Personal Loan Apply5263 views
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.
Table of Contents
- 1 Top Banks Offering Personal Loan in Chennai
- 2 Personal Loan Chennai Interest Rate
- 3 Eligibility Criteria
- 4 How Can You Apply for Personal Loans in Chennai?
- 5 How to Access Personal Loan Statement in Chennai?
Top Banks Offering Personal Loan in Chennai
|Bank Name||Bank Name||Processing Fee|
|State Bank of India (SBI)||10.35% - 14.75%||NIL-1% of the Loan Amount + GST|
|HDFC Bank||10.75% - 21.45%||NIL-2.50% of the loan amount + GST|
|ICICI Bank||10.99% - 18.49%||₹999-2.25% of the loan amount + GST|
|Axis Bank||12.00% - 24.00%||1.50%-2.00% of the loan amount + GST|
|Punjab National Bank||9.95% - 13.50%||0.35% of the loan amount, subject to a minimum of ₹2,500 and maximum of ₹15,000|
|Bank of India||11.50% - 13.50%||2% of the loan amount|
|Bank of Baroda||10.50% - 15.50%||2% of the loan amount, subject to a minimum of ₹1,000 and maximum of ₹10,000|
|Central Bank of India||11.00% - 11.05%||₹500 + GST|
|IDBI Bank||9.65% - 14.00%||As applicable by the bank|
Personal Loan Chennai Interest Rate
|Interest Rates||9.25% - 33.00%|
|Processing Fee||1%-2.00% of the loan amount+GST|
|Pre-payment Charges||3%-5.00% of the principal outstanding+GST|
|Repayment Period||Upto 5 Years|
|Lowest EMI||₹2,204-2,935 (per Lakh)|
Personal Loans in Chennai for Salaried
|Minimum Annual Income||₹1,44,000-1,80,000|
|Overall Experience||2-3 Years|
|Minimum Work Experience with the Current Employer||1 Year|
Personal Loans in Chennai for Self-employed
|Minimum Annual Income||₹1,80,000-2,00,000|
|Stability in the Same Profession||2-3 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 Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||11.59%||1||₹ 44,329||₹ 31,943||₹ 5,31,943|
|₹ 5,00,000||11.59%||2||₹ 23,441||₹ 62,587||₹ 5,62,587|
|₹ 5,00,000||11.59%||3||₹ 16,509||₹ 94,339||₹ 5,94,339|
|₹ 5,00,000||11.59%||4||₹ 13,066||₹ 1,27,191||₹ 6,27,191|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|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.