Personal Loan in 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.

Top Banks Offering Personal Loan in Chennai

Bank NameBank NameProcessing Fee
State Bank of India (SBI)10.35% - 14.75%NIL-1% of the Loan Amount + GST
HDFC Bank10.75% - 21.45%NIL-2.50% of the loan amount + GST
ICICI Bank10.99% - 18.49%₹999-2.25% of the loan amount + GST
Axis Bank12.00% - 24.00%1.50%-2.00% of the loan amount + GST
Punjab National Bank9.95% - 13.50%0.35% of the loan amount, subject to a minimum of ₹2,500 and maximum of ₹15,000
Bank of India11.50% - 13.50%2% of the loan amount
Bank of Baroda10.50% - 15.50%2% of the loan amount, subject to a minimum of ₹1,000 and maximum of ₹10,000
Central Bank of India11.00% - 11.05%₹500 + GST
IDBI Bank9.65% - 14.00%As applicable by the bank

Personal Loan Chennai Interest Rate

ParticularsDetails
Interest Rates9.25% - 33.00%
Processing Fee1%-2.00% of the loan amount+GST
Pre-payment Charges3%-5.00% of the principal outstanding+GST
Repayment Period Upto 5 Years
Lowest EMI ₹2,204-2,935 (per Lakh)

Eligibility Criteria

Personal Loans in Chennai for Salaried

AspectsWhat’s Required
Age21-60 Years
Minimum Annual Income₹1,44,000-1,80,000
Overall Experience2-3 Years
Minimum Work Experience with the Current Employer1 Year

Personal Loans in Chennai for Self-employed

AspectsWhat’s Required
Age24-65 Years
Minimum Annual Income₹1,80,000-2,00,000
Stability in the Same Profession2-3 Years

Personal Loan Chennai Calculator

A personal loan EMI Calculator online is one such device that lets you know your EMIs, Interest Outgo and Total Amount Payable in the easiest manner. This smart tool takes into consideration the loan amount, interest rate and tenure to display the calculations before you.

The table below shows the calculations on a loan amount of ₹5 Lakh, taken for a tenure of 4 years at an interest rate of 11.59% per annum. Take a look.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 5,00,00011.59%1₹ 44,329₹ 31,943₹ 5,31,943
₹ 5,00,00011.59%2₹ 23,441₹ 62,587₹ 5,62,587
₹ 5,00,00011.59%3₹ 16,509₹ 94,339₹ 5,94,339
₹ 5,00,00011.59%4₹ 13,066₹ 1,27,191₹ 6,27,191

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

YearPrincipalInterestBalance Amount
1₹ 1,04,271₹ 52,526₹ 3,95,728
2₹ 1,17,019₹ 39,778₹ 2,78,708
3₹ 1,31,326₹ 25,471₹ 1,47,382
4₹ 1,47,507₹ 9416₹ 0

Documents Required for Personal Loan in Chennai

  • Identity Proof- PAN Card/Voter ID/Driving License/Aadhar 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

Personal Loan Providers in Chennai for CIBIL Defaulters

People having a low cibil score or those who have defaulted earlier, don’t need to worry as there are many lenders in Chennai that offer a personal loan to such borrowers. That’s Right! There are many loan providers in the city, best known for offering the personal loan to cibil defaulters. However, for such applicants, the credit is available at higher interest rates along with high loan charges.

How Can You Apply for Personal Loans in Chennai?

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

  • Visit the official website of the lender
  • Search for personal loan applicattion form
  • Once found, fill your personal & professional details
  • The lender will go through the details and approve the loan only upon a succcessful 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 Access Personal Loan Statement in Chennai?

You can access 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.

People Also Look For

  • Free CIBIL Score
  • Personal Loan Interest Rates April 2020
    Bajaj Finserv10.99% - 16.00%
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.99% - 18.40%
    IndusInd Bank10.99% - 16.00%
    Kotak Bank10.99% - 20.99%
    RBL13.00% - 18.00%
    Standard Chartered Bank10.99% - 18.00%
    Tata Capital10.99% - 18.00%