Personal Loans in Chennai

  • Bajaj Finance
  • ICICI Bank
  • TATA Capital
  • INDUSIND Bank
  • FULLERTON
  • Shriram City Union
5.0 / 5 (5 Reviews)

Why apply through CreditMantri

Quick and easy approval for Personal Loans in Chennai 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 Chennai, 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 Chennai 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 Chennai.

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

5 yrs*

processing fee

1500₹*

best rate

13.99%*

  • Maximum loan - 15 lakhs
  • Flexi EMIs with Higher Loan Eligibility
  • Minimum Documentation and Verification
  • Quick processing
  • Security or Guarantors not Required
  • Interest rate - 14.5% to 18%
  • Processing fee - 1% to 2% of loan amount
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID, Aadhar
  • Address proof (any one) - Passport, Driver's license, Voter ID, Ration card, Electricity bill, Rent agreement
  • Residence stability proof
  • Employment stability proof
  • Latest 3 month salary slips / Form-16 / Appointment letter

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

3 years

processing fee

2000₹

best rate

28% p.a

  • Faster loan disbursal process
  • Simplified documentation process
  • Repayment through Equated Monthly Instalments
  • Interest rate - 28%
  • Processing fee - 2000₹
  • ID Proof(any one)- Aadhaar card/Pan card/Driving License/Passport/Voter ID
  • Address Proof(any one)-Aadhaar card/Driving License/Passport/Voter Id
  • Post-dated cheque (For 6/12 Months)

Personal Loan in Chennai

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

Personal Loans in Chennai

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. One of the advantages of a personal loan, besides the quick processing and minimal documentation formalities, is that there are no restrictions on the end-use. It could be used for anything—ranging from funds for personal expenses like your child’s higher education or your leisure vacation, to business expenses like funds for office equipment, expansion, etc.

Advantages of a Personal Loan:

  • The approval process is quick and disbursal is relatively quicker than other forms of loans.
  • Get on-the-spot approvals (depends on the lender and their policies). If you are an existing customer of a lender, you might be eligible for an instant loan depending on your credit history and your relationship with the lender
  • Less documentation. It helps if you are an existing customer as it opens the doors to personal loan offers.
  • No restriction on the end-use of the loan amount
  • Does not require any collateral.
  • Can be used as an excellent debt consolidation tool, depending on the existing interest rates

Disadvantages of a personal loan:

Personal loans are one of the costliest retail loans in the market. Its high interest rates make 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 the severity of your credit situation.

Personal Loans in Chennai

All major banks and NBFCs offer personal loans in Chennai. You can do your research online, choose a lender and approach them for help with your loan processing. Popular banks and NBFC’s that offer personal loans in Chennai include: Axis Bank, Tata Capital, Bajaj Finance, Shriram Finance, Fullerton, TMB, Karur Vysya Bank, ICICI Bank, HDFC Bank, IDBI Bank, Standard Chartered Bank, Citibank, SBI, etc.

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

Personal Loan in Chennai With Low Interest

The importance of having a good credit score cannot be overstated. People with a good credit score are typically offered personal loans at low interest. This includes those who have an excellent track record of making their EMI dues on time.

A credit score of 750 or above is generally viewed as a good score. Most lenders look for a score of 750 before deciding whether to proceed with the loan application. Although it is not impossible to get a loan with a credit score of less than 750, having a good score helps you land a personal loan with lower interest rates. Additionally, lenders will be willing to offer you several attractive features on your loan offer, say for instance, a larger loan amount and longer tenure. The entire loan approval process will be quicker and simplified.

Personal Loan for CIBIL Defaulters in Chennai

Bad news for CIBIL Defaulters! If you are a CIBIL defaulter, it can get very difficult to avail any new credit. However, you could approach a lender who has special loan offers for such people with bad credit. Do keep in mind that being a CIBIL defaulter might cost you in terms of limited access to loan products in the future, and an extremely high interest rate on your loans.

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

The possibility of getting a personal loan with bad credit depends on the severity of your credit situation, and your lender’s policies. Having said this, it is not entirely impossible to avail a personal loan if you have a bad credit score. Other factors also come into play when you apply for a personal loan. For instance, if your net salary is high, then your credit score might be overlooked, as your ability to repay the loan on time would be higher.

Also, keep in mind that in case you are approved for a loan, it will be done so at high interest rate since the lender wants to safeguard their asset against default.

If you have a bad credit score, it is advisable to raise your credit score to a healthy number, like 700 or more, so that you can avail of the loan at credible terms and conditions.

Eligibility for Personal Loan in Chennai

  • 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 Chennai online, on the lender’s website.

Documents Required for Personal Loans in Chennai

For salaried / self-employed professionals:

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

Documents Required for Personal Loans in Chennai

  • 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 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 Chennai FAQS

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

The loan amount varies from a few thousands to up to many lakhs.

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 Chennai.

How do I repay the loan?

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

What is an EMI?

EMI stands for Equated Monthly Installment. It is the fixed monthly amount you need to pay your lender every month in order to pay off your loan in full. Each EMI includes repayment towards the principal amount as well as interest.

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

EMI can be paid through the following easy options:

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

How to apply for Personal loan in Chennai:

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.