Chennai is the capital city of Tamil Nadu. It is home to some of the most trusted financial institutions in India, making it easy for you to pick the best cheap personal loans for your financial future needs. In Chennai, securing a personal loan is relatively simple since interest rates start at only 8.90%, and numerous banks are available in the city.
Personal Loan in Chennai
There are a lot of banks and non-banking financial or personal loan companies in Chennai that offer personal loans to consumers. There are secured and unsecured personal loans available from almost every bank. In the case of unsecured loans, for instance, a bank will offer you a loan between Rs. 50000 and Rs. 40 lakh without having to provide any collateral. Customers can receive personal loans based on their annual income, the company they work for, and other factors.
Listed below are some of the factors for availing a personal loan in Chennai
You must be above 18 years old
It is mandatory by law for you to be at least 18 years of age before obtaining a loan from a bank, but some institutions only allow personal loans to people 21 years of age or older. As well as a limit on the maximum period, there can also be a limit on the minimum age.
You must provide details about your employment
To qualify for a loan, you must work in the public or private sector. You may be required to have 2-3 years of experience with your current employer. For personal loan there is a minimum income requirement that you must meet, which typically ranges from Rs 15,000 to Rs 20,000 per month. It is also important to calculate personal loan EMI or loan repayment amount by using an EMI calculator or interest calculator. Lenders may also provide special interest rates to IT sector employees who work for IT companies. The government employees of state and central governments can also benefit from various special schemes on personal loans.
You must be a resident of India
Almost all banks and financial services companies demand a copy of the address proof as part of the KYC process. Please remember that when applying for a personal loan in Chennai, you must have all the necessary documents, such as a driving license, an Aadhar card, a voter ID card, etc. handy, and you’re declared Chennai address.
Terms of payment
Chennai is one of the leading financial centers in India, with most of the country’s renowned banks and financial institutions located there. You can also find out more information about the repayment terms online, particularly by using an EMI calculator, which can significantly help you. Using this tool can make it simple to determine the EMI applicable on your loan and the repayment period that would be most comfortable for you.
To qualify for a personal loan in Chennai, you need a good credit or CIBIL score. Undoubtedly, it is very important to check your credit or CIBIL score before taking the step to get a personal loan. You will have an increased chance of getting a personal loan approved if you have a higher credit score. However, despite this, the credit score is also responsible for the amount of the sanctioned loan as well as the terms of the loan, such as the interest rate and terms of repayment. Credit scores represent your overall financial health and give your lender a better understanding of your ability to repay your debts. When getting a personal loan in Chennai sanctioned on favorable terms, a credit score over 750 is considered a good score.
Some lenders sometimes charge the origination fee for a personal loan. In the case of a loan application, there is an origination fee that you will have to pay to the lender once you have sent the loan application to the lender or verified the loan application. You can make the right decision if you can find out the rates at which the origination fees are charged by different lenders and avoid exorbitantly high origination fees if you know what the rates are.
When applying for a personal loan in Chennai, you might want to keep in mind your financial goals, but you may also want to look at whether a lender has the credibility and quality of its customer service. There are plenty of personal loans available, but the borrower needs to do a good deal of research before choosing the right personal loan. Reviewing all the pros and cons of different lenders before applying for the loan will help you make an informed decision on the one that offers you competitive interest rates, flexible repayment options, and a loan tenure that suits your needs.