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Consumer Durable Loan Interest Rates And Charges

The charges and rates applicable on Tata Capital’s consumer durable loans are extremely nominal, so borrowers suffer no financial burden when they opt for these product loans. In fact, Tata Capital’s consumer durable loan interest rates and charges are so negligible that they pale when compared to the utility of the products borrowers can purchase. A high-priced smartphone or a premium home appliance can conveniently be bought on easy EMIs with 0% EMI interest rates.

We offer 0% EMI on the majority of the Consumer Durable Loan. However, there is an advance EMI that we ask you to pay on the basis of your loan tenure along with a nominal processing fee. Processing fee is charged as part of processing your consumer durable loan request.

Fees and Charges

Availing of product loans involves several consumer durable loan charges. Explained below are some of the fees associated with Tata Capital’s loans.

Processing Fee

The consumer durable loan processing fee is a one-time charge that’s levied by Tata Capital to initiate the process of sanctioning a loan. It can vary from as low as ₹89 to as much as ₹10,030.

Bounce Charges

These are charges that are levied in case the borrower’s cheque bounces due to technical reasons or because of insufficient funds, thereby halting the process of payment. The amount of bounce charges is fixed at ₹450, in addition to GST thereon.

Mandate Rejection Service Charge

In case the borrower’s account does not have an active mandate for automatic EMI payment after the exhaustion of the post-dated cheques given, mandate rejection service charges shall be levied on the EMI due date. Until there is an active mandate linked to the borrower’s account, these charges are to be applied every month at a fixed rate of ₹450 plus GST thereon.

Penal interest/Additional Interest

In case any part or whole of the EMI amount remains overdue, additional penal interest shall be levied at 3% of the amount overdue per month.

Miscellaneous Charges

Charges for obtaining a statement of accounts:

In case the borrower decides to walk into the nearest branch to obtain hard copies of their loan statements, a charge of ₹250 plus GST shall be levied. Soft copies can be obtained free of charge.

Instrument swap charges:

Instrument swap charges shall be levied at the fixed rate of ₹550 plus GST. 

        Aside from these charges, Tata Capital levies no further fees whatsoever. There are no foreclosure charges or loan cancellation charges. Borrowers can also obtain a duplicate repayment schedule or a duplicate NOC without paying any additional fees.        

Foreclosure Charges for Top Up

NIL

Foreclosure Charges in CCOD

NIL

Loan Cancellation Charges

NIL

Instrument Swap Charges

₹ 550 + GST

Duplicate Repayment Schedule

NIL

Duplicate NOC

NIL

Disclaimer

  • The fees/charges indicated above are subject to revision at Tata Capital’s discretion from time to time.
  • For the definitions of the above charges, please refer to the Master Terms & Conditions sheet.
  • Soft copies of documents mentioned in the table above will be provided free of cost. For hard copies, please refer to the above table for the applicable fees & charges.
FAQ

Tata Capital does not charge any fees as cancelation charges on a consumer durable loan. So, you can cancel the loan at any point without any additional financial burden.

If you fail to pay your EMIs within the due date, charges for late payment shall be levied at the rate of 3% on the amount outstanding each month.

If you wish to exchange or swap your consumer durable loan liability or the cash flow with a different financial instrument, you can do so, but you will be charged an additional fee known as instrument swap charges.

 

Tata Capital’s consumer durable loan includes instrument swap charges fixed at ₹550, in addition to GST thereon.

Yes, you can close your consumer durable loan without any additional fees or penalty charges before completing the entire loan tenure.

To subscribe to our EMI Card, applicants are required to pay a one-time fixed fee of ₹299, in addition to GST thereon.

In order to process your application, we charge a processing fee which depends on the product you’ve purchased. Typically, the processing fees range from a minimum amount of ₹89 to a maximum amount of ₹10,030. 

WHY CHOOSE US

CUSTOMIZED PRODUCTS
MINIMUM DOCUMENTATION
EASY APPLICATION PROCESS
STRONG AFTER SALES SERVICE