fbpx

 

Instant Online Personal Loan in Chennai

We deliver financial happiness to our customers. 100% Online Process | No Branch Visits | No Hidden Charges | Minimum Documentation Process

Get Personal Loan in |

androif 1

Users Rating (4.5/5)

100K+ Registered User & Every Minutes 30 New User Registration

Group 13954

How it Works!

Quikkloan made the effortless process for the customers. Apply Personal Loan Online, Compare the best personal loan offer from the various Banks & NBF, upload the documents online, get disbursal in 24Hrs.

Group 12273 1

Group 12261  Eligibility Criteria
Salaried Individuals between 21 to 58 years, Minimum Net Monthly Salary of Rs. 20,000 and Employed for at least 1-2 years

Group 12265  Get ready with Documents
PAN & Aadhaar Card, Latest 3 month Bank statement, Two latest salary slip / latest Form 16, Cancelled Cheque

Group 12264  Get Disbursal in 1 Day*
Personal Loan up to 25 Lakh, Instant approval and Fast Disbursal through Partnered Banks / NBFC, No Collateral and Minimum Documentation

Top Banks

Offering Lowest Personal Loan Interest Rates in Chennai

 

Lenders

Interest Rates

Loan Amount

Tenure

Processing Fee

Apply Online

SBI

9.60% to 13.60% per annum

Up to 15 Lakh

Up to 5 Years

Nil – 1% of the Loan Amount + GST

Apply Now

ICICI 

11.25% to 22.00% per annum

Up to 20 Lakh

Up to 5 Years

Up to 2.25% of loan amount+GST

Apply Now

HDFC

10.75% to 21.30% per annum

Up to 15 Lakh

Up to 5 Years

Up to 2.50% of the loan amount

Apply Now

Axis Bank

12%-24% per annum

Up to 15 Lakh

Up to 5 Years

As applicable by the bank

Apply Now

Kotak Bank

10.99%-24% per annum

Up to Rs.15 Lakh

Up to 5 Years

Upto 2.50% of loan amount + GST

Apply Now

YES Bank

10.99% per annum

Up to Rs.40 Lakh

Up to 5 Years

Up to 2.50% of the loan amount +GST

Apply Now

Tata Capital

10.99% per annum

Up to Rs.25 Lakh

Up to 6 Years

Up to 2.50% of the loan amount+GST

Apply Now

IDFC Bank

As applicable by the bank

Up to Rs.25 Lakh

Up to 5 Years

3.50% of the loan amount

Apply Now

IndusInd Bank

11.25% per annum

Up to Rs.15 Lakh

Up to 5 Years

Up to 2.50% of the loan amount+GST

Apply Now

DCB Bank

10.22% per annum (one year MCLR)

Up to Rs.5 Lakh

Up to 5 Years

2% of the loan amount+GST

Apply Now

Bajaj Finserv

12.99% per annum

Up to Rs.25 Lakh

Up to 5 Years

Up to 4.13% of the loan amount+GST

Apply Now

Aditya Birla Finance

14%-26% per annum

Up to Rs.50 Lakh

Up to 5 Years

Up to 2% of the loan amount+GST

Apply Now

IIFL 

16% per annum

Up to Rs.25 Lakh

Up to 5 Years

Up to 2% of the loan amount+GST

Apply Now

HDB Financials

Up to 36% per annum

Up to Rs.20 Lakh

Up to 5 Years

Up to 2 % of the loan amount

Apply Now

Fullerton India

12.99%-36% per annum

Up to Rs.25 Lakh

Up to 5 Years

Up to 3% of the loan amount

Apply Now

Personal Loan Eligibility in Chennai

 

Eligibility Criteria

Salaried

Self-employed

Minimum Age

21

24

Maximum Age

58

65

Minimum Income

Rs.35,000 monthly

Rs.2 lakh(annual)

Credit/Cibil Score

Above 750(out of 900)

Above 750(out of 900)

Minimum Job/Business Stability

1-2 Years

2-3 Years

Minimum Work/Business Experience

1-2 Years

3 Years

Minimum Profit After Tax

NA

Rs.1-2 lakh(annual)

Personal Loan in Chennai at a Glance

 

Particulars

Details

Interest Rates

Starting at 10.99% per annum

Loan Amount

From Rs 1,00,000-Rs.25,00,000

Tenure

Up to 5 Years

Processing Fee

1.50%-2.50% of the loan amount+GST

Minimum Monthly Income

Rs.35,000

Cibil Score

Above 750 (out of 900)

Prepayment/Foreclosure Charges

2%-6% of the principal outstanding +GST

Personal Loan in Chennai?

Chennai being a tier-1 city is a hub of many multinational companies. And, with various renowned companies, the population of salaried professionals is also quite high. And, to save such professionals from rainy days, many banks and NBFCs are also there. Yes, lenders like SBI, HDFC, and Bajaj Finance provide personal loans to the people of Chennai. Yes, being an unsecured credit, it can easily be availed by a borrower without giving collateral/security to the lender. 

This loan can be availed at an attractive interest rate for a maximum tenure of up to 5 years. One can get a loan amount of up to Rs.20 lakh by paying a one-time processing fee of 2%-2.50% of the loan amount. In Chennai, an applicant needs to have a minimum monthly income of Rs.35,000 to apply for a personal loan. The first step that lenders do is to check the monthly income of an applicant to know the personal loan eligibility. And, if an applicant is earning a good income, the chances of getting the fastest loan approval would be high. 

It is a multi-purpose loan hence can easily be availed for numerous reasons. Yes, it comes in handy to meet varied needs like:

  • Medical Emergencies
  • Wedding Expenses 
  • Debt Consolidation
  • Home Renovation/Extension
  • Higher Education
  • Traveling Expenses
  • Purchasing High-End Consumer Durables Value

Well, the best thing about this loan is that it comes with plenty of features and benefits to choosing from. Yes, with a plethora of features like: 

  • Instant Approval
  • Fastest Disbursals
  • No Collateral/Security
  • Attractive Interest Rates
  • Flexible Tenure Options
  • Minimal Documentation
  • Multi-Purpose Loan
  • Hassle-free Process

 

This loan comes in handy to meet multiple needs such as:  

  • Medical Emergencies
  • Wedding Expenses 
  • Debt Consolidation
  • Home Renovation/Extension
  • Higher Education
  • Traveling Expenses
  • Purchasing High-End Consumer Durables Value

How to Apply for Personal Loan in Chennai?

A borrower can apply online for a personal loan in Chennai. Talking about an online process, it is absolutely easy and quick. Yes, you would be able to apply online in the simplest manner. For a quick loan online in Chennai, you can trust many renowned banks and NBFCs, best known for the fastest loan approval and disbursal.  

Steps to Apply for Personal Loan in Chennai

Step 1: Fill Loan Query Form Online

Step 2: Get Quotes from Various Banks 

Step 3: Submit the Required Documents

Step 4: Get Instant Approval & Disbursal

CIBIL Score Required for Personal Loan in Chennai

A good cibil score is a saviour when it comes to availing a personal loan in Chennai. A borrower needs to have a score of above 750 out of 900 to become eligible for a hassle-free personal loan journey. The personal loan is an unsecured credit will be given after taking into consideration the credit profile of a borrower. And, a good cibil score is an indication of a healthy credit profile, hence a borrower can expect instant personal loan approval. Thus, it is always advisable to maintain a good score to expect a smooth personal loan journey.

Minimum Salary Required to Avail Personal Loan in Chennai

In the case of a personal loan, the minimum income of a borrower should be Rs.35,000. Chennai, being a Tier-1 city, is a hub of many multinational companies, thus the number of salaried professionals is quite high here. And,  to meet the sudden cash needs of these working professionals, Chennai is also home to many banks and NBFCs. 

 

Yes, with a high number of renowned banks and NBFCs available in the city, the banking needs of the people can easily be fulfilled. But to become eligible for a personal loan, a borrower needs to earn a minimum monthly income mentioned above.  

Personal Loan EMI Calculator

Want to avail a personal loan in Chennai but don’t know the exact amount of EMIs you need to pay to the lender? Well, a personal loan EMI calculator online is here to help. This online tool with its smart algorithms helps you in knowing the EMIs simply and quickly. You just need to feed:

  • Loan Amount
  • Tenure 
  • Interest Rate 

Soon after entering these values into the device, within a few minutes, you would be able to know the accurate values of your EMIs. Thus, it helps you in taking a calculative decision by letting you know the EMIs in advance. 

Let’s take an example to understand functioning better. 

Suppose, an individual has taken a loan of Rs.15 lakh at an interest rate of 14.20% per annum for a tenure of upto 5 years. What would be the EMI calculation? Go through the table below

 

Table Showing EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Loan Amount (in Rs.)

Interest Rate(per annum)

Tenure (in Years)

EMI (in Rs.)

Total Interest Amount(in Rs.)

Total Amount=Principal +Interest (in Rs.)

15,00,000

14.20%

1

1,34,822

1,17,862

16,17,862

15,00,000

14.20%

2

72,161

2,31,867

17,31,867

15,00,000

14.20%

3

51,412

3,50,842

18,50,842

15,00,000

14.20%

4

41,140

4,74,737

19,74,737

15,00,000

14.20%

5

35,058

6,03,486

21,03,486

 

Table Showing Principal, Interest and Balance Amount

Year

Principal (in Rs.)

Interest(in Rs.)

Balance Amount(in Rs.)

1

2,21,762

1,98,935

12,78,237

2

2,55,385

1,65,312

10,22,852

3

2,94,105

1,26,591

7,28,746

4

3,38,697

82,000

3,90,049

5

3,90,459

30,648

0

Personal Loan Fee & Charges

The best personal loan in Chennai comes with certain fees and charges that an applicant needs to give away at the time of availing the loan. Yes, processing fee, prepayment and part payment are some of the common charges that a borrower needs to pay to the lender during his personal loan journey. Make sure you check these charges prior to availing of the loan from your lender.  

 

Apply for Personal Loan in Chennai

Chennai being a tier-1 city is a hub of many multinational companies. And, with various renowned companies, the population of salaried professionals is also quite high. And, to save such professionals from rainy days, many banks and NBFCs are also there. Yes, lenders like SBI, HDFC and Bajaj Finance provide personal loan to the people of Chennai. Yes, being an unsecured credit, it can easily be availed by a borrower without giving collateral/security to the lender. 

How to Get Lowest Personal Loan Interest Rate in Chennai

Compare the Lenders: To enjoy the lowest quick loan interest rate in Chennai,the first step that a borrower should do is to compare the various lenders. Yes, start comparing the lenders on interest rates and choose the one, offering the lowest interest rate. With the help of a lower rate, you can also expect to have a reduced EMI which ultimately lowers your loan repayment burden.

High Income: If your monthly income is high and you know the art of managing your expenses without facing debt, you have a good credit profile. High income shows one can manage to repay the loan easily if his monthly expenses are comparatively low as compared to your income. Yes, a good monthly shows a good credit profile if an individual knows how to manage his expenses well. And, if everything is manageable and a lender can see an easy loan repayment in the future, one can expect to enjoy a lower interest rate.  

Build/Maintain a Good Credit Score: If you are someone who does not have a score, the step is to build a score. Let’s have clarity on the same below.

What is No/Zero Cibil: A zero or no cibil is a situation which arises when an individual does not have a prior financial history. Yes, be it applying for a credit card or availing a loan, such an individual does not have any, hence is a first-time loan borrower. Thus, in such a scenario, he needs to build a score first to get the personal loan approval without any hassle.

Steps First-time Loan Borrowers Should Take:

  • One can start by applying for a secured credit card
  • Apply for a short-time personal loan or consumer durable loan
  • Approach his lender, where he is having a savings account
  • Check if his company has a tie-up with a particular lender, in which his salary gets credited  

These steps help in building a credit profile first and a score gets generated after 6 months. Once your score gets generated and you are on a repayment track, try to maintain the same with timely payments. Yes, paying your dues on time helps in availing a personal loan without facing rejection. 

Ways to Improve/Maintain a Cibil Score

  • Timely Repayments
  • Consolidate Your Existing Loan into One
  • Do Not Apply for New Loan/Credit Card(until & unless it’s urgent)
  • Say No to Complete Debt Settlement
  • Avoid Checking Your Cibil Score Too Often 
  • Do Not Send Multiple Loan/Credit Card Queries
  • Use Your Savings if Possible to Fulfill Urgent Financial Needs 

Follow these steps to improve or maintain your three-digit numeric summary to enjoy a hassle-free personal loan journey. As mentioned above, what crucial role a good cibil/credit score plays in grabbing the best deal. Lenders do look for a good score before giving personal loan approval. A high score is a reflection of a good repayment history, which means a lender can trust a borrower as far as loan repayment is concerned. 

Employment Type: If you are a salaried individual and that too a government employee then one can easily expect a lower interest rate. Yes, being a salaried professional means your income is stable and being a salaried government employee means your job ,as well as income both, are stable. Thus. lenders prefer such applicants as there would be fewer chances of loan rejection, which means attractive interest rates. 

Category of the Employer: If your employer comes under CAT A, CAT B or Fortune 500/100 Company, there are higher chances of getting a personal loan at a competitive interest rate. Working in a renowned company means you can be trusted for loan repayments as multinational companies usually have no firing policy. Well, which means job stability that leads to easy loan repayments. 

Company Tie-up: If your company has a tie-up with a lender, where your salary gets credited then you can expect to get a lower interest rate. Yes, a salary account means a regular flow of income which means easy loan repayments. Here, maintaining the good terms with the lender can help as you can negotiate for the lowest quick loan interest rate in Chennai.  

No Current Loan/Liability: If you are someone who does not have any current loan or another financial liability, it would be easy for you to get the lowest personal loan interest rates. If a borrower is already loaded with an extra financial burden, it would be difficult for him to repay the loan as the chances of default are higher in such a case. Thus, instead of giving the loan at a lower interest rate, the lender would give loan approval at a higher rate. So, make sure you are not having an existing loan to enjoy the lower interest rates.

Feature & Benefit Of Personal Loan

The Best feature and benefit Of a Personal loan 

Instant Approval: Personal loan in Chennai comes with instant approval. Yes, if a borrower is good on eligibility, it is obvious for him/her to expect the instant cash loan in Chennai with instant approval. Always try to improve your eligibility in order to get instant approval. 

Fastest Disbursals:  With instant approval comes quick disbursal. Soon after approving your credit profile, the next step that lenders do is to give the fastest disbursal. With quick disbursal, one can expect to have a speedy loan amount in the bank account. 

No Collateral/Security: A personal loan in the capital city can easily be availed without any collateral or security. Yes, a borrower doesn’t need to give any sort of security to the lender and can easily avail the required funds. 

Minimal Documentation: A borrower can easily avail this unsecured loan with just minimal documentation. Yes, with basic KYC documents like Identity Proof, Address Proof and Income Proof, availing this unsecured credit is really simple and quick.   

Multi Purpose Loan: A borrower can avail an urgent loan in Chennai for various reasons. Yes, it is a multi-purpose loan thus comes handy to meet numerous personal needs. 

Hassle-free Process: The process of availing a personal loan is really simple and quick. Within a few minutes, you can expect to have an instant approval followed by a quick disbursal.

Group 13284

Documents Required For Personal Loan

Mentioned are the personal loan documents for salaried and self-employed.

 

 

Group 13142 Complete Online Application

Fillup the Online loan Application in just 2 minutes

 

Group 13143Provide Identity Proof

Voter id/ Passport/ Driving License / Aadhaar Card

 

Group 13144 Address Proof

Aadhaar /Passport/ Telephone or Electricity Bill/ Ration Card

 

Group 13145Bank Statement

Latest 3 Months Bank Statement or Passbook

 

Group 13147Income Proof

For Salaried – Latest 3-month Salary Slip

                    For Self Employed –  ITR and Current Bank Statement of 3 months

Frequently Questions

Group 7917

How long does a bank take to approve an application for a personal loan?

It depends from bank to bank as each lender has its own process. Usually a loan application is approved within 5-7 working days.

How is a personal loan repaid?

The personal loan can be repaid by paying the loan amount back to the bank in the form of Equated Monthly Instalments (EMIs). A borrower can opt for an auto-debit payment, wherein the EMI amount will automatically be debited from your bank account.

Can I get the balance transfer facility with my personal loan?

Availing a balance transfer facility depends on the bank. There are some banks that offer the balance transfer facility if the customer has made at least 12 EMI payments. It is advisable that you check with your bank before you apply for the loan.

Are there any additional charges that an applicant has to pay when he/she gets a personal loan from a bank?

Yes, there are a couple of different additional charges. Most banks charge an applicant an interest fee that ranges from 2% to 2.5% of the total amount that they wish to borrow. The fee is deducted from the amount that has to be disbursed to you.

Can I receive Tax Benefits on my personal loan?

Unless the personal loan is used for a home renovation project, tax benefits are not associated with personal loans. You can, however, avail tax benefits under Section 24 of the Income Tax Act on the interest that is paid on the loan but not on the principal amount that is paid.

What are the Factors That Can Influence Personal Loan Interest Rates?

These factors include your income, repayment potential, credit score, etc.

Is the GST Levied Over the Interest Rate on a Personal Loan?

No, the Goods and Services Tax (GST) is not levied over the interest rate on a personal loan.

What are the Types of Personal Loan Interest Rates That Lenders Offer to Borrowers?

Personal loans can be offered on a flat and reducing balance basis. In a flat rate, the interest will be charged on the principal outstanding all the time irrespective of which stage the loan is in. Whereas, in a reducing balance, the interest is charged on the principal outstanding left after the EMI payment.

What is an EMI?

An Equated Monthly Installment (EMI) is a sum of principal and interest payable every month to the lender. Greater the rate of interest, the higher will be the EMI amount and vice-versa.

How Soon Can You Apply for a Personal Loan?

Anyone working in a public or private entity can apply for a personal loan as soon as he/she attains the minimum age of 21 years. Self-employed, on the other hand, will need to be a minimum of 24 years at the time of loan application.

How Much Work Experience is Required to Get a Personal Loan in India?

You must have worked for a minimum of 2-3 years to get a personal loan in India. However, lenders also want you to have a minimum of 1-year work experience with the current organization.

Stay updated with us on WhatsApp for Great Festival Offer!
WhatsApp Now
Privacy Settings
We use cookies to enhance your experience while using our website. If you are using our Services via a browser you can restrict, block or remove cookies through your web browser settings. We also use content and scripts from third parties that may use tracking technologies. You can selectively provide your consent below to allow such third party embeds. For complete information about the cookies we use, data we collect and how we process them, please check our Privacy Policy
Youtube
Consent to display content from Youtube
Vimeo
Consent to display content from Vimeo
Google Maps
Consent to display content from Google