Personal Loan in Chennai

Last Updated : Jan. 17, 2017, 1:49 p.m.

Chennai, the capital of Southern state Tamil Nadu, is not only known for its natural beauty, but is also a hub of many automobile and mobile phone manufacturers. Banks have placed themselves all over the city to serve the instant cash needs of people working in these companies and others. They do so via a customized personal loan that you can avail at attractive interest rates along with flexible repayment options.

Apply Personal Loan @ 10.75%* Rate

To borrow a personal loan from banks and financial institutions, you need to have a regular income. The lender provides you a personal loan depending on your income and credit history. Read the page below to know which are the top banks to borrow a personal loan in Chennai.

Top Banks Offering Personal Loans in Chennai

A large number of banks and NBFCs provide personal loans in Chennai and you should know about them so that you can compare the loan offers. You can check the details of the top lenders that offer a personal loan in Chennai, such as personal loan interest rates , the number of branches available in Chennai and their Head Office addresses. Look at the below table.

Note – The number of branches which is shown against lenders is approximate and as per the data till July 21, 2020. Also, the total number of IDFC First Bank branches in Chennai could not be found, so the “-” sign is marked at the respective space.

Personal Loan EMI Calculator

When you borrow a personal loan in Chennai, you have to repay the loan amount later within the selected tenure in Equated Monthly Installments (EMIs). It is good for you to estimate the EMI amount before you apply for a personal loan. Because when you have a certain estimation about the EMI amount, you can manage the repayment as per your finances. You can do this using the Personal Loan EMI Calculator , which generates the EMI amount in a few seconds.

To use this EMI tool, you need to insert loan details like Loan Amount, Interest Rate and Tenure. When you enter all the details, the personal loan EMI Calculator will generate your approximate EMI amount that you will pay every month. You can also find the total interest outgo during the tenure using the EMI tool. To save a lot of time and get accurate results instantly, you could use the EMI tool to manage your personal loan repayment.

Suppose you borrow INR 4 lakh from a bank in Chennai at an interest rate of 11.20% per annum. And the tenure for the repayment of the personal loan ranges from 12 to 60 months. So, what will be your EMI and interest outgo for the said loan? Check out the same below.

Eligibility Criteria

To apply for a personal loan in Chennai, you need to meet the eligibility criteria. What are the eligibility criteria for a personal loan in Chennai? You need to meet the terms and conditions stipulated by the lender to get the loan approved. As personal loans are unsecured loans, so you don’t need to pledge any kind of collateral. The lender will provide you a personal loan based on your income, age, employment status, job history, residing city, and CIBIL score . If you don’t meet the personal loan eligibility criteria, you cannot borrow a personal loan in Chennai. Have a look at the table below to know about the eligibility criteria for personal loans in Chennai.

For Salaried Employees

For Self-employed Individuals

Eligibility Calculator

To borrow a personal loan in Chennai without any scope of loan rejection you should use an eligibility calculator . Yes, a personal loan eligibility calculator computes the loan amount taking your monthly income and existing obligation. You just need to insert the following details to use the calculator.

• Age
• City name
• Monthly salary
• Current obligations
• Employer’s name

After you feed all these details, click on the ‘Submit’ button. And your maximum loan amount will be displayed on your computer screen. To know how it works see the example below.

Example: Suppose, you earn a monthly income of INR 25,000 a month. And there is a sudden medical emergency and you are not even secured with health insurance. Then in this situation, you should apply for an instant personal loan. But wait, check the loan you are eligible for using the personal loan eligibility calculator. As per the eligibility calculator estimation you can borrow up to INR 2.5 lakh. So, apply for it and get funds to your account instantly. And pay for it in Equated Monthly Installments (EMI).

Documents Required for Personal Loan in Chennai

• Identity Proof- PAN Card/Voter ID/Driving License/Aadhaar Card/Passport
• Address Proof- Utility bill/Passport/Aadhar card/Voter ID
• Income Proof- Latest Salary Slip/ ITR/Form-16
• Bank Statement- Last 3-6 Month Bank Statement

Balance Transfer

To save on your personal loan payment in Chennai, you can use the balance transfer facility offered by banks and non-banking finance companies (NBFCs). Using the balance transfer, you could transfer the loan balance to a new lender at a new rate of interest. And for the loan transfer first, you need to find a lender that provides you a lower rate of interest on the loan amount. When you find an ideal lender, transfer your personal loan. Banks and NBFCs charge a nominal fee for the personal loan balance transfer in Chennai. The fee would be dependent on your principal balance of the loan amount. See the example to know why the personal loan balance transfer facility is better.

Example: Suppose, if you have borrowed INR 10 lakh at an interest rate of 18% per annum for 5 years. And if you are finding it to make the loan payment because of this high interest rate, you can go for a personal loan balance transfer. If you find a lender that charges an interest rate of 12.00% on the balance amount, check out the table below to know the amount you save using a balance transfer.

How Can You Apply for Personal Loans Online in Chennai?

You can do it online following a few simple steps shown below.

• Visit the official website of the lender
• Search for the personal loan application form
• Once found, fill your personal & professional details
• The lender will go through the details and approve the loan only upon a successful verification
• Afterward, an executive will come and pick relevant documents from you
• The lender will scan the documents thoroughly before giving the final approval and the subsequent disbursal
• You will get SMS and email intimation the moment the loan is disbursed to your account

How to Apply for a Personal Loan in Chennai Offline?

If you are not comfortable applying online, you can do so offline too. Yes, you can visit the nearest branch of the lender where you want to apply. Go there with the necessary documents and ask for the personal loan application form. Fill the details properly and submit it along with the documents to the concerned official. The lender will go through your application and approve it after verifying the details successfully. Once approved, the lender will sanction and disburse the loan to your bank account. The process could take 3-4 days at least.

How to Access Personal Loan Statement in Chennai?

You can access a personal loan statement on your official email ID. The statement will show the EMI you have paid, the principal and interest paid, as well as the outstanding balance that must be there at a particular time.