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Personal Loan in Chennai
Chennai Personal Loan
Getting the ideal personal loan for your particular financial demands is simple because Chennai, the capital city of Tamil Nadu, is home to some of the biggest and most reputable banks and financial institutions in India. Obtaining a personal loan in Chennai is not difficult because there are many banks to select from, and interest rates start at just 8.90%. Up to Rs. 40 lakh is available, with flexible repayment terms.
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Best Personal Loan Offers in Chennai - Dec 2024
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What are the Features of an Instant Personal Loan in Chennai?
- Interest rates are often provided, starting at 10.49% per year.
- Up to Rs 40 lakh in loans
- The typical loan term is up to five years; however, certain lenders may extend it up to seven years.
- Processing fees typically range from 2% to 4% of the loan amount.
- Personal loans with prior approval are granted to certain clients.
- No collateral is necessary
- A select few lenders offer instant loan disbursal.
- For any personal use other than for purposes of speculation
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What are the Personal Loan Interest Rates and Charges in Chennai?
Personal Loan interest rates and charges vary from bank to bank. Given below is the list of some major banks, their interest rates and charges levied by them:
| Name of the Bank | Interest Rate Range | Processing Fee Range |
| ICICI Bank | 10.50% – 19.00% (Fixed) | 2.50% |
| CitiBank | 9.99% – 16.49% | 1% to 2.5% |
| Kotak Mahindra Bank | 10.25% p.a. onwards | Up to 2.5% of the loan amount, along with GST or service tax |
| Fullerton India | 11.99% to 36% p.a. | Between 0%-6% of the loan amount |
| Bank of Baroda | 10.50% – 12.50% | 2% of the loan amount subject to a minimum of up to Rs.1,000 and a maximum of up to Rs.10,000 (One-time fee) |
| State Bank of India | 9.60% – 15.65% | 1% |
| Aditya Birla | 14% to 26% p.a. | 2% of the loan amount |
| Yes Bank | 10.99% p.a. onwards | Up to 2.50% of the loan amount (One-time fee) |
| Union Bank of India | 8.90% to 13.00% p.a. | At the discretion of the bank |
What are the Best Personal Loan offers in Chennai from top Banks/NBFCs?
Many banks/NBFCs offer some of the best personal loans. Given below is the list of top banks/NBFCs which provide the best personal loan offers in Chennai:
| Lenders | Tenure | Interest rate | Processing fee | Limit approved |
| L&T Finance | 12-48 months | 11% onwards | 2% + taxes | Up to 7 lakhs |
| Axis bank | 12-60 months | 10.49% | 1.5% to 2% + taxes | Up to 40 lakhs |
| Yes Bank | 12-72 months | 10.49-19% | Up to 2% | 50,000 to 5L |
| HDFC | 12-60 months | 10.5% to 21% | – | Up to 40 lakhs |
| Tata Capital | 12-72 months | 10.99% onwards | 2.75% + taxes | Up to 25 lakhs |
Who Can Apply for Personal Loan in Chennai?
People in Chennai who match the requirements can apply for a personal loan. Banks, credit unions, and other financial institutions commonly provide personal loans. While individual lenders may have different qualifying requirements, the following are some standard prerequisites for submitting an application for a personal loan in Chennai:
- Minimum age is 21.
- Nationality: Indian
- The candidate must be a salaried worker, a self-employed professional or non-professional, an employee of the State, Central, or Local Government, or an employee of both public and private sector businesses.
- Ideally, a credit score of 750 or above will increase your chances of getting a personal loan.
What are the Documents Required for Personal Loan in Chennai?
In order to apply for a personal loan in Chennai, one needs to provide some necessary documents. Listed below are the important documents that are required:
- Form of application with photos attached.
- ID documentation: PAN card, Aadhaar card, voter ID, passport, and driver’s license.
- Age Verification Documents: Aadhar Card, Birth Certificate, SSC Certificate, Voter ID, and PAN Card.
- Voter ID, an Aadhar card, a copy of a ration card, gas connection bills, electricity bills, a passport, or a driver’s license can all be used as address proof.
- Pay stubs or certificates for the last three months.
- Statement of recent six-month bank accounts.
- Form 16/Returns of Income for the past three years.
How to Apply for Personal Loan Online In Chennai?
Applying for a personal loan online is a very easy process. Below are the steps one needs to follow to apply online for a personal loan in Chennai:
- You can do it online by performing the few easy actions listed below.
- Visit the lending institution’s website.
- Look for the loan application form for personal loans.
- Once located, enter your personal and professional information.
- The lender will review the information and only approve the loan after successful verification.
- After that, a representative will arrive and collect the necessary paperwork from you.
- Before final approval and subsequent disbursement, the lender will carefully review the paperwork.
- You will receive an SMS and email notification as soon as the loan is disbursed to your account.
How to Choose the Right Personal Loan in Chennai?
When choosing the right personal loan in Chennai, it is important to consider several factors to ensure it meets your financial needs. Here are some key steps to help you make an informed decision:
- Assess your requirements
- Research Multiple Lenders
- Check eligibility criteria
- Interest Rates and Charges
- Loan Repayment Flexibility
- Check the Loan Agreement
- Customer Service and Support of the Lender
Conclusion
In Chennai, personal loans are a popular financial option for individuals who need funds for various purposes, such as medical expenses, wedding expenses, home renovations, or debt consolidation. Personal loans in Chennai are offered by banks, non-banking financial companies (NBFCs), and other lending institutions.
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FAQs
How long does it take for a personal loan to be approved in Chennai?
One can get their personal loan approved in Chennai within 2 to 7 days.
Can I get a personal loan with a bad credit score in Chennai?
No, a bad credit score can hamper your chances of availing a personal loan in Chennai.
Can I prepay or foreclose a personal loan in Chennai?
Yes, one can prepay or foreclose a personal loan in Chennai, depending on the terms and conditions of the lender.
What happens if I default on my personal loan in Chennai?
If one defaults on a personal loan in Chennai, they can’t be arrested, but the debts must be repaid by the defaulters. The lender may bring legal action against the borrower under Section 138 of the Negotiable Instruments Act, 1881, if the borrower has been in default on the personal loan for 180 days.
Can I apply for a personal loan from multiple lenders in Chennai?
Yes, one can apply for a personal loan from multiple lenders in Chennai.
Can self-employed individuals or freelancers apply for a personal loan in Chennai?
Yes, customers who are self-employed can borrow up to INR 10 lakhs in unsecured personal loans from several lenders. If one meets the specific requirements and is a self-employed professional, the payment could potentially reach INR 30 lakhs.
Can I transfer my existing personal loan to another lender in Chennai?
Yes, one can transfer the existing personal loan to another lender in Chennai by discussing the same with either of them.
What is the process for closing a personal loan in Chennai?
The process of closing a personal loan in Chennai is by repaying the whole loan amount which was due.
