tata Capital’s official website and click on the ‘Apply Now’ button.
- You will be directed to a new window. Here, click on the ‘Existing Customer’ tab to start your application process.
- If you are a new customer, click on the ‘New Customer’ tab and proceed.
- Then, follow the directions on your screen.
- The loan amount will be disbursed as soon as your loan application is approved.
FAQs
At Tata Capital, the minimum overdraft amount offered is Rs. 2,00,000, while the maximum limit is Rs. 35,00,000.
Once you submit a drawdown request on the Tata Capital web portal, the loan amount will be disbursed directly to your registered bank account. Typically the disbursal process takes place either on the same day or the next working day (depending on the banking hours).
To close your Tata Capital overdraft loan, you will have to repay the entire outstanding amount and submit a formal closure request via the online portal of Tata Capital or by visiting a nearby branch. Make sure you receive confirmation for your loan closure from Tata Capital.
Yes, you can use the Tata Capital Overdraft Loan for any purpose, including business expansion, home renovation, medical emergencies, or any general financial need, just like a regular personal loan.
Tata Capital overdraft loan interest rate starts from 14.75% p.a. onwards.
The processing fees for a Tata Capital overdraft is up to 4% of the loan amount + GST.
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