Personal Loan In Chennai

The capital city of Tamil Nadu, Chennai lies on India’s east coast. A microcosm of food and culture, Chennai is a popular travel destination for tourists (Indians and Foreigners). The city has a well set up industrial scene and bustling IT-infrastructure.

Availing a Personal loan in Chennai is easy thanks to the many Banks and NBFC’s that have set up shop in the city. You can either apply online on their websites or visit the nearest branch.

Features & Benefits of a Chennai Personal Loan

Applying for a personal loan in Chennai comes with its many advantages and benefits. These are a few of the reasons why a personal loan is the preferred credit lending option.

  • No asset/collateral required
  • Fixed Rate of Interest
  • Flexible Loan Tenure (Max 5 Years)
  • Easy Installment options
  • Loan EMI Calculator – Know the monthly installments you’ll have to pay for your required loan amount using this banking tool
  • Freedom of use
  • Minimal documentation
  • Fast processing
  • Competitive Interest Rates

Documents required for a Personal Loan in Chennai

One of the highlights of choosing a Chennai Personal Loan is the minimal documentation required to be presented while applying for one. Here, we take a look at the necessary documents to be produced with your loan application.

Salaried Self-employed
Photo I.D proof (Passport, driving license,  voter ID and PAN card) Photo I.D proof (Passport, driving license,  voter ID and PAN card)
Proof of Residence (rental agreement, water/electricity bills not older than 3 months) Proof of Residence (rental agreement, water/electricity bills not older than 3 months)
Salary slips (last 3 months) Audited financials for the last two years
2 passport size photographs Address proof of office
Latest 3 months bank statement  (where salary income is credited) Proof of business continuity

Eligibility for a Chennai Personal Loan

Before you can apply for a personal loan in Chennai, you will need to meet the following eligibility criteria:

  1. Salaried Individuals
  • Be between the age of 21-65
  • Minimum monthly income of INR 15,000
  • Not have too many pending loan repayments
  • Have a CIBIL score of at least 750
  • Max Loan amount granted is INR 15 Lakhs
  • Interest Rates vary between 12.99% – 15.50%
  1. Self-Employed Individuals
  • Between the age of 25-65
  • INR 15-40 Lakhs Turnover
  • In current business for at least 5 years (3 for doctors)
  • Interest Rates vary between 12.99 % – 20 %

 Chennai Personal Loan Interest Rates

Interest Rate 12.99% – 20%
Processing Charges & Fees 0.5% – 2.5%
Pre-payment Charges 2% – 5%
Average Loan Tenure 1-5 Years

Personal Loan in Chennai

A sudden financial need or distress can happen to anyone. In such cases, a personal loan comes in handy. It is easy to apply for and does not require any guarantee to be put up. This coupled with fast processing make the Chennai personal loan an attractive credit lending option.

Chennai has a number of banks and NBFC’s that offer a personal loan. You can apply for it online on their website or by visiting your nearest branch.

Various Lenders offering a Chennai Personal Loan

The various banks/NBFC’s offering a personal loan in Chennai are given below:

  • State Bank of India (SBI) Personal Loan
  • Aditya Birla Personal Loan
  • Tamilnad Mercantile Bank Personal Loan
  • Tata Capital Personal Loan
  • ICICI Bank Personal Loan
  • Indian Bank Personal Loan
  • Andhra Bank Personal Loan
  • Axis Bank Personal Loan
  • HDFC Bank Personal Loan
  • Kotak Mahindra Bank Personal Loan
  • Fullerton India Personal Loan
  • Oriental Bank of Commerce Personal Loan
  • Standard Chartered Bank Personal Loan
  • Citibank Personal Loan
  • Syndicate Bank Personal Loan
  • Punjab National Bank Personal Loan
  • Corporation Bank Personal Loan
  • Karur Vysya Bank Personal Loan

Getting a low Interest Rate Personal Loan in Chennai

As a personal loan does not require any assets or guarantee, lenders charge higher rates of interest. Thus, to ensure you pay as less interest as possible, we have compiled a list of the top factors that can help you in getting a low interest on your personal loan in Chennai.

  • Good CIBIL/Credit Score (Around 750)
  • Good Debt-Income Ratio (No more than 40% of income should go toward debt payments)
  • Loan EMI Calculator – Use online tools to calculate best Interest rate amounts for you
  • Good employment records translate to better Interest rates
  • Short loan repayment tenure

 Chennai Personal Loan Interest Rates (2018)

Bank Interest Rates (Fixed) Processing Fee Max Loan Amount Personal Loan Tenure
ICICI Bank 11.59% – 18.49% 2.25% (min. Rs.1149) Rs.20 lakh 1-5 Years
CitiBank 10.99% – 15.99% 1% to 2.5% Rs.30 lakh 1-5 Years
Kotak Mahindra Bank 11.49% – 20.15% Up to 2% Rs.15 lakh 1-5 years
Fullerton 17.25% – 37% 1.5% to 6.0% Rs.15 Lakh 1-4 Years
Bank of Baroda 11.35% – 14.35% Rs.1,000 to Rs.10,000 Rs.20,000 – Rs.2 lakh 4 Years (Max)
State Bank of India 12.90% – 14.90% 1% Rs.24,000 – 15 lakh 5 Years
Aditya Birla 11.5% – 13.25% Nil Rs.30 lakh 1-5 Years
Allahabad Bank 13.10% 1.22% Rs.50,000- Rs.7.5 lakh 1-5 Years
Yes Bank 14% Up to 2% Rs.20 lakh 1-5         Years

Monthly Income Requirements for Chennai Personal Loan

Every Bank/NBFC looks at your monthly income as a benchmark to assess your personal loan amount as well as eligibility. In order to ensure your personal loan application goes through, your salary needs to be within the required range.

  1. For Salaried Individuals – INR 7,5000 – INR 50,000 (on Average)
  2. For Self-Employed Individuals – INR 1 – 2 Lakhs profit per annum

FAQ’s for Chennai Personal Loans

  1. What is the minimum CIBIL score required to avail a personal loan?

It is advised to have a CIBIL score of at least 750 before you apply for a personal loan

  1. What are the factors that determine my personal loan interest rate?

Your CIBIL score, previous loans, pending loan repayments, average monthly income, and employment history are used to determine the personal loan interest rate

  1. Will failure to pay my EMI affect my CIBIL score?

Yes. Your score will take a hit if you fail to keep up with your monthly loan repayments.

  1. Can I prepay the remaining loan amount before the end of the loan period?

Most Banks allow full or partial repayment with minimal charges

  1. What are the additional charges on a personal loan?

A processing fee of 2.0-5.0% will be charged on your personal loan

  1. Will the loan amount be disbursed in installments?

No. Your entire loan amount is disbursed once your application has been approved.