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Key Features of Tata Capital Car Loan

  • Loan Amount:
    - New Car Loans: Funding of up to ₹50 lakhs, covering up to 100% of the car's invoice value (ex-showroom price), based on eligibility.
    - Used Car Loans: Financing up to ₹50 lakhs, covering up to 95% of the car’s valuation, minimizing the need for a high down payment.
  • Competitive Interest Rates:
    - New Cars: Highly competitive and personalized rates depending on credit score, tenure, and market trends.
    - Used Cars: Rates starting as low as 10.75% p.a., offering affordability and flexibility based on the borrower’s profile.
  • Flexible Repayment Tenure:
    - New Cars: Repayment period of up to 84 months (7 years), helping you manage EMIs conveniently.
    - Used Cars: Tenures ranging from 12 to 72 months, with options aligned to your financial comfort.
  • EMI Options:
    - Fixed EMI: Consistent EMI payments throughout the tenure—ideal for stable income groups.
    - Flexi EMI: Flexible EMI structure like step-up plans that start with lower EMIs and gradually increase—great for those expecting income growth.
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    • Quick Processing and Minimal Documentation: The application process is streamlined with minimal paperwork, enabling fast approval and disbursal. For both new and used car loans, funds can be credited within 24 to 36 hours after document verification.
      Online applications are supported, allowing you to apply from home with digital document uploads.
    • High Loan-to-Value (LTV) Ratio: - New Car Loans: Up to 100% funding of the car’s invoice value, minimizing the need for additional savings.
      - Used Car Loans: Up to 95% of the car’s value, with premium vehicles eligible for up to 110% LTV under specific conditions.
    • Loan Against Car (Top-Up Loan): Pledge your existing vehicle as collateral to avail additional funds up to ₹50 lakhs or 90%-250% of the car’s value, depending on credit score and repayment history. Ideal for urgent financial needs without selling your car.
    • Pre-Approved Offers: Eligible new and existing customers can enjoy pre-approved car loans, simplifying the process and ensuring faster access to funds.
    • No Additional Collateral Required: The vehicle itself acts as collateral, making the loan more accessible with no need for extra security or guarantees.
    • Convenient Application Channels: Apply online through the Tata Capital website or mobile app, or visit a branch. You can also use virtual assistants like TIA (24/7) and WhatsApp support for a seamless experience.
    • Additional Benefits:
      • Quick disbursal: Funds transferred swiftly post-approval.
      • Customizable plans: EMI structure and loan terms tailored to your needs.
      • Transparency: No hidden charges, full disclosure of terms and fees.
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Benefits of Taking a Car Loan from Tata Capital

  • Affordable Financing with Competitive Interest Rates: Tata Capital offers highly competitive interest rates tailored to your financial profile, starting as low as 10.75% per annum for used car loans. This keeps EMIs manageable, making car ownership more affordable than with higher-rate lenders.
  • High Loan-to-Value (LTV) Funding: For new cars, enjoy up to 100% financing of the invoice value (ex-showroom price), meaning little to no down payment is needed.
    For used cars, funding goes up to 95%, and in premium segments, even up to 110% based on eligibility. This reduces the upfront financial burden.
  • Flexible Repayment Options: Choose tenures of up to 7 years (84 months) for new cars and 6 years (72 months) for used cars. This helps structure EMIs according to your monthly budget.
    Flexi EMI Plans: Start with lower EMIs that increase over time (step-up or structured EMIs), perfect if you expect income growth in the future.
      • Quick and Hassle-Free Process: The loan approval and disbursal process is swift, with funds credited within 24-36 hours of document verification. This speed ensures you can seize car deals without delay.
      • No Need for Additional Collateral: The car itself acts as security for the loan, eliminating the need to pledge other assets. This simplifies the borrowing process and makes it accessible to more people.
      • Customizable Loan Plans: Tata Capital allows you to tailor your loan—choose your tenure, EMI structure, and funding amount based on your financial needs. Whether you prefer fixed EMIs for predictability.
      • Loan Against Car Option: An innovative benefit is the ability to use an existing car as collateral for a top-up loan, providing up to ₹50 lakhs or 90%-250% of the car’s value (based on eligibility).
      • Pre-Approved Offers for Convenience: Existing Tata Capital customers or those with strong credit profiles may receive pre-approved car loan offers.
      • Transparency and Trust: As a trusted NBFC under the Tata Group, Tata Capital ensures no hidden fees or surprise charges. Loan terms are clear from the outset, fostering confidence.
      • Wide Accessibility: Multiple application channels—online via their website or app, in-person at branches.This 24/7 availability enhances customer convenience.
      • Supports Diverse Vehicle Choices: Whether you’re buying a brand-new sedan, an SUV, or a pre-owned hatchback, Tata Capital’s car loans cater to a wide range of vehicles.
      • Financial Flexibility for All: Tailored for both salaried individuals (minimum income ₹20,000/month) and self-employed professionals (minimum income ₹2 lakhs/year), Good credit scores unlock even better rates and terms.
Check Best Gold Loan Offers

How to Apply for a Car Loan with Tata Capital

  1. Eligibility Criteria for Tata Capital Car Loan:
    • Age Criteria: Minimum 21 years at application and maximum 65 years at loan maturity
    • For Salaried Applicants:
      • Minimum monthly income: ₹20,000
      • Employed with private/public/government sector or MNCs
    • For Self-Employed Applicants:
      • Minimum annual income: ₹2 Lakhs
      • Minimum 2 years of business continuity
    • Credit Score: A good credit score (typically 700+) is preferred for better rates
    • Residential Status: Indian citizen residing in India
  2. Documents Required:
    • Identity Proof: Aadhaar / PAN / Passport / Voter ID
    • Address Proof: Aadhaar / Utility Bill / Rental Agreement
    • Income Proof:
      • Salaried: Last 3 months' salary slips, Form 16, bank statements
      • Self-Employed: Last 2 years' ITRs, P&L statement, GST returns, bank statements
    • Vehicle Documents: Invoice or quotation for new cars; RC copy and valuation report for used cars
    • Photograph: Passport-size photo (digital or physical)
  3. Ways to Apply for Tata Capital Car Loan:
    • Online Application (Website or App):
      • Visit www.tatacapital.com or download the Tata Capital Mobile App
      • Navigate to the Car Loan section (New/Used)
      • Use eligibility calculator (optional)
      • Fill in personal, employment, and loan details
      • Upload required documents
      • Submit and get instant reference number
    • Branch Visit:
      • Use the branch locator to find a nearby Tata Capital office
      • Carry documents and fill out the form with assistance
      • Submit and proceed with document verification
    • Customer Support:
      • Call 1860 267 6060 or connect via WhatsApp (check official site for number)
      • Use the TIA chatbot on the website/app for 24/7 assistance
      • Provide details and follow guidance for completing application
  4. Loan Disbursal & Approval:
    • Documents and credit profile are verified
    • Loan offer shared within 24–36 hours of verification
    • Funds disbursed directly to car dealer or seller after acceptance
  5. Repayment Methods:
    • Auto-debit via ECS or NACH
    • Online payments through Tata Capital portal or app
    • Branch visits with cheque/DD if preferred

Eligibility Criteria for Tata Capital Car Loan

  • 1. Age Criteria
    • Salaried Individuals: Must be between 21 and 60 years at the time of loan maturity.
    • Self-Employed Individuals: Must be between 25 and 65 years at the time of loan maturity.
  • 2. Income Requirements
    • Salaried: Minimum monthly net income of ₹20,000. Annual income should typically range between ₹2.5–3 lakhs, based on loan and location.
    • Self-Employed: Minimum annual income of ₹2 lakhs with consistent income over 2-3 years preferred.
  • 3. Employment/Work Experience
    • Salaried: 1-2 years of total work experience, with at least 6 months–1 year in the current job.
    • Self-Employed: Minimum 3 years of business operations; professionals must have equivalent practice duration.
  • 4. Credit Score
    • Preferred CIBIL score: 700 or above for better rates and quicker approval.
    • Applicants with 650+ may still qualify with conditions.
    • No history of defaults or bankruptcy recommended.
  • 5. Residential Stability
    • Must be a resident of India with valid proof of address.
    • Preferred if residing at the same address for 1–2 years.
  • 6. Nationality
    • Applicant must be an Indian citizen.
    • NRIs may require alternate loan products; check with Tata Capital.
  • 7. Car-Specific Requirements
    • New Car Loan: Vehicle must be purchased from an authorized dealer with a valid invoice.
    • Used Car Loan: Vehicle age must be within 5–7 years and requires a valuation report.
  • 8. Documentation
    • Identity Proof: Aadhaar, PAN, Passport, Voter ID, or Driving License
    • Address Proof: Utility bill, Aadhaar, Passport, or rental agreement
    • Income Proof:
      • Salaried: Last 3 months’ salary slips, Form 16, and bank statements (6 months)
      • Self-Employed: Last 2 years ITRs, profit & loss statements, and 6–12 months bank statements
    • Vehicle Documents: Invoice (new car) or RC & valuation report (used car)
    • Photograph: Passport-size photo
  • 9. Additional Considerations
    • Applicants with borderline eligibility may add a co-applicant (e.g., spouse/family) to improve chances.
    • Loan amounts up to ₹50 lakhs available, depending on income and repayment capacity.
  • 10. Who Can Apply?
    • Salaried Employees: Working in private companies, PSUs, or government sectors.
    • Self-Employed Professionals: Doctors, lawyers, CAs, architects, etc.
    • Business Owners: Proprietors, partners, or directors of registered firms.
Check Best Gold Loan Offers

Documents Required for Tata Capital Car Loan

  • 1. Identity Proof (Any One):
    • Aadhaar Card, PAN Card (mandatory for credit checks and tax purposes)
    • Passport, Voter ID
    • Driving License
    • Government-issued ID (e.g., for PSU employees)
  • 2. Address Proof (Any One):
    • Aadhaar Card (if not used as ID proof)
    • Utility Bill (electricity, water, gas — dated within the last 3 months)
    • Passport
    • Voter ID
    • Rental Agreement (registered)
    • Bank Passbook/Statement (with address, stamped by the bank)
  • 3. Income Proof:
    • For Salaried Individuals:
      • Salary Slips (last 3 months)
      • Form 16 (latest, issued by employer)
      • Bank Statement (last 6 months, showing salary credits)
      • Appointment Letter or Employment Certificate (optional)
    • For Self-Employed Individuals:
      • Income Tax Returns with computation (last 2 years)
      • Profit & Loss Statement and Balance Sheet (last 2 years, certified by a CA)
      • Bank Statement (last 6–12 months, from primary business/personal account)
      • Business Proof (e.g., GST certificate, shop license — optional)
  • 4. Vehicle-Related Documents:
    • For New Car Loan:
      • Proforma Invoice or Quotation from the authorized dealer (mentioning ex-showroom price)
      • Car details (make, model, variant)
    • For Used Car Loan:
      • Registration Certificate (RC) copy of the vehicle
      • Valuation Report from an approved evaluator
      • Insurance Copy (current policy)
      • Ownership Transfer Documents (if applicable)
  • 5. Photograph:
    • Recent passport-size photograph (1–2 copies, physical or digital as per mode)
  • 6. Application Form:
    • Duly filled and signed Tata Capital Car Loan application form (available online or at branches)

Key Factors for a Tata Capital Car Loan

  • 1. Credit Score:
    • CIBIL score of 700+ improves approval chances and lowers interest rates.
    • Scores below 650 may result in higher rates or rejection.
    • A clean credit history strengthens your application.
  • 2. Income Level:
    • Salaried: Minimum ₹20,000/month or ₹2.5–3 lakhs/year.
    • Self-Employed: Minimum ₹2 lakhs/year post-tax profit.
    • Higher income can qualify for loans up to ₹50 lakhs.
  • 3. Employment Stability:
    • Salaried: 1–2 years of experience, with at least 6–12 months in the current job.
    • Self-Employed: Business operational for 3+ years with steady revenue.
  • 4. Debt-to-Income (DTI) Ratio:
    • Ideal DTI: 40–50%. EMIs shouldn’t exceed half of your income.
    • High DTI can reduce loan eligibility.
  • 5. Loan Amount & Loan-to-Value (LTV) Ratio:
    • New Car: Up to 100% of ex-showroom price (max ₹50 lakhs).
    • Used Car: Up to 95% of valuation, sometimes 110% for premium cars.
  • 6. Interest Rate:
    • Starts at 10.75% p.a. for used cars; new car rates range from 9–15%.
    • Rates depend on your profile: credit score, income, tenure, and car type.
  • 7. Loan Tenure:
    • New Car: Up to 7 years (84 months).
    • Used Car: Up to 6 years (72 months).
    • Longer tenure reduces EMIs but increases total interest.
  • 8. Type of Car:
    • New Car: Any model from an authorized dealer.
    • Used Car: Not older than 5–7 years; valuation required.
  • 9. Age of Applicant:
    • Salaried: 21–60 years at loan maturity.
    • Self-Employed: 25–65 years at loan maturity.
  • 10. Documentation:
    • Submit valid ID, address, income, and vehicle-related documents.
    • Incomplete or inconsistent paperwork can delay approval.
  • 11. Co-Applicant or Guarantor (Optional):
    • A strong co-applicant can improve your eligibility and loan terms.
    • Helpful if you have low income or credit issues.
  • 12. Market Conditions:
    • Interest rates depend on RBI policy and economic trends.
    • Festive offers may provide better rates or relaxed criteria.

FAQs On Tata Capital Car Loan

What is a Tata Capital Car Loan?
A Tata Capital Car Loan is a financing option offered by Tata Capital, an NBFC, to help you purchase a new or used car. It provides funding up to ₹50 lakhs with competitive interest rates, flexible repayment tenures, and minimal documentation.
What types of car loans does Tata Capital offer?
Tata Capital offers:
  • New Car Loans: For purchasing brand-new vehicles.
  • Used Car Loans: For financing pre-owned vehicles.
  • Loan Against Car: A top-up loan using an existing car as collateral.
What is the maximum loan amount I can get?
You can avail up to ₹50 lakhs for both new and used car loans, depending on your eligibility and the car’s value.
What is the loan tenure offered?
  • New Car Loans: Up to 7 years (84 months).
  • Used Car Loans: Up to 6 years (72 months).
Tenure can be customized based on your repayment capacity.
Can I get 100% funding for my car?
Yes, for new cars, Tata Capital offers up to 100% funding of the invoice value (ex-showroom price). For used cars, up to 95% of the valuation is available, with some premium cases eligible for up to 110%.
Who is eligible for a Tata Capital Car Loan?
Salaried Individuals:
  • Age: 21-60 years at loan maturity.
  • Minimum monthly income: ₹20,000.
  • Work experience: At least 1-2 years, with 6 months to 1 year at the current job.
Self-Employed Individuals:
  • Age: 25-65 years at loan maturity.
  • Minimum annual income: ₹2 lakhs.
  • Business operational for at least 3 years.
A good credit score (preferably 700+) enhances approval chances.
What documents do I need to apply?
Identity Proof: PAN, Aadhaar, Passport, Voter ID, etc.
Address Proof: Utility bill, Aadhaar, rental agreement, etc.
Income Proof:
  • Salaried: 3 months’ salary slips, Form 16, 6 months’ bank statements.
  • Self-Employed: 2 years’ ITR, P&L statements, 6-12 months’ bank statements.
Vehicle Documents:
  • New Car: Dealer invoice/quotation.
  • Used Car: RC, valuation report, insurance copy.
Others: Passport-size photograph.
How can I apply for a Tata Capital Car Loan?
  • Online: Via the Tata Capital website or mobile app by filling out the form and uploading documents.
  • Branch: Visit a Tata Capital branch with documents and submit a physical application.
  • Customer Support: Call 1860 267 6060 or use WhatsApp/TIA (virtual assistant) for guidance.
How long does it take to get approval?
Approval typically takes 24-36 hours after document verification, with funds disbursed shortly after.
Can I apply with a co-applicant?
Yes, you can include a co-applicant (e.g., spouse or family member) to strengthen your application if your income or credit score is insufficient.

List of Tata Capital Car Loans

  • Tata Capital New Car Loan
  • Tata Capital Used Car Loan (Pre-Owned Car Loan)
  • Tata Capital Electric Vehicle (EV) Car Loan
  • Tata Capital NRI Car Loan
  • Tata Capital Top-up Car Loan
  • Tata Capital Loan Against Car (Car Refinance Loan)
  • Tata Capital Luxury Car Loan
  • Tata Capital Insta Car Loan (Instant Approval Online)
  • Tata Capital Pre-approved Car Loan
  • Tata Capital Car Loan for Agriculturists
  • Tata Capital Commercial Vehicle Loan
  • Tata Capital Car Loan Balance Transfer