Rs. 1 lakh to Rs. 1 crore
1 year to 5 years
Up to 2% of the loan amount
Up to 5% of the outstanding principal
Personal Loan in Chennai is an unsecured loan which can be availed by any individual for any kind of financial needs. Unsecured loans are the ones that do not require any collateral security for availing funds. Personal loans are quite common in banking industry these days. Loanbaba is your trusted personal loan provider in Chennai. This fintech firm helps you to access top banks such as HDFC Bank, Muthoot Finance, Kotak Mahindra Bank, RBL Bank and other financial institutions for getting funds.
Chennai, a 369-years old city, which was known as Madras earlier, is the state capital of Tamil Nadu and is 6th largest Indian city in terms of population. Considered in world’s one of the fastest growing cities, Chennai also has a rich culture. The city is a major medical tourism destination. Also, as the city is fast paced, the residents often are in need of quick cash for myriad expenses, which can be fulfilled with a personal loan from financial institutions. You can compare personal loans interest rates in Chennai at loanbaba.com.
Many NBFCs along with Private and public sector banks offer personal loans in Chennai. Usually, personal loans are granted taking into consideration one’s employment status, annual income and repaying capacity. Here are the features of this type of collateral-free loan:
Some of the top banks which offer personal loans in Chennai are HDFC Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank etc. Before taking personal loan one can check individual eligibility and assess repaying capability through tools like EMI calculator available on our website. Below-given are the benefits of taking Chennai personal loan on Loanbaba.
If you want to apply for a personal loan in Chennai, then we are here with several offers from top banks and NBFCs. To be eligible to apply, you need to meet a few criteria for getting the application approved by the lending institution. Below mentioned are few of such criteria:
For getting your personal loan sanctioned you need to produce your:
Salaried Individual: In case of salaried employees, salary slips for last 3 months and bank statement (in which salary is credited) for last 6 months needs to be rendered.
Self-Employed Individual: For self-employed people, address proof of the office, proof of business continuity and office ownership, and audited financial statements need to be provided.
State Bank of India offers the lowest rate at 10.50% followed by the HDFC Bank (10.75%). Thus, the lowest monthly instalment for Rs. 1 lakh is Rs. 2,149. Here are some of the features of Personal Loan Interest Rate in Chennai:
One of the best things about taking a personal loan is the flexible repayment terms and conditions. You can literally choose tenure and amount of your choice depending on your repayment ability. In secured loans, the amount of fund approved depends on the value of the asset to be secured with the lender. Here, your monthly income or ability to repay takes a secondary consider, but however remains important. In the matter of a personal loan, your repayment capacity resumes importance because the borrowing is collateral-free. Here are some of the terms and conditions regarding personal loan repayment:
Our website helps you access finance within just a few hours. All you have to do is apply for a personal loan if you are in Chennai, and we are here to do the needful. We will guide you through the loan application process by understanding your need for funds. Based on your requirement, we will find you the right match of bank/NBFC to meet your financial needs.
Here are the FAQs on Personal Loan Chennai:
A personal loan is collateral-less. Thus, when borrowing funds, you need not submit any security. This is why banks and NBFCs strictly check your income and financial profile along with credit score before approving your loan application. Also, you do not require to refer a guarantor to get the funds. The financial institution will verify documents your end and check for your repayment capacity. Only if the lender is satisfied with the credentials and details, will is approve the loan.
It can take up to 48 hours for the financial institution to disburse the funds. But before this process, the approval procedures need to be completed, which can take some time. To get a quick approval on the loan, ensure all the documents you submit are in place and true. If all the documents are good, and you fit the eligibility criteria, then you can get a lending decision as soon as possible from the bank. Sometimes it can take longer than 48 hours for fund disbursal owing bank holiday or other undeniable reasons.
CIBIL score is a credit score, which tells about your financial journey till date. The financial journey includes details about the repayments on loans and credit card bills. The CIBIL report will contain information about your past and ongoing loans, new loan requests, and hard pulls made by banks/NBFCs to check for your credit score. Regular and timely repayments may mean that your CIBIL score is good, and vice-versa. Since a personal loan is granted without collateral and guarantor, you are expected to have a high CIBIL Score to get approval. Thus, you must take efforts to keep your repayment record clean, and establish a strong credit score before applying for the loan.
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