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

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