Personal Loan in Chennai

Chennai, the capital of Tamil Nadu, is a bustling metropolis with a population of over 10 million people. Personal Loans in Chennai have become a major financial interest to a number of banks and non-banking financial institutions (NBFCs) that offer personal loans.

Personal loans in Chennai are a popular financial product. There are various purposes for availing a loan, such as consolidating debt, paying for unexpected expenses, or starting a business. The eligibility criteria for a personal loan in Chennai vary from lender to lender.

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Get an Instant Personal Loan in Chennai

Instant personal loans in Chennai are a type of loans that can be approved and disbursed quickly, often within 24 hours. They are ideal for borrowers who need money urgently.The interest rates for instant personal loans in Chennai vary depending on the bank and other factors. Here are some general interest rates:

Loan Type Unsecured
Interest Rates 11.99%*p.a. onwards
Loan Amount Up to 50 Lakhs
Tenure 3 to 60 Months
Minimum Salary 15,000/-
Approval 24 Hours (post verification) Depends on the lender
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Personal Loan Interest Rates and Charges in Chennai

Personal loans in Chennai are one of the popular methods to gain financial freedom when in need. Interest rates vary depending on the lender and the borrower's individual circumstances. Here are some factors that can affect the interest rate you are offered on a personal loan in Chennai:

Interest rate in Chennai 11.99%*p.a. onwards
Processing fee Up to 6%
Prepayment charges cost you Up to 2%
Pre-closure charges 2% - 5%
Late payment charges 1% - 3%
Stamp duty charges 4% and 6%
Cheque bounce charges ₹200 - ₹500
Note- It's crucial to review terms and conditions of the loan agreement to understand all applicable fees and charges before finalising the loan. Make sure to ask the lender for a detailed breakdown of the fees associated with the personal loan you're considering in Chennai.

Personal Loan Providers in Chennai

Many lenders offer Personal loans in Chennai for various needs and services based on the individuals. When choosing a personal loan provider in Chennai, it is important to compare the offers from different lenders to find the best deal. Here are some of the popular Banks and NBFCs that offer personal loans in Chennai-

Banks in Chennai for Personal Loan

Getting the right interest rate or a personal loan in Chennai with lowest interest rate can be difficult, but here are some of the best Banks for personal loans in Chennai are-

Banks Interest Rate
HDFC Bank 10.50% p.a. onwards
ICICI Bank 10.50% p.a onwards
State Bank of India 11.00% p.a onwards
Axis Bank 10.49% p.a onwards

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Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

NBFC’s in Chennai for Personal Loan

Apart from banks, you can get a personal loan from NBFCs in Chennai, some of which are-

NBFCs Interest rate
Bajaj Finserv 11.00% p.a onwards
Aditya Birla Capital 10.99% p.a. onwards
Poonwala Fincorp 9.99% p.a onwards
Incred 16% - 36% p.a.
Tata Capital 10.99% - 29.0% p.a

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Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Personal Loan Eligibility in Chennai

Knowing the eligibility criteria when looking out for a loan is important, while looking for a personal loan in Chennai as well, here are the basic eligibility criteria needed-

Citizenship Indian
Age 21 - 60 years old
Credit score 600 above
Employment Must be salaried or self employed
Minimum Monthly Income ₹15,000
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Documents Required for a Personal Loan in Chennai

To get a personal loan in Chennai, you will need to provide the following documents:

Identity proof Aadhaar card, PAN card
Age proof Birth certificate, Voter ID
Address proof Rental agreement, Utility bills
Salary proof Salary slips for the last 3 months, bank account statements for 6 months, Form 16.
Employment proof Employment letter
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Personal Loan EMI Calculator in Chennai

For any loans, EMI becomes an essential part of getting a loan, it tells you how much money you have to repay over time while getting a personal loan in Chennai. Enter the loan amount, interest rate and tenure to check your EMI.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

You can check your EMI both offline and online. For manual calculation you can follow the formula given below-

EMI = [P x R x (1+R)^N] / [ ((1+R)^N) - 1 ]

Where,

  • EMI is the equated monthly instalment.
  • P is the principal amount.
  • R is the interest rate.
  • N is the loan tenure.

Types of Personal Loan in Chennai

There are many different types of personal loans available in Chennai, each with its own set of features and benefits. Here are some of the most common types of personal loans:

  • Personal loan for Debt consolidation: These loans are used to consolidate multiple debts into a single loan request.This can make it easier to manage your debts and save money on interest.
  • Personal loan for Medical emergency : These loans are designed to help borrowers cover the cost of unexpected medical expenses. They typically have lower interest rates than other types of personal loans.
  • Personal Loan for Home improvement: These loans are designed to help borrowers finance home improvement projects. They typically have higher interest rates than other types of personal loans.
  • Personal loan for Wedding: These loans are designed to help borrowers finance their weddings. They typically have higher interest rates than other types of personal loans.
  • Personal Loan for Travel: These loans are designed to help borrowers finance their vacations. They typically have higher interest rates than other types of personal loans.

Features & Benefits of Personal Loans in Chennai

High Loan Amount

Get loans up to Rs 50
lakhs

Quick Approvals

Hassle free, quick approvals
for your loans

Collateral Free

No collateral is required
for personal loans in Chennai

Minimum Documentation

Basic and simple
documentation

Attractive interest rate

Personal loans in Chennai
start at an interest
rate of 10% onwards.

Flexible Tenure

Enjoy tenure of up to 60
months.

Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Personal Loan in Chennai for Low CIBIL Score

When applying for a personal loan with a low/ no CIBIL score in Chennai, it is important to compare offers from different lenders. You should also be prepared to provide proof of income and other financial information. A low CIBIL score may have to pay higher interest rates and fees. Here are some lenders in Chennai that offer personal loans for low CIBIL scores:

  • Getting a pre-approved for a loan: This will give you an idea of how much money you can borrow and what the interest rate will be. This will help you negotiate the best deal with a lender.
  • Provide proof of income: Lenders will want to see that you have a steady income that can support the monthly payments.
  • Providing other financial information: Lenders may also want to see other financial information, such as your bank statements and credit report.
  • Consider a cosigner: If you have a poor credit score, you may want to consider getting a cosigner on your loan. A cosigner is someone who agrees to be responsible for the loan payments if you default. This may help you gain credibility for your loan and help your process faster.

Tips for Choosing the Right Personal Loan in Chennai

Personal loans in Chennai are loans that can be used for any purpose. It is unsecured, and is not backed by collateral such as a car or a house. You can find private loans in Chennai in several banks, credit unions, and online lenders.

Before choosing a personal loan in Chennai, there are a few factors you should consider:

  • Careful comparison of fees and charges: Interest rate is an important factor to consider when choosing a personal loan. The lower the interest rate, the less you will pay in interest over the life of the loan. You should also compare the fees associated with the loan, such as origination fees and prepayment penalties.
  • Read the terms and conditions carefully: Before you sign any loan documents, make sure you read the terms and conditions carefully. Understand all the fees and charges associated with the loan, as well as the repayment terms.
  • Picking the right repayment period: The repayment period is the length of time you will have to repay the loan. The shorter the repayment period, the higher your monthly payments will be. However, you will pay less interest over the life of the loan if you choose a shorter repayment period.
  • Shop around for the best deal: There are many lenders offering personal loans in Chennai. Shop around and compare offers from different lenders to find the best deal for you.

Steps to Apply Online for an Instant Personal Loan in Chennai

Chennai offers you many options for a personal loan, but with Buddy Loan, you can pick the right lender for yourself. You can follow the step to apply for a personal loan in Chennai and get approved from our top lenders -

Steps To Apply For a Personal Loan with Buddy Loan

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

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Frequently Asked Questions

Yes, a CIBIL score defaulter can ‌get a personal loan in Chennai, However, the process might be difficult with lenders offering interest rates that are higher.

You can get private finance for salaries in Chennai by applying to non-banking financial companies (NBFCs) that offer this type of loan.

Yes, you can get a personal loan with a low CIBIL score in Chennai, but it will be more difficult and the interest rates will be higher.

You can get a personal loan in Chennai with a low CIBIL score by applying to lenders who offer loans to borrowers with poor credit.

Yes, you can get a cheque based personal loan in Chennai. However, it is important to note that cheque based personal loans are typically offered to borrowers with good credit scores. If you have a low credit score, you may still be able to get a cheque based personal loan, but you will likely be offered a higher interest rate.

Yes, you can get a personal loan without a CIBIL score in Chennai.

The lowest interest rate for a personal loan in Chennai is 9.5%. However, the interest rate offered will depend on your individual circumstances, such as your credit score, the amount of loan you apply for, and the repayment period.

You can get an instant personal loan in Chennai by applying online or through a mobile app. The lender will assess your eligibility and approve your loan within minutes.

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