Chennai personal loan

salaried self employed

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Chennai Personal Loan Overview

Get Personal loans in Chennai at competitive Interest rates from leading banks.

Compare Chennai personal loans offers & apply online at BankBazaar.com to meet your urgent cash needs for any purpose.

BankBazaar.com helps you find the right personal loan deals in Chennai. We work with major banks & financial institutes like HDFC Bank & Fullerton India who offer great personal loan deals at low interest rates with fast & simple online approval process. Check your Eligibility Now!

Chennai's economy has a broad industrial base in the automobile, computer, technology, hardware manufacturing and healthcare industries. The city is India's second largest exporter of information technology (IT) and business process outsourcing (BPO) services. A major chunk of India's automobile manufacturing industry is based in and around the city and hence it is called Detroit of India. Chennai is an important centre for Carnatic music and hosts a large cultural event, the annual Madras Music Season, which includes performances by hundreds of artists. The city has a vibrant theatre scene and is an important centre for the Bharata Natyam, a classical dance form. The Tamil film industry is based in Chennai.

Why Apply for a Chennai Personal Loan on BankBazaar.com?

Lowest interest rates: We have coordinated with HDFC Bank & Fullerton to get you the lowest Personal Loan interest rates in Chennai.
Instant Quotes: Get Chennai Personal Loan quotes customized to your profile online instantly by filling in the form above.
Simple Online Comparison: Compare Chennai Personal Loan offers on the basis of interest rate, EMI, processing fees & customer satisfaction.
Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your loan options.
Privacy: Your application is sent only to the lender you choose, and is never shared with anyone else.
Trust: HDFC Bank, India's second largest private sector bank, uses BankBazaar.com-powered technology to give its customers the best Personal Loan experience on its website, www.hdfcbanksmartapply.com

How to get a Personal Loan in Chennai on BankBazaar.com

Eligibility Calculator: Fill the form above to instantly get customized Chennai Personal Loan quotes that you are eligible for.
Compare Chennai Personal Loan offers: Compare customized Personal Loans offers in Chennai from HDFC Bank and Fullerton India based on your eligibility criteria and apply online for the one you like.
Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
BankBazaar.com will update you on your loan application status via email & SMS alerts.

Benefits of Chennai Personal Loans:

Personal Loans can be taken for tenures of up to 5 years in Chennai.
No security or collateral is required to get a Personal Loan in Chennai.
Loan amount can vary from Rs. 50,000 up to Rs. 15,00,000.
Minimal documentation and quick approvals.
Repayment through easy EMI’s.

Chennai Personal Loan FAQs

What are the interest rates for Chennai personal loans?
Each bank will have different interest rates. Interest rates will also vary depending on the individual’s profile. Typically interest rates vary from 14.25% to 28%.

How much money am I eligible for?
You can borrow as much as you can repay comfortably. This in banking terms would mean a personal loan that has an EMI that does not exceed 40% of your monthly take home income, once the EMIs for existing loans have been deducted.

For self-employed applicants, profit is the benchmark that determines loan value.

Opting for a long tenure will lower the EMI, and therefore will enable you to be eligible for a larger loan amount.

The loan amount you are eligible for is also dependent on other factors like the company you are employed with, the location of your residence and your credit history.

Can I have a co-applicant for a personal loan in Chennai?
Yes, you can opt for a co-applicant. To do so, please submit your application on BankBazaar.com, and inform the bank’s sales manager contacts that you wish to add a co-applicant. This can help you increase the loan amount you are eligible for as the income of the co-applicant is also taken into consideration.

What is credit history? How does a financial institution check on my credit history?
A credit history is a record of your past repayments of loans and credit card bills. Credit Bureau of India Limited (CIBIL) maintains this credit history, by compiling data from all the banks on existing loans and the repayment history of their customers. Before approving your loan a financial institution always checks with CIBIL on your loan repayment track record.

How can I compare quotes from multiple banks?
Complete the short form above to find best Chennai personal loan offers that you are eligible for. Compare these Chennai personal loan offers basis EMIs, interest rates, processing fees, prepayment charge and customer ratings and apply to the lender of your choice.

What does prepayment charge mean? Does it matter while comparing loans?
A Chennai personal loan is repaid to the lender within a fixed time frame, which is usually 1 to 5 years. In case you want to clear the loan payment earlier than the agreed time frame, the bank levies a prepayment penalty charge. This could be up to 5% of the outstanding loan amount but can vary according to the bank and the credit profile of the borrower. Make sure the interest saved by pre-paying exceeds the prepayment fee paid. This is one of the factors to keep in mind while comparing loans.

What is the difference between a fixed interest rate and floating interest rate?
A fixed interest rate remains constant throughout the loan tenure regardless of the market conditions whereas a floating interest rate can decrease or increase depending on market fluctuations. Most personal loans in Chennai are offered at a fixed interest rate.

Does BankBazaar.com charge me for its services?
No. BankBazaar.com’s services come to you free of charge.

How will the security and privacy of my data be ensured?
BankBazaar.com will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.

Chennai Personal Loan Eligibility & Documentation

Chennai Personal Loan Eligibility: You are eligible for a personal loan in Chennai if you are:

Salaried individual
Self employed individual
Self employed professional like doctor, lawyer, etc.
Aged above 18 years
Have a good CIBIL credit score
Good repayment capacity with fixed & stable income source
Work for a stable company
Try our Personal Loan eligibility Calculator to check on the loan amount you are eligible for.

Personal Loan documentation's in Chennai: Chennai personal loan documentation process is minimal. Generally banks require the following documentation:

Identity proof (PAN card, Passport, etc.)
3 to 6 months bank statement (if salaried then bank statement of your salary account)
Residence proof (rent agreement, property document, ration card, etc.)
Salary Slips
In case of self-employed applicants, banks require balance sheets, profit & loss accounts, partnership deeds & other documents etc.

Chennai Personal Loan Interest RatesUpdated on 22 May 2013

Details of Chennai Personal Loan

Personal Loan Interest Rate.(Monthly reducing balance): 14.25% to 49% fixed. Check Customized Interest Rates Now!
Processing Fees: 1% to 5% of loan amount
Personal Loan Tenure: 1 year to 5 years
Personal Loan Amount: Rs. 1 lakh to Rs. 20 lakhs
Pre-closure Charges: Up to 5% of pre-closed amount
Guarantor Requirement: No guarantor required

Personal Loan Articles

Pointers for your personal loan!
Evaluate all loan offers. The first condition for loan offer selection is the total money outflow that the loan will cost. The second factor is the EMI. A loan offer with a lower EMI and a longer tenure may seem attractive, as it could be easy on your purse strings, however not all such loans prove to be cost effective in the long run.
Alternatives to a personal loan!
Whenever people have a requirement for some urgent cash and cannot come up with the amount needed with the resources they have, they inadvertently apply for a loan from a bank. Getting a loan today has become very easy, what with the stiff competition prevalent among different banks.
A personal loan? Think twice!
Personal loans are the one of the most widely chosen options, in case you are in a spot and need some urgent cash. However, personal loans are tricky and you need to know as much as possible about their basics before applying for one. Let’s start with some common questions.
LAP vs. Personal loan
LAP (loan against property) is one of the cheapest retail loans after home loans; usually in the range of 12% – 16%. Since the rate of interest is lower, frequently LAP Equated Monthly Installments (EMI) turn out cheaper.Maximum loan eligibility is determined primarily by the value of the property and income.