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.
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 | 10% 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 |
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 | 10% 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 |
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 |
| Kotak Mahindra Bank | 10.99% p.a onwards |
| Bank of Baroda | 10.90% p.a onwards |
| Punjab National Bank | 10.40% p.a onwards |
| Yes Bank | 10.99% - 20.00% p.a. |
| IndusInd Bank | 10.49% p.a onwards |
| Union Bank of India | 10.70% p.a onwards |
| IDFC First bank | 10.49% p.a. onwards. |
| Ujjivan Small Finance Bank | 11.49% 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 |
| Fullerton | 11.99% p.a onwards |
| Muthoot Finance | 12% p.a onwards |
| L&T Finance | 12.00% p.a onwards |
| Money Tap | 12.96% p.a onwards |
| Kreditbee | 12.25% - 30.00% 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 |
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 |
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.
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.
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 -
Step 1 - Visit buddyloan.com or Download the Buddy Loan app and compare features.
Step 2 - Fill out the application form including the loan amount, the tenure in months, and contact details.
Step 3 - Fill out the following personal details where required:
- Email Address
- Employment Type : Salaried/ Self-Employed
- Company Type
- Industry Type
- Current Company Name
- Company Address
- Year of Employment
- Net Income
- Mode of Salary
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
Step 4 - Cross verify the given information and submit the application.
Ready to take next step ?
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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