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‘Tata Motors’ is a name to reckon in the automobile space, their durability is evident from the fact that the cabs that ply around India are predominantly Tata brands. Further, in the rural / semi-urban areas the utility vehicles of Tata motors remain most favored. Tata finance was launched to enable more individuals finance their dream car. Further, many people also use the car finance extended by Tata finance to own cars which can be used as cabs. This has become their means of earning a living. Tata finance deals exclusively with all cars manufactured, marketed and distributed in India. They have a wide range of cars including Indica, Indigo, Nexon, Tiago, Hexa, Tigor, Safari Storme, Zest, Nano, Sumo, Harrier, Evision electric, 45X etc., An individual can avail car loan for any of these passenger cars or for their commercial vehicles as well.
Tata motors finance limited was founded in the year 1957 as a subsidiary of its automobile counterpart – Tata Motors Ltd., Tata motors finance limited offers tailor – made solutions to its customers. Tata Car Finance offers flexi-payment options, simple documentation and quick / seamless loan processing which is convenient and time-saving for its customers. Tata Car Finance has a strong foothold in the Indian market. It caters to a wide variety of customers who span across various strata of the society. Tata Car Finance is the preferred financier for many customers who want to buy their dream Tata car.
Tata Car Finance provides a host of benefits which are unique. Tata Car Finance provides finance exclusively to Tata brand of cars. Here is a brief on the key features and benefits that Tata Car Finance offers. These are aspects that customers should be aware of before availing finance from Tata Car Finance.
The eligibility criteria for Tata Car Finance is quite simple, the age range for the individual who is applying should be between 21 – 65 years. The applicant can be a salaried individual, self-employed individual or a company.
Documentation for all car finance companies is quite standard. Tata Car Finance is quite flexible in terms of customizing the requirements based on the type of applicant. However, it ensures that there is a certain stability of income which will enable the customer to pay the EMI conveniently over the tenure chosen. The below documents are required, based on the type of applicant the income proof / other documentation would vary.
Documents for companies –
Documents required for self – employed / professionals –
Documents required for salaried –
Based on the type of applicant, the documents have to be segregated and self-attested copies have to be filed along with filled application. The application can be downloaded from the website or collected physically from any of the Tata finance outlet or Tata motors dealer.
EMI (equated monthly instalment) is the amount that is payable on a monthly basis to the bank / NBFC against the loan borrowed. The two components included in the EMI are Interest and principal amount. The amount payable as EMI is primarily dependent on 2 factors, quantum of loan and tenure of loan.
EMI for loan borrowed from Tata Car Finance can be calculated on their website. One has to enter basic personal details, quantum of loan, tenure and credit score (optional) to arrive at a realistic EMI. The EMI quoted is merely indicative, the actual EMI after the contract is executed can differ based on various aspects such as credit score, existing loan liability, stability of income etc.,
The loan application and disbursal process are extremely tight in Tata Car Finance. They have access to the best-in-class technology and have adapted procedures which optimize operational efficiency. Their turnaround time is quite stringent and the information flow from one department to another is seamless. The loan application and documentation process are extremely simple which makes Tata Car Finance the most preferred financier for all Tata cars. Their entire loan application and disbursement procedure can be broken down into the following steps –
In the case of car finance, there is no need to have additional loan collateral. The underlying asset being purchased (in this case car) will be the collateral and will be seized / sold in the case of non-payment of EMI dues over a course of time.
1. How can I apply for Tata Car Finance loan?
You can either apply online through their website or get in touch with their representative at the nearest branch office who will guide you through the process.
2. What is the time taken for loan sanction?
After submission of loan application along with documents, the loan is approved / sanctioned within 48 hours.
3. Are pre-closure charges applicable with Tata finance?
Pre-closure of loan attracts charges as per company policy. The customer can fore-close the loan completely, but part payment of loan is not allowed by the company.
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