- June 8, 2020
- Posted by: Ganeshcbani
- Category: Blog
Chennai Personal Loan
Some of the country’s top banks and NBFCs offer personal loans in Chennai. All banks offer personal loans secured and unsecured. In the case of unsecured loans, the banks offer without any collateral loans from Rs. 50 000 to Rs. 60 lakh. Personal loans to customers are offered on the basis of their annual income, their company, etc. ICICI Bank, HDFC Bank , Axis Bank, Kotak Mahindra Bank are among the top banks that offer personal loans. Customers can facilitate the use of financial portals for comparing loan offers between banks.
Different lenders offer personal loans in Chennai
Some leading banks and non-banking financial firms (NBFCs), which offer personal loans in the city, include:
| BANK | Interest | Loan Amount |
| Axis Bank | 12-24% | 50,000-15 lakhs |
| Bajaj | 12.99% onwards | Up to 25 lakhs |
| Citi Bank | 10.50-18.99% | 50,000-30 lakhs |
| Fullerton India | 12-36% | Up to 25 lakhs |
| Hdfc Bank | 10.75-21.30% | 50,000-40 lakhs |
| Icici Bank | 11.25% onwards | 50,000-20 lakhs |
| Idfc First Bank | 11.50% onwards | 1 lakh-25 lakhs |
| IndusInd Bank | 10.75% onwards | 50,000-15 lakhs |
| Standard Chartered Bank | 10.99% onwards | 1 lakh-30 lakhs |
| Kotak Mahindra Bank | 10.99-24% | 50,000-15 lakhs |
| Sbi Bank | 10.50% onwards | Up to 20 lakhs |
| Tata Capital | 10.99% onwards | 75,000-25 lakh |
| UCO Bank | 10.95% onwards | Up to 10 lakhs |
| Union Bank Of India | 10.10% onwards | Up to 10 lakhs |
| Yes Bank | 10.99% onwards | 1 lakh-40 lakh |
How do I get the lowest interest rate personal loan in Chennai?
When a personal loan is made available, most people go to the bank to hold their salary account as the paperwork is more relaxed and the process is faster. While this might work well for many, the best way forward is to find loans provided by many banks and NBFCs with loans at the best interest rates. Besides, there are a number of other factors that will positively influence your interest rate on the loan. If you are taking advantage of a loan, the following are a few places to look into or check at if you want your loan to have the lowest interest rate:
Credit score-it is imperative to ensure that your credit score is optimal when using a personal loan. A high credit score can lead to a loan at a lower rate and vice versa. A credit score above 750 is sufficient if a personal loan is used.
Make a down payment-If you pay a large down payment, you’ll have a better rate on your loan. Anything up to 20 percent of your loan would definitely have a favorable impact on the interest rate you are given.
Debt-to – income ratios-Making sure you have a stable debt-to – income ratio will first determine if your loan will be agreed and secondly affect your loan’s interest rate. Debt-to-ratio is the rate one pays for credit cards, loans, etc.
Check around for the best credit interest rates available – making it easier for you to use financial platforms would help you search for the best interest rates for loans. Our website compares the credit interest rates of all partner banks and makes decision-making easier for customers.
Tenure-The option of tenure represents the interest rate applied to the loan amount. Choosing a short term would mean that the interest rate is much lower-even if the EMIs are considerably lower. With the length of the payback period the interest rate increases.
Stability of employees and the company for whom you work – The number of years of experience and the company for which you work is of fundamental importance if you firstly approve your loan and secondly the interest rate of the loan. Working for a corporation just increases the bank ‘s confidence in you repaying the loan.
Often compromise-while most people agree quickly with the interest rate on the bank’s loan, negotiating the rate is important. If you are a customer with a loan from the bank that houses your salaries, you are better able to negotiate.
Documentation required for a Chennai Personal Loan
1. Photo ID and proof of age
2. Authorized photo submission form
3. Proof of residence
4. Bank statement last 6 months
5. Salaried applicants documentation:
Wage last 3 months – slips
Form 16 or returns of income tax
6. Self-employed applicant documentation:
Last 3 years Returns income tax with income calculation
CA Certified / Audited Balance sheet and profit & loss report over the last three years
Chennai Interest Rate for Personal Loans
Interest rate (monthly equilibrium reduction) 10.99% to 24% p.a.
Processing fees Up to 2.5% of the loan.
1 year to 5 years loan tenure
2%-5% fee for pre-closure
Requirement Guarantee No guarantor required.
FAQs for Chennai Personal Loans
What is the personal loans term range?
Most banks offer 1 to 5 years’ loans. The term determines the interest rate, the EMIs payable monthly to the bank, etc.
What documents do you need to apply for a personal loan?
You will need to submit your standard KYC documents – passport, Aadhaar card, Voting ID, driving license, any government employee id, etc. You must provide a valid KYC documents. In addition, you will have to apply your paylips, IT returns last two years, bank statements last six months, etc.
Are there additional personal loan charges?
You must pay the processing fee in advance when using a loan. In addition, there are no additional charges unless an advance is paid.
Will the loan be paid in stages or at once?
Once the bank or NBFC have approved your application for loan, the loan will be disbursed at once. There is no way to split the disbursement.
Can I pay a loan in advance after a few months?
The majority of the banks’ advance payment requirements are six months from the point of disbursement. It would not be possible to close the loan in two months. You would have to pay the remaining balance prepaid fees.
