TATA Capital Step Up Flexi EMI Plan for Personal Loan

Published date: November 7, 2017
Modified date: November 9, 2017

What is a Step-Up EMI Plan ?

TATA Capital Step Up Loans - Also known as ballooning loans, step up loans allow you to take a personal loan with the facility of paying lower EMIs initially and then the amount increases after a defined period. So, you pay lower EMI in the beginning and higher ones at the end. Step up loans are ideal for people who expect their income to increase after regular intervals.

Is it suitable for you ?

Step up loans are suitable for people who have just started their career and have bright future prospects of raise in their income. By opting for a step up loan you can avail higher eligibility and can start paying lower EMI, which consists of mainly the interest component. After a fixed time, the personal loan EMI increases and the balance loan is paid off. The latter part of EMIs consists of a higher portion of principal amount.

For example: Rajan who is a management graduate needed a travel loan for a vacation he always dreamed about, but his income did not fulfil the personal loan eligibility criteria and the EMI he could pay was lower. Thus, when Rajan opted for a step up loan, he could avail a higher eligibility with EMIs that he could afford. Once he got an annual promotion, he had more money to spare and pay higher EMIs.

Step up loans are a bit risky loans also because if you have anticipated an unrealistic hike in income it would be difficult to pay off the higher EMIs in future. To be realistic you should assume an increment of 2-3% more than the current inflation rate.

Check your EMI using the Personal Loan EMI Calculator.

Advantages of a Step-Up EMI Plan

  • Higher eligibility
  • Pay lower personal loan EMIs at the beginning
  • Higher EMIs when you can afford
  • Periodic increase in EMI amount helps in managing income flow
  • If one has spare money, it can be invested in opportunities with higher returns

Contact seller Share

Related listings

  • Personal Loan in Delhi - Apply Online, Check Eligibility
    Personal Loan in Delhi - Apply Online, Check Eligibility
    Personal Loan New Delhi (Delhi) September 7, 2019
    Apply online for Personal Loans in Delhi available from top banks at fixed interest rates. Staying in a costly place like Delhi can leave a dent in your pocket if expenses and investments are not planned properly. Often, we need Loans during certain ...
  • Get your Salaried Personal Loan
    Get your Salaried Personal Loan
    Personal Loan New Delhi (Delhi) September 7, 2019
    Think of Personal Overdraft or credit line OD henceforth instead of standard fixed EMI based personal loan. Quick on-the-go cash withdrawal facility for salaried professionals against approved loan amount. Personal loans are used for multi-purpose wh...
  • Personal Loan in Kurnool
    Personal Loan in Kurnool
    Personal Loan (Andhra Pradesh) September 2, 2019
    Kurnool is a city in one of the districts of Andhra Pradesh. It lies on the banks of Tungabhadra River and also it is the most popular city of the state.Different Bank and their Interest Rates:BanksRate of InterestProcessing FeeLoan AmountPre-Payment...
  • Personal Loan in Kodad
    Personal Loan in Kodad
    Personal Loan Guntur (Andhra Pradesh) September 2, 2019
    Personal Loan is something which can be availed to fulfil particular demands. A loan can function as monetary support. Also, we can meet our requirements. As a person, we can avail a loan amount up to the range of RS1 lakh to RS25 lakh.Kodad is a tow...
  • Personal Loan in Khammam
    Personal Loan in Khammam
    Personal Loan Guntur (Andhra Pradesh) September 2, 2019
    Khammam is one of historic places and one of the beautiful city in Andra Pradhesh. We can avail a Personal loan in Khammam at a lower rate of Interest and lowest Emi with no hidden charges. Top of FormDifferent Banks and their Interest RateBanksRate ...
  • Personal Loan in Karimnagar
    Personal Loan in Karimnagar
    Personal Loan Guntur (Andhra Pradesh) September 2, 2019
    Collecting and gathering funds is a major task. Many things pop-up into our lives. From home renovation to a holiday trip we need to collect money for each and everything. Personal loan acts as a major fit to help serve and act as a best fit. Karimna...

Comments

    Leave your comment (spam and offensive messages will be removed)

    Personal Loan - Low interest rate personal loans from a wide range of lenders. Get instant approval on your online Personal Loan at lowest Interest Rates through Apply-Loan.com. Instant Apply Loan Special Offers Low interest rates compare loans quick approval Instant quotes on eligibility.