Personal Loan in Chennai

Highlights

  • Want to know the lenders that can offer you a personal loan in Chennai?
  • Read this post that tells you the best lenders along with their branch and personal loan offers for the people of Chennai

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.

List of BanksMain Branch AddressTotal Number of Branches in ChennaiPersonal Loan Interest RatesProcessing fee
HDFC Bank759, ITC Centre, Anna Salai, Chennai - 600002, Tamil Nadu11210.75% - 21.30%NIL - 2.50% of the loan amount plus applicable GST
ICICI Bank1, Cenotaph road, chennai - 60001810310.75% - 17.50%INR 1,999 - 2.25% of the loan amount GST
IDFC First BankIDFC FIRST Bank Ltd
KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
-10.99% - 22.00%2.00% - 2.50% of the loan amount
YES BANKNungambakkam Uthamar Gandhi salai opposite Park Hotel, Nungambakkam, Chennai, Tamil Nadu 6000341110.45% OnwardsUp to 2.50% of the loan amount subject to a minimum of INR 999 + taxes
IndusInd BankNo.3 village road Nungambakkamchennai - 6000342211.00% Onwards1% - 3% of the loan amount + GST
RBL BankRBL Bank Ltd. First floor Rashmi Towers No.1, Valluvarkottam High road, Nungambakka, Chennai, Tamil Nadu - 600034517.50% - 26.00%2% - 2.5% of the loan amount
Kotak Mahindra BankCapital E ground floor, 555, Anna salai, Chennai - 6000181110.75% - 17.99%0.99% - 2.25% of the loan amount + GST
Fullerton IndiaFirst & Second Floor, Nahar Enclave, No:-17/1, Arulambal Street, Thiyagaraya Nagar, Chennai - 600017, Tamil Nadu214.00% - 24.00%0% - 6.00% of the loan amount
Bajaj FinservUnit no. 804 805 806 8th floor delta wing Raheja towers 177 Anna Salai, Chennai - 600 002410.99% - 16.00%Up to 3% of the loan amount
Tata CapitalFirst Floor, Centennial Square, Dr.Ambedkar Salai, Kodambakkam, Chennai 600204210.99% - 18.00%INR 999 - 2.50% of the loan amount
State Bank of India (SBI)Tripilicane Tamil Nadu, Chennai-6000052469.60% - 13.60%Nil - 1% of the Loan Amount + GST
Bank of BarodaIBB Madras branch, P.B.No.5018, 45, Moore street, Chennai, 6000015410.10% - 15.20%2% of the loan amount
Minimum: INR 1,000
Maximum: INR 10,000
Canara BankNo.563/1, Anna Salai Ground floor, Teynapet, Chennai - 600018,11810.20% - 13.90%0.5% of the loan amount + GST
Standard Chartered BankMylapore - Raja Rajeshwari Towers 29/30, Dr.Radhakrishnan salai, Chennai - 600004611.00% - 15.00%2.00% - 2.50% of the loan amount + GST
Axis Bank82 Dr. Radhakrishnan salai Mylapore, Chennai, 6000047612.00% - 24.00%1.50% to 2.00% of the loan amount + GST

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.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 4,00,00011.20%1₹ 35,390₹ 24,680₹ 4,24,680
₹ 4,00,00011.20%2₹ 18,680₹ 48,327₹ 4,48,327
₹ 4,00,00011.20%3₹ 13,133₹ 72,803₹ 4,72,803
₹ 4,00,00011.20%4₹ 10,377₹ 98,101₹ 4,98,101
₹ 4,00,00011.20%5₹ 8737₹ 1,24,215₹ 5,24,215

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance Amount
1₹ 63,223₹ 41,620₹ 3,36,776
2₹ 70,679₹ 34,164₹ 2,66,097
3₹ 79,014₹ 25,828₹ 1,87,083
4₹ 88,332₹ 16,510₹ 98,750
5₹ 98,830₹ 6093₹ 0

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

Eligibility CriteriaDetails
Age21 to 60 years
Monthly IncomeINR 15,000 to INR 50,000 (changes from one lender to another)
Overall Work ExperienceA minimum of 2 to 3 years
Work Stability with Current EmployerA minimum of 1 year

For Self-employed Individuals

Eligibility CriteriaDetails
Age24 to 65 years
Annual IncomeINR 1,80,000 to INR 2,00,000
Overall Experience in the Business/ProfessionA minimum of 2 to 3 years

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.

List of BanksMain Branch AddressTotal Number of Branches in ChennaiPersonal Loan Interest RatesProcessing fee
HDFC Bank759, ITC Centre, Anna Salai, Chennai - 600002, Tamil Nadu11210.75% - 21.30%NIL - 2.50% of the loan amount plus applicable GST
ICICI Bank1, Cenotaph road, chennai - 60001810310.75% - 17.50%INR 1,999 - 2.25% of the loan amount GST
IDFC First BankIDFC FIRST Bank Ltd
KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
-10.99% - 22.00%2.00% - 2.50% of the loan amount
YES BANKNungambakkam Uthamar Gandhi salai opposite Park Hotel, Nungambakkam, Chennai, Tamil Nadu 6000341110.45% OnwardsUp to 2.50% of the loan amount subject to a minimum of INR 999 + taxes
IndusInd BankNo.3 village road Nungambakkamchennai - 6000342211.00% Onwards1% - 3% of the loan amount + GST
RBL BankRBL Bank Ltd. First floor Rashmi Towers No.1, Valluvarkottam High road, Nungambakka, Chennai, Tamil Nadu - 600034517.50% - 26.00%2% - 2.5% of the loan amount
Kotak Mahindra BankCapital E ground floor, 555, Anna salai, Chennai - 6000181110.75% - 17.99%0.99% - 2.25% of the loan amount + GST
Fullerton IndiaFirst & Second Floor, Nahar Enclave, No:-17/1, Arulambal Street, Thiyagaraya Nagar, Chennai - 600017, Tamil Nadu214.00% - 24.00%0% - 6.00% of the loan amount
Bajaj FinservUnit no. 804 805 806 8th floor delta wing Raheja towers 177 Anna Salai, Chennai - 600 002410.99% - 16.00%Up to 3% of the loan amount
Tata CapitalFirst Floor, Centennial Square, Dr.Ambedkar Salai, Kodambakkam, Chennai 600204210.99% - 18.00%INR 999 - 2.50% of the loan amount
State Bank of India (SBI)Tripilicane Tamil Nadu, Chennai-6000052469.60% - 13.60%Nil - 1% of the Loan Amount + GST
Bank of BarodaIBB Madras branch, P.B.No.5018, 45, Moore street, Chennai, 6000015410.10% - 15.20%2% of the loan amount
Minimum: INR 1,000
Maximum: INR 10,000
Canara BankNo.563/1, Anna Salai Ground floor, Teynapet, Chennai - 600018,11810.20% - 13.90%0.5% of the loan amount + GST
Standard Chartered BankMylapore - Raja Rajeshwari Towers 29/30, Dr.Radhakrishnan salai, Chennai - 600004611.00% - 15.00%2.00% - 2.50% of the loan amount + GST
Axis Bank82 Dr. Radhakrishnan salai Mylapore, Chennai, 6000047612.00% - 24.00%1.50% to 2.00% of the loan amount + GST

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.

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  • Personal Loan Interest Rates December 2020
    Fullerton India14.00% - 24.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.75% - 17.50%
    IndusInd Bank11.00% - 23.00%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 26.00%
    Standard Chartered Bank11.00% - 15.00%
    Tata Capital10.99% - 19.75%