Tata Capital vs IndusInd Personal Loan

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A personal loan is a type of unsecured credit that you can get without putting up any security. A personal or unsecured loan, unlike other loans, has simple eligibility criteria, exclusive incentives, and unlimited end-use to help you finance your immediate costs, such as a medical emergency or a foreign trip.

Tata Capital offers simple Personal Loans with low interest rates that start at 10.99 %. Get a loan up to INR 35 lakhs with a simple online application, minimum documents, and simple eligibility requirements. Get Tata Capital Personal Loans with flexible terms up to 6 years and pay your EMIs when it’s convenient for you. Tata Capital provides quick loan processing and personalised Personal Loan options to help you achieve your various financial goals.

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Established in the year 1994, IndusInd Bank is the first among the new-generation private banks in India. IndusInd Bank, with its attractive interest rates offers personal loans at an interest rate starting at 10.99% p.a. With the lowest personal loan interest rates, you can also enjoy the benefit of lowest EMIs and can have a hassle-free journey in the future. Whether you need funds for home construction, renovation, family vacation, medical emergencies or any other personal financial need, IndusInd Bank caters all your needs so that you can enjoy a simple and quick personal loan. 

Difference between Tata Capital and IndusInd Bank Personal Loan

  1. Interest Rate- You can avail a Tata Capital personal loan at affordable rate of interest, that can range from 10.49% per annum to 17.99% per annum. Whereas, you can get a personal loan from IndusInd Bank at interest rates ranging from 10.49% p.a. to 20.00% p.a.
  2. Processing Fees- Tata Capital charges a processing fee of up to 2.50% of the loan amount to process the personal loan application. On the other hand, IndusInd Bank can charge a processing fee anywhere from 0.75% to 1.75% of the loan amount depending on the applicant’s profile. 
  3. Loan Amount- In Tata Capital an individual can apply for a loan amount from INR 75,000 to INR 25 lakh. Whereas, an individual can apply for an IndusInd Personal Loan of INR 50,000 to INR 25 lakh. However, the final loan amount is determined by the bank after evaluating the overall eligibility of the applicant. 
  4. Loan Tenure- The loan tenure can range from 12 months to 72 months for a Tata Capital personal loan. While, for an IndusInd personal loan an applicant can apply for a personal loan with loan tenure ranging from 12 months to 60 months. 
  5. Lowest EMI per lakh- The loan EMI is influenced by a number of factors including the loan amount as well as the loan tenure. However, the lowest EMI calculated for the lowest loan amount at the lowest interest rate for both the banks are as follows:
  • Tata Capital Personal Loan EMI is INR 1,877
  • IndusInd Bank Personal Loan EMI is INR 2,149
  1. Prepayment Facility- While IndusInd Bank does not allow the prepayment facility, you can make prepayments if you wish to opt for a Tata Capital personal loan. However, Tata Capital only allows prepayments in a personal loan after 6 months of the loan tenure. Moreover, you can make prepayments in Tata Capital personal loan without paying any prepayment charges. 
  2. Eligible Age- The age limit to apply for a Tata capital personal loan is set from 21 years of age to 58 years of age. On the other hand, in order to be able to apply for an IndusInd personal loan the applicant should be within the age group of 21 years to 60 years. 

These are some of the differences between the personal loans offered by Tata Capital and IndusInd Bank. Moreover, it is advisable to always check your eligibility before applying for a personal loan in order to avoid rejection.

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