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.
Do you live in Chennai? Are you looking for a personal loan in Chennai and wondering what your options are? Read on!
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:
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.
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.
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.
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.
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.
You can check your eligibility for a personal loan in Chennai online, on the lender’s website.
For salaried / self-employed professionals:
Following are an overview of the documents generally asked while applying for a personal loan in Chennai:
For the self-employed and those into business, the following might be requested in addition to the above-mentioned documents.
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:
There are several ways to apply for a personal loan:
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.