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Key Features of Tata Capital Professional Loan OD

  • Flexible Withdrawals: Professionals can withdraw funds multiple times up to a pre-approved credit limit based on their financial needs, without reapplying each time.
  • Interest on Utilized Amount Only: Interest is charged only on the amount withdrawn, not the entire sanctioned limit. It is calculated on a daily reducing balance and billed monthly.
  • Competitive Interest Rates: Interest rates start at 13.25% per annum for professionals, depending on eligibility, income, business turnover, and credit profile.
  • No Collateral Required: Tata Capital's Professional Loan OD is unsecured and requires no collateral or guarantor.
  • Loan Amount up to ₹75 Lakhs: Borrowers can avail a credit limit of up to ₹75 lakhs to manage business expenses like clinic expansion, equipment purchase, staffing, or working capital.
  • Flexible Repayment Tenure: Repayment tenures range from 12 to 60 months, with options like a fixed-cum-dropline facility. For the fixed period (up to 24 months), borrowers pay only interest, reducing overall borrowing costs.
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    • Minimal Documentation: The application process requires minimal paperwork, including identity proof (e.g., PAN Card, Aadhaar), address proof, income proof (e.g., ITR, P&L statements), and professional qualifications or certifications. This ensures a hassle-free process.
    • Quick Disbursal: Tata Capital offers quick approvals and disbursals, enabling professionals to access funds promptly for urgent needs. Applications can be submitted online or offline with a streamlined process.
    • Multipurpose Usage: The loan can be used for various business-related purposes, such as setting up or expanding an office/clinic, purchasing equipment, hiring staff, or managing day-to-day operations.
    • No Prepayment Charges After Initial Period: No foreclosure or part-payment charges are levied after the first 9 months from disbursement. A 6.5% charge applies if foreclosed or part-prepaid within 9 months, and a 4.5% charge on the principal outstanding thereafter.
    • Online and Offline Application: Professionals can apply online via the Tata Capital website or mobile app by navigating to the “Apply Now” section or offline by visiting a Tata Capital branch. The process is user-friendly for both existing and new customers.
    • Transparency in Charges: Tata Capital ensures transparency with no hidden charges. Additional fees, such as processing fees, EMI bounce charges (₹600 per instance), or mandate rejection charges (₹450), are clearly communicated during loan processing.
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Benefits of Tata Capital Professional Loan OD

  • Flexible Fund Access for Business Needs: The overdraft facility allows professionals to withdraw funds multiple times up to a pre-approved credit limit, providing unparalleled flexibility. Whether it’s for purchasing advanced medical equipment, renovating a clinic, expanding an office, or covering short-term cash flow gaps, professionals can access funds as needed without reapplying for a loan. This is particularly beneficial for professionals with fluctuating financial requirements.
  • Cost-Effective Interest Structure: Interest is charged only on the amount withdrawn and utilized, not on the entire sanctioned limit. Calculated on a daily reducing balance and billed monthly, this structure minimizes borrowing costs. For example, if a professional has a ₹50 lakh OD limit but uses only ₹10 lakh, interest applies only to the ₹10 lakh, making it more economical than traditional loans where interest is charged on the full amount.
    • No Collateral Requirement: As an unsecured loan, the Professional Loan OD does not require professionals to pledge assets like property, vehicles, or other valuables.
    • High Loan Limits for Growth: Professionals can access loan amounts up to ₹75 lakhs, providing substantial funding to support ambitious business goals.
    • Flexible Repayment Options: The OD facility offers repayment tenures ranging from 12 to 60 months, allowing professionals to choose a schedule that aligns with their cash flow.
    • Quick and Hassle-Free Disbursal: Tata Capital streamlines the loan approval and disbursal process, ensuring professionals can access funds quickly.
    • Minimal Documentation: The application process requires only essential documents, reducing paperwork hassles. Typical documents include:
    • Identity Proof: PAN Card, Aadhaar Card, or Passport.
    • Address Proof: Utility bills, rental agreement, or Aadhaar.
    • Income Proof: Income Tax Returns (ITR), Profit & Loss statements, or bank statements.
    • Professional Qualifications: Degree certificates, practice licenses, or registration with professional bodies (e.g., Medical Council for doctors, ICAI for CAs).
    • Multipurpose Usage for Professional Growth: The loan can be used for a wide range of business-related purposes, offering versatility. Common uses include:
    • Expansion: Setting up a new office or clinic branch.
    • Equipment Purchase: Acquiring advanced machinery or technology (e.g., diagnostic tools for doctors or software for architects).
    • Working Capital: Managing day-to-day expenses like salaries, rent, or inventory.
    • Marketing: Investing in advertising or digital presence to attract clients.
    • Debt Consolidation: Clearing high-interest debts to streamline finances.
    • No Prepayment Penalties After Initial Period: Tata Capital allows borrowers to prepay or foreclose the loan without penalties after the first 9 months from disbursal.
    • Transparent Fee Structure: Tata Capital maintains transparency in its fee structure, ensuring no hidden charges surprise borrowers. Additional fees, such as:
    • Processing Fees: A nominal percentage of the loan amount.
    • EMI Bounce Charges: ₹600 per instance.
    • Mandate Rejection Charges: ₹450. are clearly communicated upfront. This transparency builds trust and helps professionals plan their finances accurately.
    • Enhanced Financial Flexibility: Unlike term loans with fixed EMIs, the OD facility allows professionals to manage repayments based on their cash flow.
    • Support for Credit Score Improvement: Timely repayments of the OD facility can positively impact a professional’s credit score.
    • Tailored for Professionals: The loan is specifically designed for professionals, with eligibility criteria and terms that align with their income patterns and business models.
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How to Apply for Tata Capital Professional Loan OD

  • 1. Online Application:
    • Visit the Tata Capital website (www.tatacapital.com) or download the Tata Capital Mobile App (Android/iOS).
    • Navigate to the “Loans” or “Business Loans” section and select “Professional Loan OD”.
    • Click “Apply Now” to begin the process. Existing users can log in, and new users must register with basic details and OTP verification.
    • Fill out the application form with:
      • Personal Information (Name, DOB, contact details)
      • Professional Details (Profession, years of experience, qualifications)
      • Financial Information (Income, turnover, bank details)
      • Loan Requirement (Desired OD limit up to ₹75 lakhs, tenure 12–60 months)
    • Upload digital copies of required documents (identity proof, qualifications, income proof, etc.) in supported formats (PDF/JPEG).
    • Review and submit the application. A confirmation with reference number will be shared via SMS/email.
    • Track your application status online using the application reference number.
  • 2. Offline Application:
    • Use the “Branch Locator” tool on the Tata Capital website to find the nearest branch.
    • Visit the branch and inform staff about applying for the Professional Loan OD.
    • Fill out the physical application form with personal, professional, and financial details. Staff assistance is available if needed.
    • Submit photocopies of required documents. Carry originals for verification.
    • The branch forwards your application to the processing team. You may be contacted for verification or additional information.
  • 3. Verification and Approval:
    • Tata Capital verifies your details, performs a credit check (CIBIL score of 700+ preferred), and assesses professional and financial eligibility.
    • If approved, you’ll receive an offer with OD limit, interest rate (starting at 13.25% p.a.), and repayment terms.
  • 4. Accept Offer & Fund Access:
    • Review and accept the offer online or through branch communication.
    • Once accepted, the OD facility is activated and funds become available for use, typically within a few working days.

Eligibility Criteria for Tata Capital Professional Loan OD

  • Profession: The applicant must be a self-employed professional with valid qualifications and certifications. Eligible professions include:
    • Doctors: MBBS, BDS, MD, MS, or other recognized medical qualifications
    • Chartered Accountants: Registered with ICAI
    • Engineers: Holding a B.Tech, M.Tech, or similar recognized engineering degree
    • Architects: Registered with the Council of Architecture (CoA)
    • Lawyers: Holding an LLB and registered with the Bar Council
    • Other professionals: Company Secretaries, Cost Accountants, Consultants (subject to Tata Capital’s discretion)
  • Age: 21 to 65 years at the time of application or loan maturity (varies by profession and loan terms)
  • Professional Experience: Minimum of 3 years of practice or business operations. Examples:
    • Doctors: 3+ years post-qualification in practice (clinic or hospital)
    • CAs/Lawyers: 3+ years post-registration with respective bodies
  • Minimum Income: Annual income of at least ₹2,50,000 (gross business turnover or professional income).
    • May vary by profession, location (metro or non-metro), and loan amount
    • Verified through ITR, Profit & Loss statements, or bank statements
  • Credit Score: Minimum 700 preferred for better rates (starting from 13.25% p.a.)
    • Lower scores may still be accepted with stricter scrutiny
  • Business Stability: Consistent income from profession/business proven by:
    • ITRs filed for the last 2–3 years
    • Bank statements showing business transactions (6–12 months)
    • Profit & Loss and balance sheets (certified by CA)
  • Nationality and Residency: Must be a resident Indian citizen
    • NRIs and foreign nationals are generally not eligible
  • Valid Professional Credentials: Registration with governing bodies such as:
    • Doctors: MCI or State Medical Council
    • Chartered Accountants: ICAI
    • Lawyers: Bar Council of India/State
  • No Adverse Credit History: Should not have past defaults, bankruptcies, or major overdue payments.
    • Tata Capital performs a credit check to verify financial discipline
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Documents Required for Tata Capital Professional Loan OD

  • Identity Proof (Any one of the following):
    • PAN Card (mandatory for financial transactions and ITR filing)
    • Aadhaar Card
    • Passport
    • Voter ID Card
    • Driving License
  • Address Proof (Any one of the following):
    • Aadhaar Card
    • Utility bills (electricity, water, gas, or telephone) not older than 3 months
    • Passport
    • Rental agreement (registered)
    • Property tax receipt
    • Voter ID Card
  • Income Proof:
    • Income Tax Returns (last 2–3 years) showing professional/business income
    • Profit & Loss Statement (last 2 years), certified by a CA
    • Balance Sheet (last 2 years), certified by a CA
    • Bank Statements (last 6–12 months) of primary business account
  • Professional Qualification Proof:
    • Degree Certificate (e.g., MBBS, BDS, CA, B.Tech, LLB)
    • Registration Certificate with relevant body (e.g., MCI, ICAI, CoA, Bar Council)
    • Practice License (if applicable)
  • Business Proof (If applicable):
    • Business Registration Certificate
    • GST Registration Certificate
    • Shop and Establishment Act License
    • Udyam Registration Certificate (for MSMEs)
  • Photographs: 2–3 recent passport-size photos (taken within the last 6 months)
  • Loan Application Form: Duly filled and signed; submitted online or offline.

Factors Affecting Tata Capital Professional Loan OD

  • Profession and Qualifications: Recognized professionals like doctors (MBBS, MD, BDS), chartered accountants (ICAI), engineers (B.Tech, M.Tech), architects (Council of Architecture), and lawyers (Bar Council) are prioritized. They are considered low-risk due to stable income and professional credibility.
  • Professional Experience: Minimum 3 years of professional or business practice is required. Greater experience can lead to higher OD limits and better terms.
  • Credit Score: Preferred CIBIL score is 700+ for competitive rates (starting from 13.25% p.a.). A score of 800+ can fetch better offers, while lower scores may result in rejection or higher interest.
  • Income and Business Turnover: Minimum annual gross income of ₹2.5 lakh is required. Higher turnover (e.g., ₹50 lakh+) may qualify for larger OD limits, especially in metros.
  • Business Stability: Steady income validated via ITRs (2–3 years), 6–12 months of bank statements, and CA-certified financials improve loan eligibility.
  • Debt-to-Income Ratio: Should ideally be below 40%. Lower debt burden indicates strong repayment capacity and increases approval chances.
  • Age of the Applicant: Applicants must be 21–65 years. Younger professionals have higher tenure flexibility; older applicants may be restricted to shorter periods.
  • Location and Market Conditions: Applicants in metro cities might need higher income to qualify but also benefit from higher loan limits due to better earning potential.
  • Purpose of the Loan: Though multipurpose, ODs for productive use (e.g., clinic setup, equipment purchase) are viewed more favorably than general expenses.
  • Documentation Quality: Complete and valid documents (KYC, income proof, qualification certificates) ensure faster processing. Incomplete or inconsistent paperwork may lead to rejection.
  • Existing Relationship with Tata Capital: Past borrowers or customers with good repayment history may receive pre-approved offers or better interest rates.
  • Credit Utilization and Repayment History: Clean repayment track record and low credit utilization (below 30%) enhance approval chances.
  • Collateral (If Applicable): While usually unsecured, offering property as collateral may help applicants with weaker profiles secure higher OD limits or lower interest rates.

Frequently Asked Questions (FAQs)

What is the Tata Capital Professional Loan OD?
The Professional Loan Overdraft (OD) is a flexible financing option for self-employed professionals like doctors, CAs, engineers, architects, and lawyers. It offers a pre-approved credit limit (up to ₹75 lakhs) from which you can withdraw as needed, paying interest only on the amount utilized.
Who is eligible for the Professional Loan OD?
To be eligible, you must:
  • Be a self-employed professional with valid qualifications
  • Be aged between 21–65 years at the time of loan maturity
  • Have at least 3 years of professional practice
  • Earn a minimum annual income of ₹2,50,000
  • Have a preferred CIBIL score of 700+
  • Provide proof of business stability (like ITRs, bank statements)
What is the maximum loan amount for the Professional Loan OD?
The maximum OD limit is ₹75 lakhs, based on your income, credit profile, experience, and financial standing.
What are the interest rates for the Professional Loan OD?
Interest rates start at 13.25% p.a. for professionals. Rates vary based on your CIBIL score, income, and loan amount. Interest is charged only on the used portion of the credit limit, calculated on a daily reducing balance.
Is collateral required for the Professional Loan OD?
No, this is an unsecured overdraft facility. However, secured options like loan against property may be offered for larger limits or better rates.
What documents are required to apply?
  • Identity Proof: PAN, Aadhaar, Passport, Voter ID, or Driving License
  • Address Proof: Aadhaar, utility bill, Passport, or rental agreement
  • Income Proof: ITRs (2–3 years), P&L statements, CA-certified balance sheets, bank statements (6–12 months)
  • Qualification Proof: Degree (e.g., MBBS, CA), registration with bodies like ICAI, MCI
  • Business Proof (if applicable): GST registration, Shop license
  • Photographs: 2–3 passport-sized
  • Application Form: Filled and signed form
How can I apply for the Professional Loan OD?
Online:
  • Visit www.tatacapital.com or use their mobile app
  • Register/login, fill out the form, upload documents, and submit
Offline:
  • Visit a nearby Tata Capital branch
  • Submit filled application and documents (originals and photocopies)
How long does it take to get the loan approved?
Loan approval generally takes a few working days after document verification. Online applications with complete documentation can be processed faster.
What can I use the Professional Loan OD for?
You can use it for:
  • Expanding your clinic or office
  • Purchasing professional equipment or software
  • Working capital needs like salaries, rent, and supplies
  • Marketing or advertising your services
  • Consolidating other high-interest debts
How does repayment work?
  • Tenure: 12 to 60 months
  • Interest Payment: Only on the amount used, calculated daily
  • Fixed-Cum-Dropline: Interest-only for up to 24 months, then EMI on principal
  • Flexible Repayment: Deposit and withdraw multiple times within limit

List of Tata Capital Personal & Hybrid Loan Facilities

  • Tata Capital Business Loan Hybrid Term Loan (Dropline Facility)
  • Tata Capital Business Loan Hybrid Term Loan (Fixed-Cum-Dropline Facility)
  • Tata Capital Personal Loan Hybrid Term Loan (Step Up Facility)
  • Tata Capital Personal Loan Hybrid Term Loan (Dropline Facility)
  • Tata Capital Loan Against Property (LAP) Hybrid Term Loan
  • Tata Capital Working Capital Loan Overdraft Facility
  • Tata Capital Home Loan Overdraft Facility