Personal Loan in Chennai
In the past two years, Personal loans in India have accounted a record growth. According to RBI data, the sector witnessed 96 % of incremental growth till February 16. RBI clubs credit products including loans for consumer durable purchases, vehicle/car loans, education loans, credit card debt, loans against bank fixed deposits, loans against shares and other personal loans under the Personal Loan Category.
Whether you need a loan for home improvement, wedding celebration, international holiday, or for higher education, or an unprecedented emergency, you can pay your purchases and bills with the help of a personal loan.
Whether you need an instant Personal Loan in Chennai or seek a recommendation on top 10 Personal Loan providers in Chennai, MyMoneyMantra brings a handy guide for you.
Features & Benefits of Personal Loans
Personal Loans are one of the commonly applied for unsecured credit products in the country. The loan is offered primarily on the basis of the creditworthiness of the applicant. The basic features can be classified as:
Type of Personal Loans:
Loan Amount: 1 Lakh to 30 Lakh
*Higher than 30 Lakh Personal Loans are also available, subject to bank's terms & conditions, and credit history and score of the applicant.
Loan Duration: 12 to 60 months*
*Extension of loan duration available
Prepayment/ Foreclosure of Personal Loan: Allowed, with prepayment charge; Many banks waive off prepayment charges after first 12 months of a loan
Personal Loan Providers: Banks, NBFCs, and Financial Institutions
Personal Loan Application Mode: Online as well as offline
Purpose of Applying for a Personal loan: No exclusion attached, except for illegal/betting activities; You can borrow for any purpose as there is no restriction on the use of personal loan funds.
Collateral/ Guarantor: A majority of Personal Loans are drawn as unsecured loans. No collateral or guarantor is required to apply for the loan.
Tax Benefits: You can avail tax benefits if the amount of personal loan is used on interest and principal repayment of an education loan or a home loan.
Current Trend: You can apply for instant short term Personal Loans of any amount from online lenders. There are simply no exclusions or limitations if you are an eligible borrower. Personal Loans are purely customised to match with the applicant needs these days.
Applying for a Personal Loan in Chennai
Chennai is a metropolitan city of the country, and thus you can find an easy and hassle-free Personal Loan without any delay. You can apply for a loan online or by visiting your bank branch, as per your convenience.
There are several benefits of applying online. You can compare various Personal Loan schemes, loan rates, and terms online. You can access free Personal Loan EMI Calculator and seek Personal Loan advice from the loan aggregators like MyMoneyMantra. There is no charge for loan assistance, and you can find answers to all of your loan queries without paying a single visit to the lender.
You can also expect a doorstep documentation pickup and cheque pickup facility. The loan is disbursed as soon as the documents are submitted to the lender.
Eligibility Criteria for Personal Loans
The basic factors that are required to be eligible for Personal Loans in India are:
Indian Nationality: The applicant must be an Indian citizen.
Age Requirement: To apply for Personal Loan, you should be at least 21 years of age. However, the minimum age requirement for many banks is 23 years.
Employed/ Self-employed: A majority of Personal Loan approvals are extended to salaried individuals. However, Personal Loans for self-employed are also available with stricter eligibility criteria. Many lenders extend special Personal Loan schemes for professional and pensioners.
Income: Generally the minimum salary requirement for metro cities is 25000 per month, while for tier 3 and other smaller cities is 15000 per month.
The minimum monthly salary cap varies city-wise and lender wise. Have a look at the salary cap set by Bajaj Finserv Personal Loans.
A minimum salary of 35,000 per month
Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida, Thane
A minimum salary of 30,000 per month
A minimum salary of 28,000 per month
Jaipur, Chandigarh, Nagpur, Surat, Cochin
A minimum salary of 25,000 per month
Goa, Lucknow, Baroda, Indore, Bhubaneswar, Vizag, Nasik, Aurangabad, Madurai, Mysore, Bhopal, Jamnagar, Kolhapur, Raipur, Trichy, Trivandrum, Vapi, Vijayawada, Jodhpur, Calicut, Rajkot
Documents required for Personal Loans
Whether you are in Chennai or in any other part of the country, you would require following documents for availing a Personal Loan.
KYC documents: To establish proof of identity, address, and date of birth.
Documents for KYC
- PAN Card
- Aadhar Card
- Driving Licence
- Voter ID
- Rent Agreement
For Salaried Employees:
- Employee ID card/ Employment certificate from the current employer
Salary slips of previous 2 months
- Salary Account Bank Statements for the previous 3 months
IT Returns along with Form16 for the past two years
For Self-employed (including professionals and business owners):
- Financial statements like Balance Sheet and Profit & Loss Statement
IT Returns for the last 2 years
- Bank Account Statement to establish proof of continuity (of business income) GST Registration
Besides, you are required to submit a duly filled application form, along with 2 passport-sized pictures with these documents.
Top Personal Loan Providers in Chennai
State Bank of India
SBI is the largest public sector bank in India with the largest network of bank branches and ATMs spread across the country. In Chennai, the SBI has a robust base of 341 branches.
The bank offers a diversified product base for varied customer segments.
SBI Personal Loan products include Xpress Credit Loan, SBI Pension Loan, and Xpress Power. The bank offers additional benefits and competitive interest rate to applicants with SBI Salary Accounts.
ICICI is one of the leading private sector banks in India. Currently, ICICI Bank Ltd has 105 branches in CHENNAI District of TAMIL NADU State.
You can contact your ICICI bank for Personal Loan by visiting the branch, or by accessing net banking services. The existing customers can also locate offers, and pre-approved personal loan offers on their iMobile App.
The bank offers easy Personal Loans up to 20 Lakh. The bank promises to disburse cash in your account in 3 seconds after completion of formalities. The loan is offered at competitive fixed interest rate starting from 11.25% per annum to 17.99% per annum for a tenure ranging from 12 months to 60 months. You can apply for ICICI Personal loan for Wedding, Holiday, Home Renovation, Top Up or Fresher Funding.
HDFC is the largest private sector bank in India. In Chennai, HDFC BANK LTD has 102 branches. The bank is well-known for its customer-friendly services and a diversified base of consumer credit products.
From Credit Cards to Personal Loans, HDFC is the first choice for a large segment of borrowers. The HDFC Bank extends customised Personal Loans for a range of customers. You can use HDFC Personal Loan EMI calculator and apply for the required loan according to your repayment capacity. The bank offers complete flexibility and choice to its customers.
The HDFC bank also extends other add-on features on its loan products such as loan insurance, balance transfer, and flexible repayment options. The HDFC Personal Loan is available at attractive rate of interest ranging from 15.50% to 21.50% per annum.
Axis is a popular private sector bank in India. The bank extends friendly products and customer service.
It supports a robust network of 91 branches in Chennai. You can avail Axis Bank Personal Loans within a range of 50,000 to 15 Lakh with minimal documentation. The eligibility criteria are lenient as the minimum age cap is merely for 21 years; and the minimum salary base required is 15000 per month. The loan is quickly approved and disbursed. The Personal Loan interest rates offered are also competitive at 16% to 24% p.a.
Kotak is another popular private sector bank that has a network of 39 branches across Chennai district of Tamil Nadu State. Kotak Personal Loan is available for 50000 to 15 Lakh with flexible repayment options. The rate of interest offered is as per the market standards. The minimum salary cap is fixed at 20000 per month. You can avail fast and convenient Personal Loans from Kotak Mahindra Bank online or offline as per your choice.
The bank also extends instant loan approval and fast disbursal facility to its customers.
Yes Bank Ltd has 22 branches in Chennai. The Personal Loan by Yes Bank is offered at the best interest rate starting from only 10.75% per annum. However, the rate of interest would vary as per the applicant's credit rating.
You can borrow the Personal Loan from Yes Bank for an extensive range starting from 1 Lakh to 40 Lakh according to your needs. The bank extends 1-minute in-principle approval online. You can conveniently use the EMI calculator and choose the best repayment plan. The bank promises to extend fast loans after receiving the documents.
Bajaj Finserv is one of the leading and customer-friendly NBFCs in India with 5 branches in Chennai city. The lender is well-known for easy approval and quick disbursement among the customers.
The NBFC promises to extend instant approval to eligible applicants and assures of same-day disbursal. You can borrow up to 25 lakh as an unsecured personal loan from Bajaj Finserv. You can avail the loan for 12 to 60 months at flexible repayment structure. Using Bajaj Finserv Flexi Personal Loan EMI structure, you can reduce your monthly instalment by up to 45% (interest-only EMIs).
Tata Capital is another leading NBFC in India. You can borrow flexible loans at flexible terms from Tata Capital. This renowned lender offers Personal Loans for 75000 to 25 Lakh for a wide tenure of 12 to 72 months at an attractive rate starting from 11.25 % per annum. The best feature of Tata Capital Personal loan is Zero charge Part Pre-Payment after 6 months. You can also avail overdraft facility up to an agreed limit.
Canara Bank is one of the largest public sector banks headquartered in Bengaluru, Karnataka. Being one of the oldest banks, Canara Bank offers easy Personal Loan schemes for employees from Corporates, PSUs, Government departments, institutions, etc. The state-owned bank also offers Personal Loans to non-salaried, professionals and self-employed individuals such as Teachers and Doctors. Canara Bank has 114 branches in Chennai.
Punjab National Bank
PNB is another popular state-owned bank, with headquarter in the National Capital-- Delhi. PNB has 64 branches in Chennai and extends customised loan products for a varied base of customers such as salaried employees, doctors, and pensioners. PNB offers loans as per the customer's profile. The eligibility for Personal Loans is accessed case basis.
Chennai is one of the fastest developing cities of the country and thus you can access all the leading lenders here. Other leading lenders are Karur Vysya Bank with 65 branches in CHENNAI, Standard Chartered Bank with 6 branches in CHENNAI and Dena Bank with 15 branches. Some of the leading NBFCs are IDFC First, Mahindra & Mahindra Financial Services Limited and HDB Finance Services. You can compare all the Personal Loan offers and schemes on MyMoneyMantra.