Apply Online For Personal Loans in Chennai At Lowest Interest Rates
A good number of financial institutions and NBFCs provide personal loans in Chennai at a decent interest rate ranging from 10.75% to 18% and a term for one-five years. You do not have to provide an asset as a collateral for a personal loan because it is a type of unsecured loan.
Personal loan in Chennai is best suited for contingencies when the loan is instantly provided. The loan approval process takes minimum documentation and processing time. Personal loans can also help you save some amount because interest rates are lower than most debt forms like credit cards.
A personal loan is normally obtained for different purposes including payment of medical bills, home refurbishment, wedding, personal durable goods and travel expenses. You can use a personal loan if you choose debt consolidation or balance transfer to pay off multiple unpaid loans.
Credit Score , Tenure & EMI
Three factors that determine the personal loan Interest repayment and EMI on month.
Salary requirements for Chennai personal loans
The wage requirements in the use of a personal loan in Chennai change from bank to bank. See if the bank offers the best interest rates, also look for the bank’s minimum wage requirement.
For salaried employees – Banks have a minimum wage requirement between Rs. 15000 and Rs. 50,000 for employees.
Self-employed persons – Those who have their own businesses should provide proof of revenues, and most banks have a Rs 1 lakh to Rs 2 lakh revenue requirement each year.
Chat with our Personal Loan agents or submit a Loan inquiry online for Immediate support.
Press4loans really helped me getting my personal loan quickly. Their timely document collections & their fantastic transparency in loan processing helped us tracking their work progress easily.
List of Banks & Interest Rate Ranges
Interest Rate 11.75.% - 24.00%
Interest Rate 11.75.% - 24.00%
Processing Fee Range :Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Interest Rate 11.75% - 16.99%
Interest Rate 11.75% - 16.99%
Processing Fee Range : Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Interest Rate 11.25% - 16.99%
Interest Rate 11.25% - 16.99%
Processing Fee Range : Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Interest Rate 11.25% - 16.99%
Interest Rate 11.25% - 16.99%
Processing Fee Range : Up to 2%
Loan Amount : 60L Max
Tenure Range : 1-5 Years
Interest Rate 12.99% - 19.00%
Interest Rate 12.99% - 19.00%
Processing Fee Range :Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Interest Rate 12.99% – 20.00%
Interest Rate 12.99% – 20.00%
Processing Fee Range : Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Interest Rate 11.25% - 18.00%
Interest Rate 11.25% - 18.00%
Processing Fee Range : Up to 2%
Loan Amount : 40L Max
Tenure Range : 1-5 Years
Interest Rate 11.49% – 16.99%
Interest Rate 11.49% – 16.99%
Processing Fee Range : Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Other Bank
Interest Rate 11.25% - 16.99%
Processing Fee Range :Up to 2%
Loan Amount : 30L Max
Tenure Range : 1-5 Years
Banks Interest Rate, Processing Fee with Tenure & EMI per Lakh
| Banks | Interest Rate Ranges | Processing Fee | Repayment (No. of Months) | EMI per Lakh |
|---|---|---|---|---|
| Bank #1 | 15.50%-24.00% | 1.50%-2.00% of the loan amount + Service Tax, as applicable | 12 – 60 months | 2406 to 2877 |
| Bank #2 | 12.5%-16.00% | 2.25%-3% of the loan amount | 12-60months depends upon company categorization | 2432 |
| Bank #3 | 14.00% to 19.00% | Upto 2.5% of the loan amount | 12-60months depends upon company categorization | 2327 to 2595 |
| Bank #4 | 18.00%-18.5% | Upto 2.5%+Service Tax , as applicable | 12-60months depends upon company categorization | 2567 |
| Bank #5 | 11.49%-20.00% | Upto 2.5% of the loan amount, subject to a max of 25,000 INR and a mini of 1,000 INR | 12 -60 months depends upon company categorization | 2199 to 2650 |
| Bank #6 | 11.49%-22.00% | Upto 2.50% of the loan amount + Service Tax, as applicable | 24- 60 months depends upon company categorization | 2199 to 2762 |
| Bank #7 | 11.50-24.00% | Upto 2% + ST + Other levies | 12-60months depends upon company categorization | 2200 to 2877 |
| Bank #8 | 16.00% to 21.00% | Upto 2.5% of the loan amount | 12-60months depends upon company categorization | 2432 to 2706 |
| Other Banks | 17.25%-35.00% | Upto 6.5% of the loan amount | 12-60months depends upon company categorization | 2499 to 3550 |
Check your Personal Loan Eligibility
Most banks / NBFCs provide personal loans but have different eligibility requirements. There are, however, some criteria common to all financial institutions.
The eligibility criteria for the online approval of personal loans to employees and self – employed persons are:
Age: 21/23 years – 60/65 years
- Employment Type:
Salaried - Self-Employed professionals
Credit score: 750 or above with a good credit history
Minimum Net Income (Monthly):
- ₹15,000(non-metro cities)
- ₹20,000( metro cities)
Loan Amount: Up to ₹60 lakhs depending on the credit profile
Work Experience:
- Salaried
- Employed at current company for at least 6/12 months
- Self-Employed
- Business tenure of at least 3 years (continuous)
- ITR of last 3 years
The common documents required for personal loans are given below:
For employees
- Proof of identity & age
- PAN Card
- Proof of residence-Passport driving license, Voter ID, postpaid bill payment / landline bills (electricity / water / gas)
- Last 3 months (preferably your salary account) bank accounts
- Salary Last 3 months slips
- Form 16 or Income Tax Returns of last 3 years
For self-employed persons:
- Identity and age proof
- Fully filled in photograph
- Personal loan applications.
- PAN Card
- Residence proof-driving license for passports, Voter IDs, post-payment / landline bills, utility bills (electricity / water / gas)
- The last 3 months of the bank statements (preferably your wage account)
- Over the last three years, income tax returns with income calculation.
- CA Certified / Audited Balance and Profit & Loss Account Last 3 years.
Calculate your EMI / Month or year
EMI plays the most important factor when you are planning to apply for a personal loan. Whether the EMI fits into your monthly budget or not can help you decide on your personal loan. This is where an EMI calculator for personal loan can help you.
A loan calculator will help you to achieve the following results:
Monthly Payment – EMI you pay on monthly basis
Total interest payable – Total loan interest
Total amount to be paid – The total amount of the principal and interest
Interest rates for personal loans
Interest Rates Rage: 10.75% – 35%
Processing Fee: Differs from bank to bank
Loan Tenure: 12 months to 60 months
Loan Amount: ₹100000 – ₹50 lakhs
Pre-closure Charges: Differs from bank to bank
Getting personal Loan from any bank is quite easy!
Contact us for your personal loan needs
Maximum Annual Percentage Rate (APR)
| APR | 11.49 % to 22 % |
|---|---|
| Representative example of the total cost of the loan, including all applicable fees | Here is an illustration of the total cost of the loan: |
| 1. Total amount borrowed: Rs. 100,000 | |
| 2. Time period: 12 months to 60 months | |
| 3. Interest Rate: 11.49% to 22% | |
| 4. Processing Fee payable to: Upto Rs. 2,000 | |
| 5. Fee payable to MyLoanCare: NIL | |
| 6. Total Monthly Cost – From Rs. 2,337 for a months Rs. 100,000 loan at 11.49% (lowest rate, longest time period) to Rs. 9,359 for a 12 months Rs. 100,000 loan at 22% (highest rate, shortest time period). This is inclusive of principal repayment. | |
| 7. Annual Percentage Rate (APR) of charge including all applicable fees: 11.89% to 22.4% | |
| 8. Total cost payable over loan tenure: Rs. 14,313 for 12 months loan to Rs. 42,233 for 60 months loan. |
Personal Loan Team in Chennai
Chennai, also known as South Asia’s Detroit, is renowned for its automotive industry. It’s South India’s educational and cultural hub. In recent years, the city has been exposed to the cosmopolitan glamor and hustle of city life. The city has many financial institutions and is home to the commercial bank of the national level. Certain requirements such as decent credit history, adequate monthly pay and the minimum age are important to obtain a personal loan with ease.
After you apply for a personal loan, the lender will review your credit report with your credit history and final credit score. Thus, if your credit history is good, lenders will give you a low-interest rate personal loan and vice versa. Before taking a personal loan, it is best to conduct detailed research and collect relevant information. It is necessary to compare interest rates, processing fees, tenure flexibility and pre-payment charges and choose the best option.
Many people are trapped in lending by private lenders who charge very high interest rates. Interest rates can sometimes go up to 30 %. Turning to online lending platforms is advisable as loans are provided on these platforms at lower interest rates. To get the best deal without having to go through much trouble, online lending platforms like Press4loans.com are an excellent choice.
Applying online for a personal loan is convenient as most of the online platform’s work is done. When you apply online, your application will be sent according to your profile to banks and NBFCs who make a decision on lending after reviewing your application. In addition, online platforms such as Press4loans operate without any additional fees or hidden costs attached.
Total Cost of Loan Track Example
| Loan Amount Sanctioned | 2000000 |
|---|---|
| Processing Fees (rate as %age of Loan Amount) | 2.25% |
| Rate of Interest | 11.49% |
| Stamp Duty (Rs.) | 50 |
| Tenure in Months | 60 |
| Secure Fee (Deducted from Disbursement) | 999 |
| Service Tax @ 15% on Processing Fees | 6750 |
| EMI | 43975 |
| Processing Fees Amount | 45000 |
| Total Processing Fees (PF + Service Tax) | 51750 |
| Total Deduction (Charges) | 52799 |
| Net Disbursement Amount | 1947201 |
About Chennai & its city
Chennai, a busy city, is Tamil Nadu’s capital. It is located on the Bay of Bengal’s Coromandel Coast in the east part of the country. The town has about 46.5 lakh inhabitants. The city attracts medical tourism very successfully every year. It has renowned financial, cultural, IT and educational centers that operate for several years. If you need a reliable financial support for your personal needs, you can apply to one of the banks or non-bank financial companies (NBFCs) for personal loans. Personal loans are usually unsecured.
If you need a secured loan, however, you can take a personal loan against stock, gold or mortgage. In Chennai, there are top lenders who offer online and offline loans. Depending on your needs and payment capacity, you can select your lender. You can buy online without paper, compare interest rates, charges, and other charges.
How do I get the lowest interest rate personal loan in Chennai?
When you use a personal loan most people go to the bank and keep their salary account, because the paperwork is much easier and the process faster. While this could work well for some, the best way forward is to search for loans offered by a number of banks and NBFCs that offer loans at the best rate. Apart from that, there are a few other factors that will affect your loan interest rate positively. When you use a loan, you need to look into or care for a few areas below if you want to have the lowest rate on your loan:
A credit score– ensuring your credit score is optimal is imperative when using your personal loan. With a high credit score you will get a loan at a lower rate and vice versa. When using a personal loan, a credit score above 750 is satisfactory.
Make a down payment- you will surely get a better interest rate on your loan if you make a large down payment. Anything up to 20 percent of your loan will certainly have a positive effect on the interest rate that you are offered.
Debt-to-income ratios – ensuring a stable debt-to-income ratio, you will decide firstly whether you approve your loan and secondly, that the interest rate on your loan will be affected. Debt-to-ratio is the amount you earn from your credit bills, credits, etc.
Take a look for the best loan interest rates available- Enabling financial portals like Press4loans to be used will help you to buy loans that offer the best interest rates. The Press4loans website compares the credit rates of all its partner banks and facilitates decision making for customers.
Tenure–The choice of tenure directly reflects the interest rate added to the amount of the loan. If you select a short tenure, the interest rate will be much lower-although the EMI will be considerably lower. With the payback period, the interest rate increases.
Stability of employees and the company for which you work–The number of years ‘ experience and the firm for which you work play a vital role, whether your loan is first approved and secondly the interest rate on the loan. Working for an established enterprise only increases the confidence of the bank that you pay the loan.
Negotiate forever-While most people agree readily to the interest rate for the bank’s loan, negotiating the interest rate is a requirement. If you have a customer who uses a bank loan that holds your salary, you have a better chance to negotiate.
Personal Loan FAQs:
Whether it’s wedding charges, home renovation or a health emergency, a personal loan may be your answer to the immediate financial needs since it’s easy to get, quick in payments and doesn’t require collateral.
The best personal loan varies from borrower to borrower. A credit profile contains credit, monthly income, employer, type of job and so on. All the factors mentioned above are considered to be the best personal loan.
You must fulfill the following eligibility requirements to receive a personal loan:
Age: 21/23 years – 60/65 years
Employment Type:
- Salaried
- Self-Employed professionals
Credit score: 750 or above with a good credit history
Minimum Net Income (Monthly):
- ₹15,000(non-metro cities)
- ₹20,000( metro cities)
Loan Amount: Up to ₹60 lakhs depending on the credit profile
Work Experience:
- Salaried
- Employed at current company for at least 6/12 months
- Self-Employed
- Business tenure of at least 3 years (continuous)
- ITR of last 3 years
When deciding on your credit score, personal loans play an important role. The effect of missing an EMI personal loan on your credit score may be adverse. One of the reasons for the same is that personal loans in nature are unsecured.
Personal loan approval has become instantaneous due to digitization. However, due to the documentation process, the disbursement could take 5 – 7 days.
There are no things like best personal loan. Each borrower must find the lender best suited to his / her needs. To do this, you can either offline compare the different lenders or apply to platforms like Press4loans that help you select the lender according to your needs.
Naturally, you can early pay off a personal loan. This is known as a personal loan prepayment.
The rate of interest on a personal loan ranges from 10.75% to 35%, which varies from lender to lender.
When examining a personal loan application, banks consider the following factors:
- Age
- Income on a monthly basis.
- Score of credit
- History of credit
- Documents
The best interest rates for personal loans depend on a customer’s credit profile. A client must have a good credit score, a consistent source of income, should be paid / self – employed in order to get the best rates.
The minimum wage for obtaining a personal loan is about ₹15,000 non – metro towns and about ₹20,000 for metro towns.