Importance of Personal Loan Chennai

A sea-side city buzzing with economic and cultural activities, Chennai is one of the leading industrial hubs of not just Tamil Nadu, but of the entire country. The city is home for a number of industries like automobiles, electronic hardware, software services, banking & finance, petrochemicals and textiles, drugs & chemicals, medical tourism, traditional arts and one of the fastest developing IT-sector. Spread in a vast area of 426 km², Chennai is inhabited by almost 71 lakh people. Among this huge population, there are thousands of migrants from other states and cities who come to the city to turn their fortunes. However, surviving and flourishing in a city with such tremendous cut-throat competition can be a tough task. Therefore, many decide to take a personal loan to meet their financial needs or expand their business.

To sustain your lifestyle while covering up certain expenses in a city thriving with business can demand special financial assistance at times. Don’t worry, we have got you covered. Looking for a SBI personal loan Chennai? We help you grab the best deals when it comes to availing personal loans in Chennai from more than a dozen banks and NBFCs. Our network helps you choose the loan especially personalised to meet your requirements, because that’s what a personal loan essentially means!

We know how difficult and time-consuming it is to gather information about a suitable personal loan in Chennai. Availing a personal loan in Chennai can be stressful. Therefore, we have tried to gather all the information in a systematic way to make it your one-stop solution.

Let’s see how to avail a personal loan in Chennai below:

Eligibility Criteria for Personal Loan in Chennai

The Personal Loan Chennai eligibility is as follows:

1. Applicants should have a domicile certificate of Chennai.
2. Applicants should be above 21 years of age.
3. Minimum Salary of the applicant must be Rs. 25,000.
4. Minimum annual income of the applicant must be Rs. 2.5 lakhs.

Documentation required

1. Identity and Residence Proof
2. Bank Account Statement
3. PAN Card
4. Salary Slip of past 3 months.

Reasons to Avail Personal Loan in Chennai

1. Personal loan for educational requirements of children.
2. Instant personal loan for the purpose of managing the requirements of a wedding in the family.
3. Personal loan for repairing and renovating houses in Chennai
4. Personal Loans for expanding business in Chennai.
5. Personal loans for covering holiday tour expenses.
6. Personal loans to get vehicles repaired and serviced.
7. Debt consolidation to clear pending dues of personal or credit card debts
8. Personal loan for upgrading your lifestyle in Chennai.

Personal Loan Chennai Interest Rates

Bank	Processing Fee	Prepayment Charges	Personal Loan Interest Rates
ICICI Bank Personal Loan	0.25% - 1.50%	2%, Nil prepayment charges after 9 months	10.75% - 22.00%
SBI Personal Loan	500/- - 0.50%	Nil	10.75% - 22.00%
HDFC Personal Loan	0.25% - 1.50%	2%, Nil prepayment charges after 9 months	10.75% - 22.00%
Axis Bank Personal Loan	0.50% - 1.50%	Nil	11.50% - 19.50%
IIFL Personal Loan	Nil	Nil	10.50% - 22.00%
Andhra Bank Personal Loan	Nil	Nil	10.50% - 18.99%
IndusInd Bank	0.75% - 1.75%	Nil	11.00% - 20.00%

The tenure for the loan ranges between 1-5 years. To know how the Equated Monthly Instalments or EMIs, kindly check it on your Personal Loan Chennai EMI Calculator.

Leading Personal Loan Lenders in Chennai

Feature	HDFC Bank	ICICI Bank	Bajaj Finance
Interest Rate	10.50% - 18.50%	10.75%	12%
Min Loan Amt	Metro: 75000 & Non-Metro: 50000	25000	15000
Max Loan Amt	1 Cr	1 Cr	1 Cr
Loan Tenure	1 - 5 Years	9 months to 24 months	1 month to 24 months
Processing Fee	0.99% to 2.0% of the Loan Amt	0.25% to 1.50%	Nil
Prepayment Charges	2%, Nil foreclosure charges after 3 months	2%, Nil foreclosure charges after 9 months	Nil
Overdraft Facility	Yes	Yes	Yes

Note: 

. IT-industry employees are offered personal loans on special interest rates in Chennai.

. Special personal loan schemes for state and central employees.

 

Also read this: About Personal Loan Tenure And EMI Options