Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 3 Chennai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Ad Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 17.99% Fixed
    2.25% (min. ₹1,499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
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  • Chennai Personal Loan is Rated as "Great!" by 11725 Users

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    Chennai Personal Loan

    Apply for Personal Loan

    Chennai formerly known as Madras, this 369-year-old city is the capital of the southern state of Tamilnadu and is India's sixth-largest city in terms of population.It serves as one of the main gateways to South India and has a thriving local culture and art scene and is one of the major destinations for medical tourism. It is considered as one of the world's fastest growing cities.

    A personal loan is a kind of unsecured loan which can be used for any purpose that the borrower deems necessary. An unsecured loan is an umbrella term used for loans which do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.


    You’re probably eligible for an Chennai Personal Loan if you are

    01
    02
    03
    04
    Chennai Personal Loan Minimum Age

    At least 21 years old

    Chennai Personal Loan Maximum Age

    Less than 65 years old

    Chennai Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Chennai Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Chennai Personal Loan amount eligibility is based on these factors

    01
    02
    03
    Chennai Personal Loan Minimum Salary

    Minimum income required
    Rs.17,500 per month

    Chennai Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 50K to Rs. 30 lakhs

    Chennai Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Chennai Personal Loan amount by these steps

    01
    02
    Chennai Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “Chennai

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an Chennai Personal Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Chennai Personal Loan Interest Rates Updated on 20 Oct 2017

    Chennai Personal Loan Details
    Interest Rate (Monthly reducing balance) 13.49% - 34%
    Processing Fees 0.5-2.5%
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% - 5%
    Guarantor Requirement No guarantor required

    Personal Loan in Chennai

    Personal loans in Chennai are offered by some of the top banks and NBFCs in the country. All banks offer secured and unsecured personal loans. In the case of unsecured loans, banks offers loans ranging between Rs.50,000 to Rs.40 lakh without any collateral. Personal loans are offered to customers based on their annual income, the company their employed, etc. Some of the top banks offering personal loans are ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, etc. To compare loan offers between banks, customers can facilitate the use of financial portals such as BankBazaar.

    Personal Loan offered by various banks in Chennai

    A number of top banks and NBFCs in the country offer personal loans in Chennai. Some of the more popular banks and NBFCs offering personal loans at the best interest rates are listed below:

    • ICICI Bank
    • HDFC Bank
    • Axis Bank
    • Citibank
    • Standard Chartered Bank
    • Oriental Bank
    • Kotak Mahindra Bank
    • Fullerton
    • Bajaj Finserv
    • Tata Capital
    • Aditya Birla

    How do I get a Personal Loan with the lowest interest rate in Chennai?

    When availing a personal loan most people go for the bank holding their salary account as the paperwork becomes a lot more relaxed and the process faster. While for some this might work perfectly, looking out for loans offered by numerous banks and NBFCs offering loans at the best interest rates is the best way forward. Other than that, there are a few other factors that will positively affect your loan interest rate. If you’re availing a loan, listed below are a few areas you need to look into or take care of if you wish to get the lowest interest rate on your loan:

    Credit score - Ensuring that your credit score is optimum is imperative when availing a personal loan. Having a high credit score will result in you getting a loan at a lower interest rate and vice versa. A credit score above 750 is satisfactory when availing a personal loan .

    Make a down payment - Putting down a sizeable down payment is sure to get you a better interest rate on your loan. Anything upward of 20% of your loan amount will surely positively affect the interest rate that is offered to you.

    Debt-to-income ratio - Making sure that you have a stable debt-to-ratio will firstly decide whether your loan will be approved and secondly will affect the interest rate on your loan. Debt-to-ratio is the amount one earns against his/her credit bills, loans, etc.

    Look around for the best loan interest rates on offer - Facilitating the use of financial portals such as BankBazaar will help you when shopping around for loans offering the best interest rates. The BankBazaar website compares the loan interest rates of all its partner banks and makes it easier for customers to make a decision.

    Tenure - Choosing your tenure directly reflects on the interest rate added to the loan amount. Choosing a shorted tenure will result in you having a much less interest rate - though the EMIs will considerably low. The interest rate increases with the length of the payback period.

    Employee stability and the company you work for - The number of years of experience and the company you work for plays a vital role whether firstly your loan will be approved and secondly the interest rate on the loan. Working for an established company only increases the bank's trust of you repaying the loan.

    Always negotiate - While most people readily agree to the interest rate on the loan offered by the bank, negotiating on the interest rate is a necessity. If you’re a customer availing a loan from the bank holding your salary, you have a better chance of making a negotiation.

    Personal Loan Interest Rates in Chennai 2017

    Bank Interest Rate Range Processing Fee Range Loan Amount Tenure
    ICICI Bank 11.59% - 18.49% (Fixed) 2.25% (min. Rs.1149) One time fee Rs.20 lakh (Max) 1-5 Years
    CitiBank 10.99% - 15.99% (Fixed) 1% to 2.5% Rs.30 lakh (Max) 1-5 Years
    Kotak Mahindra Bank 11.49% - 20.15% (Fixed) Up to 2% Rs.15 lakh (Max) 1-5 years
    Fullerton 17.25% - 37% (Fixed) 1.5% to 6.0% (One time fee) Rs.15 Lakh (Max) 1-4 Years
    Bank of Baroda 11.35% - 14.35%Fixed Rs.1,000 to Rs.10,000 (One time fee) Rs.20,000 - Rs.2 lakh 4 Years (Max)
    State Bank of India 12.90% - 14.90% (Fixed) 1% (One time fee) Rs.24,000 - 15 lakh 5 Years
    Aditya Birla 11.5% - 13.25% (Fixed) Nil Rs.30 lakh (Max) 1-5 Years
    Allahabad Bank 13.10% (Fixed) 1.22% (One time fee) Rs.50,000- Rs.7.5 lakh 1-5 Years
    Yes Bank 14% (Fixed) Up to 2%One time fee Rs.20 lakh (Max) 1-5 Years

    Salary requirements to avail Personal Loans in Chennai

    When availing a personal loan in Chennai, the salary requirements change from bank to bank. When looking for the bank offering the best interest rates, make sure to look out for the minimum salary requirement of the bank as well.

    • For salaried individuals - Banks have a minimum salary requirement between Rs.7,500 and Rs.50,000 for salaried individuals.
    • Self-employed individuals - Those having their own business should provide proof of income and most banks have an income requirement of Rs.1 lakh to Rs.2 lakh (profit) annually.

    Chennai Personal Loan FAQs

    1. What is the tenure range of personal loans?

    Most banks offer loans for a tenure of 1 to 5 years. The tenure decides the interest rate, the EMIs to be repaid to the bank monthly, etc.

    2. What documents are required when applying for a personal loan?

    You will need to submit your regular KYC documents (address and identity proof) - Passport, Aadhaar card, Voter’s ID, driving licence, any government employee card, etc. Apart from that, you will have to submit your payslips, last two years IT Returns, last six months bank statements, etc.

    3. Are there any additional charges for personal loans?

    You will have to pay the processing fee upfront when availing a loan. Apart from this there are no additional charges unless a prepayment is made.

    4. Will the loan be disbursed at once or in stages?

    Once your loan application has been approved by the bank or NBFC, the loan will be disbursed all at once. There is no option of splitting the disbursal.

    5. Can I prepay a loan after a couple of months?

    Most prepayment requirement for most banks is six months from the point of disbursal. Pre closing the loan in two months would not be a possibility. You would have to pay prepayment charges on the outstanding balance.


    Check For Latest: Gold Rate in Chennai Or Silver Rate in Chennai

    Chennai Personal Loan Reviews

    • ICICI Bank Personal Loan
      "AVERAGE"
      0.5 5.0/5 "Blown Away!"
      I am happy with the services of ICICI Bank. I have taken a personal loan and I got the funds in my account within ten days. The rate of interest was very high, because my company was not listed in my account. The rate of interest was of 18% and they were high on the charges as well. I would suggest that they need to see the customers statement record and provide a lesser rate than too see to the company listed criteria.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Good service ,bank bazaar Very helpful to as good experience with bank bazaar. I came it know about through online search. The customer service and response was very go free.The customer service and response was very good, The website is easy to use. I used EMI calculator for calculation. The credit score option is used to check my credit score.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have topup loan with the HDFC bank and the interest rate could be get reduced. As am an avid customer with the HDFC bank , they could negotiate for me while it comes to the matter of interest rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Personal Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      The services at Bankbazaar is good and there are no hassles in the website. The customer support is also nice, they were on time to contact me and inform me the details. Overall it was a good experience. I got a number of calls as follow up too. Satisfactory overall.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Good. High ROI"
      0.5 3.5/5 "Pretty good"
      I did not go ahead with Kotak Mahindra bank because I dropped my plans to take the personal loan. The response was on time. They contacted me and informed me the details. The interest rate was around 15% which was high and charges is also on the higher side.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • Axis Bank Personal Loan
      "Average exeperience"
      0.5 3.0/5 "Satisfactory"
      The Axis bank has disbursed my loan amount within a week time. The required loan amount has been disbursed and I am satisfied with the loan amount. The axis bank customer support is average , The rate interest and the charges are nominal with axis bank when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      The services at Bankbazaar was good. They contacted me on time and they informed me the details as well. The website is also good and easy to access. I also receive the promotional emails which is helpful. But it would be better if the team checks with the bank if they have a paper less process and then submit the customer application.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with Kotak Mahindra bank as I was told that it is a paper less process. But finally the executive contacted me and requested me to submit the hard copies of my paper work. So I cancelled my application as I am not happy with the bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Bankbazaar was good"
      0.5 5.0/5 "Blown Away!"
      Experience I had with Bankbazaar was awesome. The option I got for the Personal Loan that I applied was enormous. I was getting constant updates about the various offers that I was eligible for. I also felt the options were sent to me on timely manner.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I found the experience with Kotak Mahindra Bank to be very satisfactory. The rate of Interest of 14.49 % sounded reasonable and was something I found on par with the market standard. Also the process for the completion of the application was quick.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Personal loan experience"
      0.5 4.0/5 "Great!"
      Dear bank bazzar team, Thank you. I have applied for personal loan for my personal reasons. I am waiting for this loan. I truly uploaded all my required details. If I get my loan sanctioned, it would be a great for me. Hope a good and great to happen this Diwali. Hope u all my make this year festival great for me. I am waiting. Priya
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Good financial advisor"
      0.5 4.0/5 "Great!"
      I am user of bank bazaar for last two years I likedthe website so much it has got required information pertaining to loan,cibil score etc.I get an immediate response from them.Offers and rate of interets are the same as the bank no misleading information in bank bazaar.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Standard Chartered Bank Personal Loan
      "Good experience "
      0.5 4.0/5 "Great!"
      I had taken a personal loan form standard chartered bank for an amount of 5.62lakhs T the interest rate of 12.5% feel its nominal as compared to other banks.They took almost 10 days ot complete my loan request.had responded to my request on time as promised.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • HDFC Bank Personal Loan
      "Personal loan"
      0.5 4.0/5 "Great!"
      Long back, I had taken a personal loan from HDFC Bank. I had received the NOC from them on time and there was no charges for the same. I had made a foreclosure of the loan and the charges are amounting to 2% on the outstanding principle amount...
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Great & Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had a good experience with bank bazaar. I came it know about through online search. The customer service and response was very good, The website is easy to use. I used EMI calculator for calculation. The credit score option is used to check my credit score.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Good response"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with ICICI bank. I got a proper and prompt response. The customer service is good. The interest was nominal. The documentation process was good. They have sanctioned the loan on time, The preclosure and part payment option is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Best service "
      0.5 5.0/5 "Blown Away!"
      Had a great response from bank bazaar after applying for my loan request.They do multiple follow ups to check customer has met their requirements or not.I loved the service its extraordinary compared to others, I always visit the website and check for loan offers and card offers.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • HDFC Bank Personal Loan
      "Good service "
      0.5 5.0/5 "Blown Away!"
      I had applied for a personal loan for an amount of 0.75lakhs with nominal rate of interest.customer service is good they had responded on time to my doubts.loan were processed within a short span of time.Overall had a good experience with hdfc.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Personal Loan
      "Best service "
      0.5 5.0/5 "Blown Away!"
      I am user of bank bazaar for last two months,in a short span of time i likes the website so much it has got required information pertaining to loan,cibil score etc.I get an immediate response from them,continue to be the same.keep up the good work
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Good service "
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from ICICI bank for an amount of 4 lakhs at the interest rate of 12%,rate of interest is quite high as compared to other banks.They took almost two weeks to process my application. Overall I am satisfied with the service, will continue to bank with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
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