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Tata Car Finance

‘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.

Features and benefits of availing car loan from Tata Car Finance

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.

  • Easy, convenient and hassle-free process – The entire loan application process is hassle – free and simple to enable a wide audience to apply for car loan. The logistics are time bound and backed by the best in class technology.
  • Customized solutions and convenient service – Customers are provided with personalized service and customized solutions. The company operates and serves a wide variety of customers. Thus, being too stringent and rigid in their service offerings could hamper their growth pattern. Further, they have access to highly qualified and trained staff members who offer service to customers at their convenience and as per their requirement.
  • Transparency and ethics score high – Tata Car Finance is a company which upholds ethics and integrity in high order. They have operated their business with high levels of transparency and accountability. This holds true to the entire Tata Group of companies. There are no hidden charges or fees extracted from customers. They provide full disclosure of terms and conditions during the loan application process; the customer care is also fully aware of the terms and conditions. The potential borrower can approach the customer care with any clarifications and the same would be provided within 24 hours turnaround time.
  • Easy documentation – The documentation is pretty standard and Tata Car Finance does not have too many legal requirements, they gather enough evidence to establish stability of income and authenticity of identity of the person. Their documentation process is quite simple and easy to adhere to. They also deal with a wide variety of customer profiles and accordingly offer assistance / flexibility for efficient execution of the entire process.
  • Streamlined loan processing and loan disbursal – The loan process is streamlined such that the entire procedure from start to finish is executed without any time lapse. The time lines for turnaround are quite stringent, the flow of information is centralized and seamless given the best-in-industry technology backing. The staff is trained to handle queries and offer appropriate clarifications as required.
  • Nominal interest rates and offers galore – Tata finance operates with a significantly huge volume. Their presence in east and north India is enviable. Given their huge volume of operation, they are able to provide competitive interest rates to customers. Also, they float festive offers from time to time which enables the customer to lock-in attractive interest rates.
  • Quantum of loan and loan tenure – The minimum loan amount extended is Rs. 1.25 lakh, the quantum of loan is 60% of car value – this is comparatively low considering the wide audience they cater to. This policy has also enabled them to lower their bad debts significantly and maintain the health of their Balance Sheet. They offer loans for tenures ranging from 12 months to 60 months. The longer tenure ensures that the customers are able to pay off their EMIs without any hassle.

Eligibility criteria for availing car loan 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.

Documents for availing car loan from Tata Car Finance

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 –

DocumentsCompany
Identity ProofPAN Card of the company
Income ProofLatest 2 years ITR's along with computation of income acknowledged by Income Tax Department, Latest 2 years Audited Financials along with schedule, Annexure, etc.
Address ProofBank Statement / Utility Bills - Max 3 months old (Telephone / Electricity)
Additional documentsLatest 6 months bank statements; company registration documents; tax registration documents
Board Resolution / Partners Authorization Letter/ Members Authorization Letter
Service Tax/ Sales Tax/ VAT Certificate/ Certificate of Incorporation
KYC Documents of Proprietor/ Authorized Signatory
Signature proof

Documents required for self – employed / professionals –

DocumentsSelf-employed
Identity ProofPAN Card, Aadhar, Driving License, Passport, Voter ID Card
Income ProofLatest 3 ITR with computation of Income
Address ProofAadhar/Voter ID/ Driving license / Passport copy / Utility Bills - Max 3 months old (Telephone / Electricity /Water /Gas bill) / Ration card / House tax Slip / Registered Rent Agreement
Other documentsBusiness Bank Statement (income Credit) for 6 months; proof of business
Tin/Vat/Service Tax Certificate, for Agriculturist Proof of Land Tax

Documents required for salaried –

DocumentsSalaried Individuals
Identity ProofPAN Card, Aadhar, Driving License, Passport, Voter ID Card
Income ProofLatest 3 salary slip with Form 16 / ITR
Address ProofAadhar/Voter ID/ Driving license / Passport copy / Utility Bills - Max 3 months old (Telephone / Electricity /Water /Gas bill) / Ration card / House tax Slip / Registered Rent Agreement
Additional documentsSalary Bank Statement for 6 months

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.

How to calculate EMI for car loan availed from Tata Car Finance?

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.,

What is the process for loan application and disbursal?

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 –

  • Choose the car of your preference
  • Check eligibility for loan application
  • Establish loan eligibility
  • Avail loan application, fill in the application
  • Segregate documentation and submit the self-attested documents with loan application
  • Await loan approval (typically is done within 24 hours)
  • Loan is disbursed / sanctioned and customer is allowed to take car delivery
  • Copy of Vehicle registration certificate, insurance policy and invoice are retained by Tata finance

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.

Summary

  • Tata finance operates across various regions of India and has a strong foothold in eastern and northern part of India
  • Tata finance extends loan to all the Tata brand cars / vehicles manufactured, marketed and distributed in India
  • Tata finance has a very simple documentation process
  • Salaried, self-employed and businesses can apply for car loan from Tata finance

Frequently asked questions

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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