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Tata Capital Personal Loan Vs. Fullerton India Personal Loan

Personal loans are one of the most accessed options by people in a financial distress. Banks and financial institutions are offering a wide range of loan schemes to borrowers at a competitive interest rate. Rates and terms vary from lender to based on an applicant’s eligibility for a personal loan. 

Tata Capital and Fullerton India are one of the best NBFCs that offer a personal loan to different segments of customer in India. Before you conclude a lender, you must compare personal loan interest rates, other charges, repayment policies and so much. Here is a layer by layer comparison.  

Tata Capital personal loan

Tata Capital is a leading NBFC (Non-Banking Financial Company) in India registered with the Reserve Bank of India (RBI). Tata Capital offer a host of banking and financial products and services. A personal loan is one of key products offered by Tata Capital. Personal loans are offered at affordable interest rate with flexible repayment options. 

What makes Tata Capital personal loans a must-have?  

Multipurpose personal loan: A personal loan availed from Tata Capital can be used for multiple financial purposes, including higher education, medical emergency, wedding, home repair, debt consolidation and a lot more. 

Minimal paperwork: You can get a personal loan from Tata Capital online and by visiting the nearest branch. The application procedure needs minimum paperwork, after approval, the loan amount is transferred into the borrower’s account immediately. Tata Capital makes sure that its customers have a hassle-free experience.

Collateral-free personal loan: No need to submit any asset to get a personal loan from Tata Capital. You have to provide personal and financial details about you such as your income flow, credit score, job or work stability and documents you have. Based on these details, your eligibility is determined. 

Instant disbursal: After document submission, Tata Capital verifies your documents. Once approval is done, you can immediately get a personal loan through Tata Capital’s secure platform. 

No part pre-payment charges: You can prepay the loan after paying 6 EMIs on Tata Capital personal loan. There is no prepayment charge if you pay up to 25% of your personal loan amount.

Overdraft facility: Borrowers can get additional loan on top of the existing loan amount up to an agreed limit on a Tata Capital personal loan. Interest will be charged only on the amount you use. 

Affordable interest rates: Tata Capital personal loans are available at attractive interest rates, starting from as low as 10.75% per annum, which is lowest in the market. Applicant with a good credit score and income can qualify for the best loan and lowest rate. 

Flexible and user-friendly repayment: You can choose from the EMI options as per your cash flow.

  • Standard EMI plan: In accordance with Standard EMI Plan, your EMI will be same throughout the loan period.
  • Step Up Flexi EMI Plan: Pay lower EMI at the beginning and increase the EMI as your salary increases under Step Up Flexi EMI plan. 

Fullerton India personal loan

Fullerton India offers a personal loan to self-employed individuals and salaried employees alike. You can apply for a personal loan up to Rs. 25 lakh from Fullerton India. The personal loan is available at attractive interest rate for multiple purposes such as home repair, medical expenses, weeding, higher education and exotic vacation. Fullerton personal loan can be availed for up to 60 months.

Why should you get a personal loan from Fullerton India?

 

Fullerton personal loans have a host of benefits:

  • Flexible loan amount: A personal loan from Rs. 60,000 up to Rs. 25 lakh can be availed for various reasons. Final amount will be decided based on the repayment capacity.  
  • Minimal documentation: Minimal documentation is required to apply for a Fullerton personal loan and the entire process is digital. 
  • Attractive interest rate: Fullerton personal loans are offered at attractive interest rates starting from 12%.
  • Instant disbursal: If you fulfil all the eligibility criteria, Fullerton India disburses a personal online within 30 minutes of approval.
  • Flexible eligibility criteria: Fullerton India personal loan has very flexible eligibility criteria; borrowers with lower credit score can also get the loan from Fullerton.    
  • Additional benefits for existing customers: The existing customers of Fullerton India can get a host of extra benefits, including top-up loan, digital query servicing and flexible repayment tenure. 

Compare personal loan interest rates and other features of Tata Capital and Fullerton personal loans

Feature Tata Capital Fullerton India
Age limit 22 years to 58 years
  • Minimum age required is 21 years at the time of application 
  • Maximum age limit is 60 years
Income criteria Minimum monthly income Rs. 15,000 For applicants residing in Mumbai and Delhi minimum net monthly salary/ income is Rs. 20,000

For others net monthly salary/ income should be at least Rs. 15000

Loan tenure From 12 month to 72 months From 12 months to 60 months
Rate of interest Starting from 10.75% Starting from 12% p.a.
Processing fee Up to 2.5% of the loan amount + GST Up to 3% of the loan amount + GST
Loan amount Rs. 75,000 up to Rs. 25,00,000 Rs. 60,000 up to Rs. 25 lakh
Penal interest 3% on overdue amount + GST 2% of overdue EMI per month calculated on a daily basis
Post-dated cheques Rs. 850 + GST Rs. 500 for replacement of post-dated cheque to ECS
Cancellation charge 2% of loan amount + GST Rs. 500
Foreclosure charges No prepayment allowed till first 6 months of loan disbursal

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

Foreclosure charges on Fullerton India personal loan are as under:

  • Loan closed between 7 – 17 months – 7% of principal outstanding 
  • Loan closed between 18 – 23 months – 5% of principal outstanding
  • Loan closed between 24 – 35 months – 3% of principal outstanding
  • Loan closed after 35 months – Nil
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)

Note: Rate of interest is subject to periodic change and will be based on an applicant’s age, income, credit score and other eligibility criteria. 

This is a comprehensive comparison between important features of Tata Capital personal loan and Fullerton personal loan. Borrowers can use the personal loan EMI calculator online to figure out the EMI of both lenders.

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