Personal Loan in Chennai

Chennai, also known as the “Detroit of South Asia”, is famous for its thriving automobile industry. It is also a cultural and educational hub of South India. Over the years, Chennai has swiftly progressed to being a fast-paced metropolis and boasts a large number of financial institutions and national-level commercial banks. If you are looking for simple and quick financing options in Chennai, a personal loan could be the ideal choice for you. Whatever your financial requirements may be, a personal loan can help fulfil your needs conveniently.

Banks and NBFCs are capitalising on the rapid financial growth of Chennai and expanding their businesses by giving out personal loans. What’s more, personal loans do not require any security or collateral, hence the approval process involves minimal documentation and the processing time is also less. Therefore, if you are in urgent need of funds, you can always apply for a personal loan at Bajaj Markets.

Personal Loan in Chennai Details

When you get a personal loan in Chennai, banks and financial institutions offer an online personal loan EMI calculator where you can seamlessly calculate the value of your monthly instalments.

To calculate EMIs using an online EMI calculator, all you have to do is enter the loan amount, loan tenure, and interest rate. The EMI calculator will instantly display the EMI amount.  Banks or financial institutions use the following formula to calculate the EMI: 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI is Equated Monthly Instalment,

P is the principal amount,

R is the monthly rate of interest, and

N is the loan repayment tenure (in months).

Eligibility Criteria for Personal Loan in Chennai

While personal loan eligibility criteria are different for every lender, some of the general eligibility conditions that you will need to fulfil for most personal loans are as under -

• You must be an Indian citizen.

• You must have a regular source of income. You can be either a salaried employee of a company or a self-employed individual.

• You must be a legal adult- at least 18 years of age. Some lenders have a higher lower age limit- 21 years or 25 years. There is also an upper age limit- to be eligible for a personal loan- usually between 58 and 65 years.

Documentation Required to Apply for a Personal Loan in Chennai

You will need to furnish the following documents while applying for a personal loan in Chennai:

• Identity Proof: Voter ID Card, Aadhaar Card, PAN Card, Passport etc.

• Address Proof: Aadhaar Card, Driving Licence, Voter Card, Passport, utility bills, rent agreement, etc.

• Proof of Income: Latest salary slips (usually the last three months’ salary slips are required) or income return certificate or latest Form 16.

How to Get a Personal Loan with a Reasonable Interest Rate in Chennai?

Here are some tips that will help you to get an unsecured personal loan in Chennai at the reasonable interest rate possible:

• Financial Stability - If you have a stable and fixed income, it is easier for you to get personal loans in Chennai at competitive rates.

• A Good Credit Score - A credit score shows the creditworthiness of an individual. If you have a high credit score, you can get a high loan amount at a reasonable interest rate without any hassles.

• Zero Defaulter Record - If you have a good track record of timely payments and zero defaulter history, you will be generally preferred by lending institutions which will help you avail of a personal loan at reasonable interest rates.

• Festive Offers - Banks and other financial institutions offer discounts on personal loan interest rates during festive seasons as a promotional activity. Applying for a personal loan in Chennai during the festive season can help you get comparatively lower interest rates.

How to Apply for a Personal Loan in Chennai

Applying for a personal loan in Chennai via Bajaj Markets is an easy and hassle-free process. All you need to do is follow the steps mentioned below:

• Step 1: Visit the “Personal Loans” page on the Bajaj Markets website.

• Step 2: Click on “Apply Now”. A new page will open with a form in which you need to fill in a few details.

• Step 3: Enter some basic details like your income, type of employment and contact number.

• Step 4: Compare the loan offers from the various partner lenders and pick the one that suits you the best.

Personal Loan Interest Rates of Top Banks/NBFCs in Chennai

**Disclaimer: The figures mentioned in the above table are subject to constant change. Please check with the lender of your choice before applying. Please note that the above-mentioned banks/NBFCs have not partnered with Bajaj Markets.