If you are based in Chennai and looking for a personal loan, the internet can bring the best loan offers from around the country to your doorstep! You need not limit yourself to a local lender – most leading banks and NBFCs in the country have a branch presence in Chennai and you can choose which offer best suits your requirements. Not only can you choose the best offer from anywhere in the country while based in Chennai, you can also complete the loan application entirely online.
How do I apply for a personal loan when located in Chennai?
First, you should research the various Chennai personal loan offers available in the market and determine which lender offers the product most suited to your needs, including the interest rate charged and the processing fees. Many lenders allow you to do a quick check of your eligibility on their website. Once you identify the loan offer that best suits your needs, you can go ahead and apply for the loan online, or ask for a representative to contact you, or contact the lender directly through the contact details on their website.
The loan amount can range from a few thousands to a few lakhs depending on your ability to repay. You can check your eligibility online at several bank/lender websites before applying to check if you qualify for a loan.
You do not need extensive documentation for a personal loan. It could include ID proof, address proof, bank statements and salary slips. The documentation required will vary with each bank and depends on your profession, income and loan requirement.
Interest rate and tenure on a personal loan
The interest rate charged depends on a number of factors including income, profession, credit score and relationship with the bank among others. In general, the interest rate on personal loans can range from 15%-25%. The loan period typically ranges from 1-5 years.
Advantages of a personal loan
There are two attractive features of a personal loan:
• Complete flexibility of end-use. There are no restrictions on how you should spend the loan amount. You could use it to buy new furniture, pay medical expenses, or even to fund a vacation!
• Lack of collateral. A personal loan is an ‘unsecured loan’, meaning you are not required to provide any security to the lender in the form of cash, shares or any other assets. This might make it more attractive to some customers who may not be able to readily provide any security for a loan.