Personal Loans in Chandigarh

  • Bajaj Finance
  • ICICI Bank
  • INDUSIND Bank
  • FULLERTON
  • IDFC
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Why apply through CreditMantri

Quick and easy approval for Personal Loans in Chandigarh CreditMantri matches your credit and demographic profile to lender's Personal Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you Personal Loans in Chandigarh, based on our proprietary matching algorithm.

In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Personal Loan in Chandigarh Hence the chances of your Personal Loan application getting approved is higher. We even try our best to help people with low CIBIL Score, get a Personal Loan in Chandigarh.

max tenure

5 yrs

processing fee

0.5%*

best rate

12.99%*

  • Maximum loan - 20 lakhs
  • Attractive Interest Rates
  • Quick and easy approval process
  • Balance transfer on existing personal loan
  • Interest rate - 12.99% to 23%
  • Processing fee - 0.50% to 2.50% of loan amount
  • KYC – ID proof, DOB Proof, Signature proof & Address proof
  • Bank Statements
  • Residence stability proof
  • Employment stability proof
  • Latest 3 month salary slips / Form-16 / Appointment letter

max tenure

5 yrs

processing fee

2.25%

best rate

14.75%

  • Maximum loan - 25 lakhs
  • 5-minute online personal loan approval and cash in bank in 72 hours
  • Interest rate - 12% to 15%
  • Processing fee - 2.25% to 3% of loan amount
  • Per bounced cheque - 1000/- and 2% penal interest per month
  • Secure fee - 999/- for instant approval online
  • Online application, Employee ID card
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport, Driver's license, Ration card, Mobile bill, Letter from employer
  • Signature proof (any one) - Passport, PAN, Driver's license, Photo credit card, Letter from bank verifying signature
  • Work experience documents - Appointment letter, Form 16, 1 yr old salary slip, same for previous employment

max tenure

5 yrs*

processing fee

999₹*

best rate

11.49%*

  • Maximum loan - 20 lakhs (salaried)
  • Maximum loan - 30 lakhs (self employed)
  • Fixed interest rate
  • Direct credit of the loan amount through Fund Transfer (FT)
  • Simple repayment options such as ECS, AD or PDC
  • Interest rate - 13% to 18%
  • Processing fee - Up to 2.5% of loan amount
  • Application form with 2 photographs , Processing fee cheque
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport,Utility bill, Lease agreement
  • Salaried - Salary slip for 3 months, bank statement with salary credit
  • Self employed - Office address proof, audited financials for last 2 yrs and latest 6 months balance sheet

max tenure

4 yrs

processing fee

2%

best rate

17.25% *

  • Personal Loan up to 20 lacs.
  • Easy Repayment over 12 to 48 months.
  • Quick and easy approval process
  • Balance transfer of an existing Personal loan
  • Interest Rate: 17.25% onwards
  • Processing Fee: 2% onwards
  • Application form with a recent photograph
  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
  • Age proof - PAN Card, Passport, any other certificate from a statutory authority
  • Bank Statements (Bank statement / Bank Passbook for last 6 months) OR Last 3 months’ salary slip
  • Form 16
  • Income Tax Returns for last 3 years
  • Processing fee cheque
  • Previous 2 years’ experience letter without any gap (if current work experience < 1 year)

max tenure

5 yrs

processing fee

2%

best rate

15%

  • Ability to save on interest
  • Quick and transparent processing
  • Customized loan as per your requirement
  • Simpler documentation
  • Interest Rate – 15%
  • Processing Fees - 2%
  • PAN Card
  • Address Proof -Any one of Aadhaar/Driving licence/Passport/Voter ID/NREGA Card
  • Age Proof
  • Last 3 months’ salary slips
  • Last 6 months’ bank statement

Personal Loan in Chandigarh

Do you live in Chandigarh? Are you looking for a personal loan in Chandigarh and wondering what your options are? Read on!

Personal Loans in Chandigarh

What is a personal loan?

A personal loan is an unsecured loan, meaning you do not need to pledge collateral or offer any asset as security in order to avail the loan. Its end-use could be anything from funding your child’s higher education to business expansion, to simply a leisure vacation.

Advantages of a Personal Loan:

  • Quick approval and disbursal process.
  • Little documentation: if you are existing customer of a lender, you might be eligible for an instant loan depending on your credit history and your relationship with the lender
  • No restriction on how you spend the money
  • Does not require any collateral.
  • Can be used as a debt consolidation tool as well

Disadvantages of a personal loan:

Personal loans are one of the costliest loans in the market. Its high interest rates makes it an unattractive option. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending on your credit situation.

Personal Loans in Chandigarh—General Features

Following is a general overview of the features of a personal loan:

Check Eligibility Online

Most lenders offer the option of checking one’s eligibility for a personal loan online, after which you could apply with them. Online eligibility check saves you the hassle and disadvantages of applying for a personal loan only to get rejected. Although bear in mind that if you are found to be eligible online, it is not assured that you will be necessarily approved for a loan.

Get Instant Online Approvals

Depending on the lender’s policies and your relationship with them, you can get instant approval within minutes if you apply online.

Get funds quickly

If your credit score is good and your documents are found to be in order, most lenders readily disburse the loan amount. It helps if you are an existing customer and you apply with your lender. This reduces the documentation, and the turnaround time is quick.

Flexible Tenure

You can choose from tenures ranging from 12 months to 60 months or more, which could vary from lender to lender.

Loan Amount

The loan amount can range from a few thousands to many lakhs.

Personal Loans in Chandigarh

All major banks and NBFCs offer personal loans in Chandigarh. Popular banks and NBFC’s that offer personal loans in Chandigarh include: Axis Bank, Shriram Finance, Bajaj Finance, Fullerton, HDFC Bank, ICICI Bank, IDBI Bank, Citibank, SBI, etc.

Personal loans in Chandigarh for salaried, self-employed and business people are available.

Personal Loan for CIBIL Defaulters in Chandigarh

A good CIBIL score is a pre-requisite to availing any kind of loan. If you are a CIBIL defaulter, it can get very difficult get any kind of credit.

You could perhaps approach a lender that offers special loans for defaulters. Do keep in mind that if you are offered a loan under such circumstances, it will generally come with a high interest rate and other restrictions.

Is it possible to get a personal loan in Chandigarh with bad credit?

The possibility of getting a personal loan with bad credit depends on the severity of your credit situation, and your lender.

It is not entirely impossible to avail a personal loan with a bad credit score. You might be approved for a loan but at high interest rate since the lender wants to safeguard their asset against default.

Do note that there is no single “good credit score” that assures instant loan approval, as it depends on a variety of factors. If you have a bad credit score, it is advisable to raise your credit score to at least 700 and more, so that you can avail a personal loan at reasonably good terms and interest rate.

Eligibility for Personal Loan in Chandigarh

  • Age criteria: The applicant should be between 21 years to 65 years (at the time of maturity of the loan).
  • Salaried, self-employed, and business professionals are eligible to apply. If you are not a regular wage earner, talk to your bank manager about your situation.
  • Minimum salary for salaried people is typically Rs. 15,000 though the salary requirement depends on what tier of city you live in and the company you work for.
  • Should be staying in the same address / city for at least 1 year
  • Total work experience should be at least 2 years
  • Should have a stable employment history.

You can check your eligibility for a personal loan in Chandigarh online, on the lender’s website.

Documents Required for Personal Loans in Chandigarh

For salaried / self-employed professionals:

Following are an overview of the documents generally asked while applying for a personal loan in Chandigarh:

  • Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
  • Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
  • Income Proof Documents – Last 6 months salary slip and latest Form 16
  • Bank Statements: Past 6 months bank statement with salary credit
  • Continuity of employment proof, like offer letter, relieving letter, etc.

For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.

  • Degree Certificate / educational documents for self-employed professionals.
  • Proof of business existence
  • Last 3 years Income Tax returns (self and business)
  • Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
  • Any other documents as directed by the Bank or NBFC

Personal Loan in Chandigarh With Low Interest

Personal loans are offered at low interest rates to those who have an excellent track record of making their EMI dues on time, consistently. This makes for a good credit history, amongst other factors.

If you have a good credit score, say 750 and above, lenders will be more willing to approve your loan application and what’s more, you could negotiate for the lowest interest rates!

Do keep in mind that having a good credit score is not the only pre-requisite to availing a loan and other factors also come into play when a lender sanctions a loan application.

Personal Loan in Chandigarh FAQS

What is the minimum and maximum loan amount for salaried people?

It depends on various criteria like your net annual income, your repayment behavior, your credit score and credit history. Final approval for your loan amount is at the sole discretion of your lender.

Do I have to pledge any collateral in order to secure a personal loan?

No collateral or security is required for obtaining a personal loan in Chandigarh. However, if your credit condition is found to be poor, and you need urgent funds, you might be asked for some form of collateral. Some lenders might ask you for a guarantor of sufficient net worth, apart from asking for collateral.

How do I repay the loan?

You can repay the loan amount in convenient EMI (Equated Monthly Instalments).

What is an EMI?

EMI stands for Equated Monthly Installment and is the monthly amount you need to pay your lender towards servicing your personal loan—interest included.

What are the options through which I can pay my EMIs?

EMI can be paid through the following easy options:

  • Through postdated cheques
  • Through ECS facility, Standing Instruction to debit your Bank account.

How to apply for Personal loan in Chandigarh:

There are several ways to apply for a personal loan:

  • You can apply directly online at the bank / NBFC's website;
  • You can go in person to your nearest branch and apply with the required documentation

Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, then CreditMantri can guide you and match you with the loan offer that best suits your unique credit profile.