CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Borrowing personal loans from Chennai banks and NBFCs doesn’t require any collateral. No restrictions on the end-use of the loan amount. Approval process is quick, and disbursal is relatively quicker and also get on-the-spot approvals. Apply now on CreditMantri!
24 to 48 Months.
Your application will be subjected to Bureau Enquiry.
6 - 36 Months.
12 - 60 Months.
3 - 60 Months
2% - 5%
12 - 72 Months.
2 - 60 months
6 to 36 Months.
up to 6 years
Personal loans in Chennai are easy to obtain at low-interest rates. Easy repayment options, minimal documentation, transparent policies, fast approvals, quick disbursal of funds, and complete digital management of accounts makes it very convenient for customers to opt for personal loans in Chennai.
1. Some banks offer a 0% processing fee. However, it can go up to 6% (including GST).
2. Loan tenure usually ranges from 12 months to 60 months.
3. No guarantor is required to obtain a personal loan in Chennai.
4. Low-interest rates starting from 8.90% to 36%
5. Pre-closure charges between 2% to 5%.
6. No restriction on the end-use of the loan.
7. Loan amount ranges from Rs. 50,000 to Rs. 40 lakhs.
Following are some of the major personal loan lenders in Chennai. Let us look at the features and benefits offered by these lenders.
1. HDFC Bank
2. Tata Capital
3. L&T Finance
4. Axis Bank
5. Yes Bank
2% + taxes
Up to 7 lakhs
1.5% to 2% + taxes
Up to 40 lakhs
Up to 2%
50,000 to 5L
10.5% to 21%
2.75% + taxes
Up to 25 lakhs
Minimum monthly income
Experience in years
Salaried and Self-employed
Salaried or professional
ID and Address proof
Utility Bill copy
Latest salary slips
Latest Form 16
Bank statements for the last 6 months
Last 2 months’ salary slip
Bank statements for the last 3 months
1. P&L account, Balance sheet, and income computation for the last 2 years
2. IT returns for the last 2 years
4. Clearance certificate
5. TDS Certificate (Form 16A) or Form 26 AS for income declared in ITR or Income tax challans.
1. Loan tenure of up to 5 years
2. Personal loans available for salaried people
3. Loans can be taken for emergencies, marriage, home renovation, and personal loans for women.
4. Loans available up to Rs. 40 lakhs
5. Flexible repayment
6. Insurance available
7. 24/7 customer support available
1. Personal loans available for salaried and self-employed people
2. Completely digital process with fast disbursal
3. Loans available up to Rs. 7 lakhs
4. Flexible repayment tenure of up to 4 years
5. No need for proof of income documents
1. No collateral is needed
2. Easy application, quick disbursal of loans, doorstep banking
3. Part pre-payment facility available
5. Flexible repayment tenure of up to 5 years
6. Loans can be taken for marriage, holiday, and home renovation
2. Personal loans available for salaried and self-employed people
4. Loans available up to Rs. 25 lakhs
5. Flexible repayment tenure of up to 6 years
6. Loans can be taken for medical emergencies and big purchases
A credit score is one of the most important factors considered by lenders while approving a personal loan in Chennai. Lenders consider a score of 750+ as a reliable factor for new customers. Credit scores are a reflection of your past credit behavior and discipline. Lenders consider that as a benchmark for future loan repayments. It is important to maintain a good credit score for faster loan approvals with low-interest rates.
1. Credit History – While evaluating the application for a personal loan, a lender is most likely to check the credit report and scores of the applicant. A credit score is a three-digit number given by credit bureaus after considering a lot of factors. The lenders usually refer to reports from CIBILTM, Equifax, Experian, and CRIF Highmark, as these are RBI-authorized credit bureaus in India. The credit report and scores talk about the past credit repayment discipline of the applicant.
2. Income Level – The income level has a great deal of impact on what interest rate the bank would charge for a personal loan. The higher your income is, the higher the chance of availing of a lower interest rate. This is because the bank wants to know how easily you can pay the loan back. We can say that income level and interest rates are inversely proportional.
3. Loyalty with the lender – Your loyalty to the existing bank where you have your account plays a role in the determination of interest rate. How many accounts, fixed deposits, etc. you have with them would have made you a loyal customer. Loyal customers get a good rate of interest for maintaining a good relationship with the bank.
4. Low Credit Utilization Ratio – Experts advise maintaining a credit utilization ratio of less than 30%. This signifies that you can take and repay more credit. This also signifies good repayment discipline.
5. Workplace Reputation – Individuals working in big multinational companies have a higher chance of getting a lower interest rate for a personal loan. This is because job security is higher in these known organizations. They have a relatively stable career and growth path and hence their income will most likely not be affected negatively in near future.
6. Loan Payment History – Your loan repayment discipline in the past is being closely observed by lenders. They consider it as a benchmark for all future repayments too. Typically, they would like to know if there have been any defaults in the last 12 months. Applications by defaulters are mostly rejected or approved with a very heavy rate of interest.
7. Economic conditions and other market factors – If the economy is flourishing, you might be able to get a good interest rate since there will be fewer people applying for loans. However, if there is inflation or recession, it is highly likely that the interest rates would not be too low. That is because the demand for loans would be very high in the scenario of inflation or recession. Changes in repo rates also affect the interest rates. The Repo rate is the rate at which banks borrow funds from the Reserve Bank of India (RBI). If the repo rate is high, the interest rates on personal loans are bound to be high.
The application process for Personal Loans in Chennai via CreditMantri
2. Enter basic details like email ID, mobile number, full name as per PAN, loan amount requested, date of birth, residence pin code, residence city, gender, and marital status.
3. Click on “Next”
4. Proceed with the rest of the steps to complete the application
The application process for Personal Loans in Chennai via lenders’ website
2. Go to the Personal loans in the Chennai section.
3. Click on “Apply”
4. Provide the necessary details and continue to complete the application.
The application process for Personal Loans in Chennai Offline
2. Fill out the relevant form
3. Submit the required documents and the completed form
4. You will get a call from the lender regarding the next set of steps
Check your personal loan EMI on CreditMantri by clicking here. The EMI calculator needs 3 inputs – Loan amount, interest rate, and loan tenure. The calculator will then tell the exact amount to be paid every month.
1. What is the minimum and maximum loan amount for salaried people?
The loan amount varies from a few thousands to up to many lakhs.
2. 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.
3. How do I repay the loan?
You can repay the loan amount in convenient EMIs (Equated Monthly Instalments).
4. 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.
5. What are the options through which I can pay my EMIs?
EMI can be paid through the following easy options:
6. What are the restrictions on the use of personal loans?
Usually, personal loans can be used for various purposes. However, some lenders might not allow repayment of the student or educational loans. Some lenders also might not allow the down payment of a new home using their personal loan.
7. Who is not eligible for a personal loan?
Typically, the age bracket for obtaining a personal loan is 21-60 years. The applicant should have a steady income source and should be able to furnish the required documents asked by the lender. Every lender also has a monthly income threshold which should be met by the applicant.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application