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Personal Loan in Chennai Up to 40 Lakh
Enjoy attractive interest rates starting at 10.50% p.a. with flexible EMI options
Personal Loan in Chennai
Chennai, formerly known as Madras, is one of the oldest and most populous cities in India. It is located on the Coromandel Coast of the Bay of Bengal and is famous for its temples, beaches, music, and cuisine. Chennai is also a major financial center and hosts many banks and NBFCs that offer personal loans to the residents.
Personal loans are loans that do not require any security or collateral and can be used for any personal or professional purpose. In this article we will help you find the best personal loan in Chennai by comparing the various factors, such as the interest rate, loan amount, tenure, processing fee, eligibility, and documentation.
Purpose of taking Personal Loan in Chennai
- Home renovation: You can use a personal loan to give your home a makeover, repair damages, buy new furniture, or install new appliances.
- Medical emergency: You can use a personal loan to cover the cost of hospitalization, surgery, medicines, or any other medical expenses that are not covered by your insurance.
- Wedding: You can use a personal loan to plan your dream wedding, book a venue, hire a caterer, buy jewellery, or go for a honeymoon.
- Travel: You can use a personal loan to fund your domestic or international travel, book flights, hotels, or tour packages, or enjoy your vacation.
- Education: You can use a personal loan to pay for your own or your child’s education, whether it is school, college, or higher studies. You can also use it to cover the cost of coaching, books, or other educational expenses.
- Business: You can use a personal loan to start or expand your business, buy equipment, inventory, or raw materials, or meet your working capital needs.
Apply Now for 50 lakh Personal Loan
Personal Loan Interest Rates of Top Banks
The Interest rate of personal loan in Chennai ranges from 10.50% to 40% per annum but it depends on multiple factors. These factors are individual income, credit score, loan amount, loan tenure and lender policy.
If your credit score is very good then you get a lower interest rate and if your credit score is bad then you will get a loan at high interest rates. Therefore you should compare the interest rates and other charges of different loan providers before applying for a personal loan.
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Banks | Interest Rate (p.a.) | |
Axis Bank | 10.49% onwards | |
IndusInd Bank | 10.49% onwards | |
IDFC First Bank | 10.75% onwards | |
HDFC Bank | 10.50% onwards | |
ICICI Bank | 10.65% onwards | |
Kotak Mahindra Bank | 10.99% onwards |
Note: The interest rates not always fixed can be changed according to borrowers profile, lenders policy and RBI guidelines. Please check the lender’s website carefully before applying for a personal loan.
If you want a Personal loan quickly then you can apply through these instant personal loan apps in Chennai. These apps provide you with a loan up to 5 lakh.
Personal Loan Interest Rates of Top NBFCs
NBFC | Interest Rate (p.a.) | |
Tata Capital | 10.99% onwards | |
Bajaj Finserv | 11.00% onwards | |
Bankbazaar | 8.90% onwards | |
NAVI | 9.90% onwards | |
DMI Finance | 12.00% – 40.00% |
Note: The interest rates not always fixed can be changed according to borrowers profile, lenders policy and RBI guidelines. Please check the lender’s website carefully before applying for a personal loan.
Apply Now for 10 lakh Personal loan
Apply for a Personal Loan in Chennai
If you want to apply for a personal loan in Chennai then you can apply here to get your required amount easily. To apply for a personal loan you need to follow below simple steps:
You should compare the interest rates, fees, features, and benefits of different lenders and choose the one that suits your needs and budget.
You should check your eligibility for the loan amount and tenure that you want and see if you meet the lender’s criteria.
You can visit the lender’s website or app and fill the online application form with your personal, professional, and financial details. You can also upload the required documents and submit the form.
You will get an instant approval or rejection based on your eligibility and credit score. If approved, you will get a loan offer with the loan amount, interest rate, and tenure.
You can accept the loan offer and sign the loan agreement online or offline. You may also need to provide a post-dated cheque or an ECS mandate for the repayment of the loan.
You will get the loan amount credited to your bank account within 24 hours* of approval.
Eligibility Criteria for taking Personal Loan in Chennai
Age
Income
Employment
Credit Score
| Criteria | Eligibility for Salaried Employees | Eligibility for Self-Employed |
|---|---|---|
Resident Indian | Yes | Yes |
Age | 21 - 60 years | 21 - 65 years |
Employment | Public/Private sector companies, salaried doctors | Self-employed professionals/non-professionals, business owners |
Income | Minimum Rs 15,000 per month | Minimum Rs 2 lakh per annum |
Credit score | 650 and above | 650 and above |
Business vintage | NA | Minimum 3 years |
Documents Required for Personal Loan in Chennai
| Documents | Salaried Employees | Self-Employed |
|---|---|---|
Application form | Yes | Yes |
ID proof | Aadhaar/PAN/Passport/Voter ID/Driving License | Aadhaar/PAN/Passport/Voter ID/Driving License |
Address proof | Aadhaar/Passport/Voter ID/Driving License/Utility bill/Rent agreement | Aadhaar/Passport/Voter ID/Driving License/Utility bill/Rent agreement |
Income proof | Salary slips/Bank statements/ITR | Bank statements/ITR/Audited financials |
Photographs | Yes | Yes |
EMI Calculator for Personal loan in Chennai
A personal loan EMI calculator is a tool that helps you calculate your monthly installment or EMI for a personal loan. You can use this personal loan EMI calculator to plan your budget and repayment strategy.
Minimum Salary to get Personal Loan in Chennai
The minimum salary to get a personal loan in Chennai varies from lender to lender and depends on your location, credit score, and other factors. Generally, the minimum salary to get a personal loan in Chennai is Rs 15,000 per month, which may be higher for some lenders or locations. You should check the income requirements of the lender before applying for a personal loan.
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Check CIBIL Score to Get Personal Loan in Chennai
To get a personal loan in Chennai, you need a minimum CIBIL score of 650. A higher score can help you get a lower interest rate and a higher loan amount. You can check your CIBIL score online for free using a CIBIL score checker.
Conclusion
For your personal and professional goals, a personal loan in Chennai can be a smart choice. However, you should also consider the interest rate, fees, charges, and terms and conditions of the loan. Compare all lenders and choose one option that offers you the best deal. Check your eligibility, documents, and credit score before applying. Use the EMI calculator and CIBIL score checker to plan your repayment and improve your chances of approval.
Frequently Asked Questions
HDFC bank is the best option in Chennai with 10.50% interest rate, but you should choose the bank that gives you the loan with the lowest interest rate and the best offers. We have given a list of banks that offer personal loans in Chennai above, where you can compare the interest rates and make a better choice for yourself.
HDFC bank, Axis Bank and many other banks give pre-approved loans that are very easy to get. A person with good financial health can easily get a personal loan from these banks.
Yes, You can obtain a personal loan. If your salary is 50,000, you can get a loan of up to 20 lakh rupees from SBI and HDFC bank, but when you take a loan, the banks also look at your credit history and many other factors.
Yes, You can obtain a personal loan. If a person’s salary is 30,000, he is eligible for a loan of up to 2 to 6 lakh rupees based on this. Many banks offer a good loan amount at a better interest rate to a person with a good credit score.
Bank Personal Loan Eligibility Criteria
Bank Personal Loan Interest Rate
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